Gas at $4.15/gallon. Utility bills skyrocketing while they lobby for increases. Grocery bills which climb, noticeably, on a weekly basis. Flooding which impacted tens of thousands in SE Wisconsin and which will strain State budgets in the coming year(s). GM announces eventual closure of Janesville plant. "Upside-down" in one's mortgage is a phrase many now understand. Iraq. Midwest Airlines struggles in the fight of its' life to stay aloft. Lake Delton disappears in a couple hours. A continuing weather cycle which started early December and continues to plague us with storms of greater than normal intensity seemingly every 4-7 days. 401K plans never were designed for today's economic climate And now...Mosquitos!!
Where are the lessons to be learned from this? We don't and can't control many of the above. In fact, we can go to our backyards and scream in unison and futility over the myriad of challenges we now face - and no one will listen. Lives are being changed - most not for the better. Charities are feeling the pinch of re-directed funds and many programs for those in need will go underfunded. Where is any silver lining in this?
Unfortunately many of us will not come through the next few years unscathed. Retirements will be deferred. Many will put themselves at personal and financial risk by going without expensive health care coverage. Homes in default will be taken back by lenders. People - real people, will be impacted negatively. And following is the best I can come up with...
Today's younger generation, many of them, have not experienced having to accept "no" in their lives. As guilty as anyone, I have worked diligently to ensure my kids had comforts I never dreamed of as a child growing up. I, like many of my peers, felt proud to be able to get our children "the latest, greatest whatever", and we often went to extremes (remember the hunt for Cabbage Patch Babies, Tickle Me Elmo, Beanie Babies, X-Box, and many more?) to "prove our love" for them. Don't like your ACT score? No problem - Let me get you the Cd and the on line study guide and you can take it again and again until your score gets you into the "preferred" college.
This generation is feeling the pain right now. Many are just starting out and have precarious mortgage situations where they cannot pay more for incidentals. Many are trying to save for their first home, but savings are being compromised by fuel and utility expenses as well as increasing rents. Is it possible they will, like generations before them, get through? Of course! But will they learn from the challenges being flung their way? I can only hope so.
I am 55, and my first mortgage in the early '80's was at a fixed rate of 13%. And that was an FHA loan with insurance - a virtual steal back than if you could get it. As a result, I became very rate conscious and much more "home-savvy". Rates dropped and things worked out...and I was smarter for the experience.
Bad news is upon us daily like a plague. However, there are still many wonderful things in my life - Family, friends, and job. Despite the apparently never-ending saga of bad news on the outside, I choose to believe that "Today's Pain" will be "Tomorrow's Gain" - albeit for the next generation.
Let's hope I'm right and something good does indeed come out of this mess.
