I was thinking about the lessons that American people can learn from the economic recession and here, I have made a list of 10 possible lessons.
1. Recession is real and can come again
The great depression started in 1929 and naturally, most people have not seen that with their own eyes. So, the idea may have come to many people that
2. Living with Family has some advantages
Most people in
3. Spirituality can help you to pass tough condition
This is obviously my opinion. I feel that in American society, there is a lack of spiritualism. People have really become materialistic. There is nothing wrong in it but the main problem is that when you give too much importance to your job and money then when you lose your job and you see that the economic condition is bad then surely, you will lose your mental strength. By spirituality, I am not just indicating religion. Instead, you can be an atheist but you can have some kind of idealism and passion for something. Life should be more than earning money and spending it.
This is a very thing for the global economy. After recession hit
5. Save Money for the future
Many people think that they should try to increase their money all the time. As a result, they enter into risky places like Forex Market or Stock Exchange. Many of them do not have any idea about the risks involved with these markets and often lose money just like gambling. This is very bad and instead of risking their money, they can keep it in bank and then nothing will happen to it. So, do not take unnecessary risks especially in the markets that you do not have idea about.
6. Don’t become addicted to your credit card
I do not need to emphasize this matter because it has already become a national problem for
7. Travel to a poor country and be satisfied and spend less money
You do not need to travel to Africa or
8. In recession, government cares only for the big companies not poor individuals
This is perhaps the biggest lesson to learn for American people. Obama announced a huge stimulus package, G20 countries also came up with $1 trillion package to create some life in the economies of those countries. However, all the money were for big companies and industries not for individuals. $1 billion dollar would happily head to save a bank but not $10,000 to save an individual. So, remember that you are on your own.
9. Don’t become crazy for buying a house
Credit crunch that came from the real estate sector pulled the trigger for the economic recession. I cannot understand the craziness of American people for buying a house by taking huge amount of loan from bank.
10. Invest on Education and Improving your Skill
US companies are outsourcing jobs on a regular basis to remain profitable. This may bring more profit for the companies but for the individuals, it is just disaster. I read a report in Yahoo: No Outsourcing Here: How to Train for the Best American Jobs. All these jobs need you be highly educated and highly skilled.
As the title of this blog suggests, I am just s hobby economist. I have written this entry for providing some food for thought. If you do not agree with me or feel that I have got the thing wrong then let me know your idea in the comment section.