Posts Tagged ‘economy’

Each day, new data is released in the United States that deepens the gloom and doom surrounding the current “economic recovery.” In the past week we have learned:

• Job openings are at a record low — there are 50% fewer than in 2007
• More homeowners are struggling as option ARMs reset higher
• Approximately one-third of all mortgage holders have a loan balance that’s higher than the current value of their home
• Cities and states are still struggling to find ways to balance their budgets
• People are using far less credit and are saving more, which is great for them, but slows the economy which depends on consumer spending
• Although the unemployment rate is 10%, the number of people who are either unemployed, underemployed, or have given up looking reaches more than 17% of the working-age population
• Qualified people who are finding work are often accepting lower salaries than they earned before they were laid off. 

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I recently had a conversation with a successful business owner about surviving the current economy. We both agreed that there is business to be had, but in these times, a little hustling is in order.

Reaching out to potential clients through innovative marketing, increased networking, restructuring prices, cutting expenses, and other actions can increase profits even in a down market.

A local plastic surgeon, has cut his prices and told me that he had his best month ever in September. He was willing to compromise, and has benefited from his actions.

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In April, I asked if you are ready for the new reality. Each day, it becomes more apparent to me that the old order is holding on as tight as it can, making it difficult for new systems to emerge organically.

In the US, the health care debate is a  perfect example of an old-style power structure holding tight to financial self-interests in order to protect the status quo, which clearly is not serving US citizens.

The same is true in the financial realm where “experts” from the same institutions who created the current crisis are in charge of the cure. Same old, same old. Read the rest of this entry »