Monday, January 26, 2009

Don't Panic!

The economic news makes it hard to keep a cool head but John Stossel says this is no time to panic:
Have we become so fragile that we can't handle any recession? The 11 recessions since World War II are part of the "creative destruction" that ultimately drives our economy, yet today politicians act as if they can insulate us from pain with bailouts and "stimulus packages."

Besides his get tough message, Stossel has some good stats to back up his assertion that, though things are rocky, they're not as bad as they seem and certainly they aren't as bad as they have been before.

Will things get worse? Maybe. But unlike what's happened before, we have some things going for us to lessen the pain: lower taxes, lower gas prices, a long stretch of growth prior to the bubble burst.

Hang on. Things'll get better.

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