What, me worry?

Bank failures, $5 gasoline, mortgage crisis, layoffs at GM, pending recession – to hear the media tell it, it’s financial Armageddon!

Yes, the economy is going through a rough patch. But is it another Great Depression? Is it the end of the American Dream? Is it the worst we’ve ever seen? Hardly.

You don’t have to look back any further than 30 years ago to see a time when our nation’s economy was as bad – if not worse. In the late-70’s unemployment was over 7% and inflation was 12-13%. By the mid- 80’s, the interest rate on home mortgages was around 16% and foreclosures where at about the same rate they are now (2% of all loans). To quote the wisest man who ever lived (Solomon; look it up in 2 Chronicles 1:11-12), “there is nothing new under the sun.”

And really, what does worrying get you besides sleepless nights, ulcers, and strained relationships with family and friends? We’ve got Somebody in our corner who's willing and able to help us with our situation (see our previous post).

Does that mean we shouldn’t be concerned? No, of course not. As individuals, times like this mean we need to exercise even greater responsibility to be good stewards of the resources we have, including our money, skills, and time. Government, too, has a role ensuring the foundation of our economic system stays intact and that those TRULY in need are helped. But that doesn’t mean government (i.e., OUR tax money) should be used to bail out everybody that got too greedy and made bad decisions – be they corporations or individuals.

Consequences are a natural result of decisions and actions. When government (or parents or bosses) eliminate the sting of negative consequences resulting from bad decisions, the natural tendency is for people to continue making the same bad decisions. It's a lot like my favorite definition of insanity: doing the same thing over and over and expecting different results. Experience (good and bad) is the best teacher.