Lots of "experts" are talking about this recession as an "economic reset," meaning that the economy and the public will have to learn to do with less going forward. Slower growth rates, less discretionary money, a new way of life for most are what the future holds.
On the one hand, it may not be such a bad thing since most of us buy way too much stuff, much of which we don't need. Having to make smarter, more thoughtful choices about what I need as opposed to what I want is probably a good thing.
I don't believe a "reset" downward in the standard of living for most Americans is what's in store. Sure, in the short term, we have all had to make adjustments and it will take time to work through the mess we've gotten ourselves into over the last decade(s). But the foundations being laid are long-term and will sustain solid growth for the U.S, Europe and the rest of the world.
As we begin to improve/repair the costly economic and governmental systems still dragging us all down, we will again enjoy a sustained period of growth.
Cowardly politicians have avoided dealing with the real economic issues, which is why we are where we are. But now we have a historic opportunity to change our economy and fundamentally change some of the economic drivers.
In my mind, the key drivers are medical, energy, military and, yes, automotive.
We must fix the medical industry. The good news for all of us is that many of the cost improvements will be driven by IT and medical electronics. Many of the preventative programs (testing equipment) will use lots of electronic equipment. If you want to learn more about this exciting segment of the industry, visit our Medical Electronics news section.
I love this one--it is decades overdue. If we had become energy-independent back in the ‘70s, when Jimmy Carter was pushing for this, we would have saved trillions of dollars in military expenses--there would be no need to defend oil supply lines. We would have saved hundreds of thousands of lives and trillions in healthcare--we'd have much cleaner air and fewer illnesses. Best of all, we would have shifted trillions of dollars from OPEC countries to U.S. businesses and their employees--we wouldn't be funding the terrorists who kill our own people and other innocents.
For instance, wind energy is breathing new life into farms all across the Midwest. Stronger farming businesses mean a more stable food supply. This makes so much sense to me. Shifting transportation from oil-based gasoline to natural gas or electricity produced here in the States seems like a good idea. I'd prefer we go straight to electric cars altogether. That's where we're going to end up, I believe. American companies like EEstor are building electric "gas tanks," right now.