In light of the recent economic crisis, you may find yourself lost in a whirl of emotions including anger, fear, powerlessness, hope or calmness. Five years ago, bankruptcy and market crash, culminating in the largest financial crisis since the Great Depression, had only an indirect effect on us. Our life savings, often less than a few thousand dollars, were kept in a savings account our parents set up or in an old fashioned tin-can. As young adults, our financial situations change.
We start investing our money. We now pay taxes. We make 15-year-plans to pay off surmounting student loans. We have entered the economy from the bottom as vulnerable, unstable and broke adults desperate for a job and security.
Never having faced such financial stress, we are wondering exactly how to feel. Are we angry with the federal government? We stand shaking fists in impotent rage at CNN. I’ve even contemplated becoming an expatriate. Will I freeze to death if I move to Norway?
After rage subsides, and I decide that Norway is, in fact, too cold, the emotions of fear and powerlessness creep in. Average Americans have only a basic understanding of economics. We understand our role as consumers but have little understanding of how that role fits into the world of fixed interest rates, buying power and government lending. We don’t know the best bailout plan or how to save what money we have left. Economic analysis is left up to the federal departments and officials we voted into office.
The one emotion we should refuse is to stay calm. To be calm is to rest without action, and it is a lack of action that has gotten our country into this mess. Venture from the crossword puzzle of the New York Times to the money pages. Try to make sense of the financial lingo and relate it to the headlined government plans. Even if you don’t find the answers to our economic woes, being informed is a better action than no action at all.
Leading up to Nov. 4, there is a competition of proposals to fix this crisis. Take a moment to think about which policy you side with. Stop being angry and pointing fingers. Instead, read the economic solutions and take sides. As much as we are emerging stakeholders in the economy, we are emerging as a key public. We should not feel powerless. It is we who will determine the future through the way we manage our households and businesses.
You have a decision to make about where you stand. We are not spectators because we have a duty to stay informed and make a choice. Think about how you feel and make it your purpose. I have chosen to be responsible and participate.
