It’s still unanimous: the slumping economy continues to haunt Americans.
From the corporate executive, to the retired person working a part-time job, to the single woman raising children on her own, to the Generation Yer who is just beginning a career — the economy is the primary issue of concern on everyone’s mind.
While many in the United States feel a renewed sense of pride and are openly elated about President-elect Barack Obama’s new position, the feeling of contentment is slightly hampered by the ailing economy.
“I’m so excited about Barack’s win, but my excitement has dwindled a bit — not because I think any less of him and his ability to be a good leader, but because I’m in such a financial bind,” said Sadie Harrison, an elementary school teacher who recently had to cash in some of her retirement funds to pay mounting bills.
Unfortunately, what Harrison is experiencing isn’t unique. Even more unfortunate is the fact that the economic crisis won’t improve anytime soon. Economists say avoiding a recession is unlikely, as a matter of fact they expect it to last longer than the previous two recessions, which lasted eight months each. More dismal news is that what we’re currently experiencing isn’t the worst, as experts say we’ll actually hit bottom during the second half of 2009.
It’s regrettable that the United States’ first African-American elected president has inherited so many problems. It’s almost like the feeling I felt that historic night a few years ago when Halle Berry won an Oscar for “Monster’s Ball,” (the film in which she bared her breasts) and Denzel Washington won for his portrayal in “Training Day,” where he played a crooked cop. While Berry and Washington’s awards were much-deserved, it would have been great if it was for some of their better work like “Introducing Dorothy Dandridge” and “Malcolm X,” respectively.
Obama is a highly intelligent man who won the election because Americans believed in his ability to effectively run the country; however, he does become heir to some pretty hefty problems including a broken financial system, an infrastructure that is below par, an ever-evolving environmental crisis, a nation of economically-struggling people, and two wars. Whew…just typing it all is enough to give me a headache, let alone the challenge Obama faces with correcting the problems.
Although we’re going through some challenging times, there is hope. Research shows that stocks have done incredibly well in the past when the president and Congress were controlled by the same party. History has shown us that there also tends to be “traditional post-election relief rally,” from the negative idiom of most election years. In addition, Wall Street may see a positive change if Obama selects the appropriate people for his economic team.
In the meantime, however, financial experts such as Suze Orman advise Americans to put themselves on “shopping punishment” and when you actually have to shop, to be sure to spend less than years past.
Experts also suggest doing little things such as following the three R’s, which will help you be more creative with your thinking, become environmentally friendly, as well as save yourself some money. Here are some ways to make the three R’s work for you:
Reduce — Limit the amount of money you spend by cutting back. For instance, to save money on your water bill you can take quicker showers and brush your teeth with the faucet turned off. Rather than going out to lunch five days a week, pack your lunch from home and go out to eat only two days per week.
Reuse — Parents, rather than buy each of your children new clothing, pass gently-worn items to the younger sibling. While you may not want to do this with all clothing, every bit helps.
Recycle — If you’re someone who absolutely cannot live without your caffeine, rather than throw that empty soda can in the garbage, put them in a designated spot and take your aluminum cans to your local recycling center for payment. While it may not be much money, it’s that much more than you had.
