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The Challenges Facing Generation Recession

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We are Generation Recession!

This is Generation Recession. For those of you that graduated college around the turn of the century, you know what this term means! As a student in the mid to late 90's, the future seemed promising. American businesses were booming, and middle class families prospering. The stock market created fortunes for many; the NASDAQ reached new heights each and every day.
Then, the dot com bust. Next, the tradegy of 9-11. As a result, a fresh faced, energetic, highly educated business school major (class of 2001) washing cars and selling loss damage waiver at Hertz Local Edition. Although $10 per hour trumped California minimum wage, it wasn't enough to support $100,000 in college loan debt.
By 2003-2004, it seemed the economy was performing as expected. The job market provided opportunity, and housing market an investment instrument for many. But how could so many people afford such expensive real estate? In San Diego, how could so many purchase $700,000 homes? Credit sir, C R E D I T.
Finally, a career that began to pay off. With hard work and tremendous effort, a small business that continued to grow rapidly. The job created enough of an income to save, and to begin the next stage of life . Thus came marriage, then a new home (in a new development); 20% down, and a 30-year fixed mortgage. Furthermore, it was time to start a family, as the future was in order and nothing could stop financial growth. Ouch.
Uh oh.... construction began to slow, then stop, in the neighborhood. Foreclosures spiraled out of control, and banks began losing billions. Bear Stearns is out of business? Lehman Brothers gone? From Wall Street to Main Street, are we staring in the face of another recession? Depression?
Yet another bubble burst, and generation recession is caught in the middle... again. But where do we go from here? How do we climb out of this crater? We are generation recession!

Here's what I think

Tough Times Ahead

Obviously, this is a very difficult time for my wife and I. Our son is now three months old, and we know that it is going to be a great challenge to save for his future. The equity in our house is gone,and we are 10% under-water on our loan. Each day, job losses mount. Media outlets eveywhere constantly report about this economic crisis.... it is all around us. We are both small business owners, and have worked very hard to build a solid clientel. However, we lose business daily, and cannot earn enough new business to sustain our income. We have been proactive, such as asking the county to re-assess the value of our home for property taxes. In addition, I contacted my bank to discuss a loan modification, but could not qualify due to my good account standing. Does this seem unfair to anybody else? I am glad that those who are delinquent receive assistance. On the other hand, shouldn't everyone qualify?
Nonetheless, these are scary times for our generation. A recession earlier this decade made the transition into the real world choppy. Now, we are faced with not only another economic downturn, but a crisis of immense proportions. Through my research and attention to this matter, I have heard the word "depression" thousands of times. Could it be?
As we are all aware, the government has been involved in almost every aspect of this crisis. From the homeowner, to the bank, and to businesses everywhere; the government has intervened wherever possible. "Bailout" should be the word of 2009. But is there a bailout for generation recession? I know many past generations have endured extremely difficult times throughout the history of our nation. Those who have fought wars, both past and present, may hate to hear college graduates complain. I am interested in discussing this topic with those who can relate. What will the future hold? Is there light at the end of the tunnel? How can we survive in a society with such a high cost of living, yet a business environment that is deflating? And what is your view on governmemt intervention? Capitalism or socialism? Will America ever be the same, or will we be the next super-power to fail? We all know Rome, the Ancient Greeks and Great Britian were decimated by inept leadership. Speak out, generation recession.

Ready, set, debate

Agree to Disagree?

I think generation recession will live a different American Dream. I think the pain and suffering that we will endure over the next few years will be unprecendented. My greatest concern: I feel like there is nothing I can do to achieve my current goals, as I am restricted by the horrific state of the economy. Hard work is not enough; there are too many factors working against me. What is my place in society? How can I work towards a better future for my family? You may ask: what does he mean by different American Dream? I do not think the opportunity mentioned above will come by way of capitalism. Our banks will be nationalized. Executive and worker compensation will be capped; we will not earn a living based on performance. Our greatest talents will move overseas, and the super-powers will shift to the middle and far east. We will live free and equal, but not in our professional lives. I strongly feel this current crisis has dug us in too deep, our country has lost too many jobs....permanently. Where is spending for green energy? Green collar jobs? Why do we still send trillions to our greatest enemies for oil? We are addicted. How about spending for bullet trains? Credit was out of control... debt has gotten the better of us. Supply and demand are drastically unbalanced, and inventories far excessive. Wall Street will never be the same. Most importantly, in an economy which relies on consumer spending, 3 trillion dollars of wealth has vanished. Who is spending money? Not generation recession, i can guarantee that! Say goodbye to many automakes and retailers. Restaurants and bars. Maybe I am pessimistic, or maybe all of the negative media has finally caught up to me. But hey, I will do my best. I will continue to fight for Generation Recession, in hopes that we can help pick this country up and return it to prominence.

What does the future hold for Generation Recession?

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Prosperity, much like our parents and grandparents enjoyed!

The United States is the next world power to fail!

 

Background reading that might come in handy

Paul Krugman is a phenomenal mind, and a great economist. I have read many books about the material mentioned above... I really enjoyed his. Also, I have read many books about The Great Depression. After studying this material, it become evident as to why our grandparents never had credit cards; never ran up thousands of dollars in debt; and why they paid for everything in cash. Maybe we need to live through hard times to alter our mentality, and to change our habits to create a better life for future generations. I really hope that we are not faced with depression. If we dodge such dire cirumstances, I also hope that we learn a lesson. That greed no longer plaques our society, and that we appreciate the life in America. Furthermore, a lesson that we can pass onto our children.
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Mikeyfooz

Mikeyfooz was born in Boston, and grew up in Hackettstown, New Jersey. He is a graduate of The University of Maryland, College Park and the Robert H.... more »

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