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How America’s Middle Class Dug Its Own Grave

By Feux Follets following x   2018 Mar 5, 5:56pm 393 views   2 comments   watch   sfw   quote     share    

UNH Commencement Address 2009. Gary Hirshberg**

In fact, in reflecting on your situations and on my 26-year business career, I recognize that you are beginning your journeys, exactly as I began my business: Broke, clueless about the future and in debt.

And since you are graduating into the worst economy and jobs picture since the Great Depression, I think it is reasonable, as you leave the security of your dorms and apartments and your relatively predictable schedules, for you to be completely terrified.

And parents and family members, it is no less a day for you. Mixed in with your justified pride over your child’s achievement are a wide range of emotions:

Disbelief that he or she made it

Shock at how fast this phase sped by, and

Terror that they might in fact be moving back in with you.

In short, for perhaps the first time in your recent memory, graduates and family actually can agree on something: the future is scary as heck. Let me offer up a couple of other sobering reports about the world that awaits you.

The scariest part of the current economic malaise is that, while it has many names, it is certainly not just a credit crisis and in fact economists really can’t agree on the root causes.

But what we know is that we allowed ourselves to believe in a sort of modern day mythology about the infinite resilience of our finance system, and to allow greedy, short-term thinking to get the upper hand. In a nutshell, we borrowed money we didn’t have, to buy stuff we didn’t need.

We and our regulators have lived in a fantasy land, but we all allowed our better judgments to take a back seat. It will likely take a long while for us to get back to a system of placing real monetary value on real material value and hard work, and purging the recklessness from our systems of commerce.

But the challenges we face are not just economic, they are also deeply and profoundly ecologic. Indeed, we are seeing signs of failure in every single aspect of our relationship to the planet.

Full Address - Excellent Reading. https://www.unh.edu/president/unh-commencement-address-2009

**Chairman, President and CEO, Stonyfield Farm, Inc., Londonderry, N.H.
May 23, 2009
Memorial Field
Durham, New Hampshire

*How America's Middle Class Dug Its Own Grave*

During stretches of adversity, the natural inclination is to look anywhere for relief, or for blame. With the current and ongoing economic turbulence the country is experiencing, there has been a lot of both going around.

Blame the bankers, the politicians, or even emerging economies on the other side of the planet — you’re bound to be accurate, at least partially.

The economy is immensely complex, and there are so many detailed factors that go into making society function at such a basic level that there is almost always a big business or individual that can be vilified. In that way, economics and politics are similar.

While there may be satisfaction, and perhaps even factual accuracy in pointing out the shortcomings or faults of the establishment or large institutions, us individuals should also first take a look at our own behavior as well. No matter what we do, we’re still having an effect on the systems around us, whether in a passive or active role.

Much like we are all afforded a voice in the political process, individuals have the ability to make their intentions known in an economic sense as well. As consumers, individuals within the economy can use the free market as their soapbox, and use purchasing power as a dynamic force for change. A person’s formalized, authoritative form of communication is their money.

Each dollar they spend is a vote of sorts in favor of a specific enterprise. Each dollar signals that there is demand for certain goods or services, so the economy will seek to produce a supply of those goods and services to match that demand. In response, the economy will produce more of the particular goods individuals create demand for, and how people choose to spend their money influences the economy from the very micro level to the very macro.

This was expanded upon by Stony Field Farm CEO Gary Hirschburg, during a commencement address at the University of New Hampshire (Link to the commencement address is first in this thread)

Full Article: https://www.cheatsheet.com/money-career/how-americas-middle-class-dug-its-own-grave.html/?a=viewall

#Economics #MiddleClass

1   Sniper   ignore (11)   2018 Mar 5, 6:42pm   ↑ like (1)   ↓ dislike (1)   quote        

Feux Follets says

I'm just trying to figure out why this isn't Trump's fault.
2   Feux Follets   ignore (0)   2018 Mar 5, 11:06pm   ↑ like (0)   ↓ dislike (0)   quote        

It's not all about Trump even though he would probably like it to be. The commencement address was from 2009, we have not achieved all that much since that time especially wages and wage increases.

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