Worrisome times

by David Grand
March 6, 2003

No question, but that there's more things to worry about these days, here and around the world, than you can "shake a stick at." But when I find worries circling around me like hungry vultures, I remind myself of two lessons I learned early on in life which allows me to keep my equilibrium on a fairly even keel: that it pays to worry, since ninety percent of the things I worry about never happen (for worrying keeps them away); and not to trouble troubles till trouble troubles you.

But I must admit adhering to those two rules has been severely tested as of late, what with the torrent of grim news about our ailing economy, which is sliding downhill fast as a toboggan; and the nation continuing to teeter on the brink of war, taking a giant step forward one day, and two "baby steps" backwards the next day.

Among the ominous signs of the economy's meltdown (which would give even the Devil ulcers) are:

  • Oil prices are the highest in 12 years, which could grow as high as "Jack's beanstalk," if the Arab nations decide to punish us for invading Iraq by slowing their oil production down to a trickle. If that happens, we'd once again be lining up for hours at the gas stations, as we did in the late 70s.
  • The market has plunged so low in the last two years, with U.S. stocks losing almost $5 trillion in value, that Dow and Jones aren't speaking to one another, and investors have become gun-shy after seeing their stocks tumbling down like the Tower of Babel.
  • Unemployment is the highest its been in the last 8 years, rising from 4.2 to 6 percent since Bush took over the reins. But that doesn't hold a candle to the Great Depression of the 1930s, when one- fourth of the labor force was out of work, with no unemployment insurance, and many standing in soup lines.
  • Consumer confidence is the lowest its been in 10 years. If you doubt it, just drop by the shopping malls on weekdays, where many are nearly as empty as a barn before harvest.
  • In 2002, a record 1.3 million Americans declared bankruptcy, much to the unhappiness of their creditors and collection agencies who were hounding 'em to death.
  • The federal deficit is nearing $500 billion, with the trade deficit not far behind. Gee, as I recall, Clinton gave his successor a parting gift by having wiped out the deficit altogether. But his morals stunk, so that negates any good things he did for the country. Right?
  • At the dawn of the new millennium, budgetary surpluses were being generated by high taxes and a robust economy, with the Congressional Budget Office projecting a budget surplus of $5.6 trillion right over the hill. Well, apparently that hill got bulldozed, for in their latest 10-year forecast they're projecting a cumulative budget deficit of $2.9 trillion, with some economists saying it could rise to over $4 trillion by then. That's a bigger flip-flop that no Olympic gymnast could match.
  • While the administration's deficit forecast for the next five years is more sanguine, it doesn't take into account the estimated $40 billion for the war with Iraq (and the $100 billion or more for rebuilding and occupying it for however long); the $500 billion for the president's plan to fix the Alternative Minimum Tax, and other "gems" in his Economic Stimulus package, such as a huge tax break for the the rich. So what's new? Like always, "they get the gold mine and we get the shaft."

Now, I read somewhere that the $40 billion earmarked for the war would be enough to purchase 160,000 homes worth $250,000 apiece, or cover one worker's $50,000 annual salary for 800,000 years. Hmmm. That's a tough choice to make. Maybe we should have a nationwide plebiscite to determine the people's preference. I believe I know what they'd opt for. How about you?

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