American ingenuity

There are some analysts who think the United States is going to undergo an even greater economic recession than the one we are currently experiencing. In many cases this is based on their belief that the actions taken to combat the recession actually compounded the problem by increasing the National Debt and increasing the money supply to a point that will lead to a severe additional contraction in the economy after the initial stimulus passes.

I don't really know the future, but I do know that this country and the people who live in it still have tremendous potential. There have been people who lived beyond their means and recently many of them have been paying the consequences for that, but most Americans have been much more prudent than that.

Whatever the current unemployment rate is, 9.4 or 16% if you count part-timers and those who have stopped looking, it still means 85% to 90 percent of Americans are still employed. American companies saw a lot of demand disappear so they reduced costs and capacity to the point where they are turning profits even with lower revenues. I believe we are moving out on the development of domestic energy and renewable energy sources that will further reduce our balance of payment issues. Right now there are entrepreneurs who are going to buy up "toxic assets" and turn them back into profitable assets.

In other words, Americans are reacting to the problems in the economy and taking appropriate actions. Those who look at statistics and predict doom are ignoring the most important factor, the great ingenuity and spirit of the American people.