We are having a reluctant spring. I am tempted to say fearful, but that would be overly anthropomorphic. In any case, our spring in the Northland mimics our collective mood; reluctant, hesitant, fearful, confused. Business mimics our spring, I think it fair to say. People are afraid to commit to a deal, even if it is a bargain. Many of my customers are putting off a project, rather than spend the money now, and I don’t see the economy coming out of this recession any time soon.
Standard and Poors’ threat to downgrade our US credit rating is going to push inflation even faster. If we aren’t careful we will back ourselves into a full-blown depression.
There are a lot of parallels between the 1930’s and the present; a moral hangover from high times, massive public and private debt, high stakes economic gambling, bloated and intrusive government, over regulation of almost everything, the diminishing of the individual by government and politicians, unbridled class warfare. We need clear thinking and positive leadership, and we need to stop demonizing each other. It will take all of this and more for an economic spring to emerge.