We are at a crossroads in our history, with all the ills and troubles which face our country every day. We are on the downward side of a steep roller coaster, and it seems like the brakeman went on a break. No one appears to be minding the controls.
It took years for this to happen; the last time it was this bad, was probably in the period between November 22, 1963 and January 20, 1981. In that period, we suffered through the lowlights of Vietnam, Watergate, Presidential resignation, dreadful inflation, skyrocketing interest rates, Iran Hostage Crisis and an overwhelming despair on our collective American Psyche.
From January 20, 1981 until September 11, 2001, we enjoyed the ride with the ups and downs one would find in a joyful or happy experience. Yes, there was a major stock market adjustment, but the market made a markedly rapid recovery. Yes, there was a major space program disaster, but we had a President who understood our psyche and was, with soothing words and a healing tone, able to comfort our broken heart. Yes, we were involved in a war, which lasted just six weeks, was for a noble cause, and returned our military to its highest stature since our retreat from Vietnam. And, yes, we enjoyed our greatest period of prosperity across the terms of two Republicans and a Democrat, all of whom allowed the markets to expand freely with no government interference.
Since 9/11, we have been witness to one disaster after another. First, of course, this period began with the successful terrorist attacks in New York and DC. Then, we involved ourselves in two wars in Muslim countries, one which we considered "just and forthright" and one which we ultimately were thrown out by the government we helped to establish in place of the tyrannical regime we overthrew. We are finally going to leave Afghanistan, well after the mission goal was achieved by getting the man responsible for our national nightmare. What happens after we leave is certainly unknown, but I fear will end up the same as or worse than Iraq.
On the domestic front, our economy is still "recovering" from the effects of the Great Recession, which truly has been the worst recovery in our history. There are many who were laid off when times became bad and are either still unemployed, were hired in jobs for which they are overqualified, were hired as part-time workers, because of uncertainties in the economy or decided to retire because they were eligible to collect their pensions and/or Social Security.
Housing is nowhere near the highs of even the moderate levels of the last boom. Yes, the rates are the lowest in over 60 years, but if one doesn't qualify due to employment, asset or credit concerns, he isn't going to be able to buy.
The stock market has held its own, but the small investor is not the reason. Instead, institutions, pension funds, 401-k and mutual fund companies have kept the market in the highest indexes ever. Stock prices, generally, are out of reach for the beginner or little guy.
Interest rates have been held to their lowest rates for a long time, if only because the fear of inflation looms so high. And yet, consumer prices for food, energy, and other commodities continue to climb while incomes stagnate.
Finally, we are a society polarized on issues ranging from health care, gay marriage and taxes to national security, race relations and abortion, while both sides have varying or negative feelings about the President, the Congress and the government in general. Some would say this polarization is the worst since the Vietnam War. I say it is the worst in our history since the years leading up to the War Between the States and the war years, 1861 to 1865.
We need to be careful that we don't become so blinded by our fervor that we lose sight of the fact that we are part of the American family. Like all families, we can disagree with what the others believe. But schisms occur in families because people fail to understand or respect the feelings of their family members.
Let's take a collective step back before the roller coaster falls off the track at the bottom of the dip. If it does, we are ALL in trouble. Because no one is at the switch.
No comments:
Post a Comment