2010 has been a year full of paradoxes, especially in terms of the economy:
• On the one hand, big banks are having a very profitable year and paying the Fed back for the bailout. On the other, they aren’t making loans to entrepreneurs, who create the most jobs.
• The Big Three US automakers are profitable and decreasing the balance on their loans as well, but the manufacturing sector is still shrinking.
• Houses in many localities have lost value or are in foreclosure, yet qualified buyers are finding it difficult to get mortgages.
• Consumers are more comfortable spending money on themselves this holiday season, although unemployment has ticked up and new job creation was substantially below expectations last month.
• The American population is cutting debt and saving about six percent of its income,
while the Federal government continues to increase the deficit, while neither cutting
expenses, nor increasing revenue.
• Voters agonize about the debt, yet they are loathe to give up government benefits or pay more taxes.
What should we think about these black-and-white circumstances? Media always obsesses over bad news. And pessimism, like optimism, is overblown at times. It’s easy to focus on the negative and believe things will never get better. Yet those of us who have watched economic cycles come and go and lived through personally tough times know that, this too, shall pass.
Taunee Besson is president of Career Dimensions, Inc., a consulting firm founded in 1979 that works with individual and corporate clients in executive coaching, career transition, talent management and small business issues. She has authored three editions each of NBEW’s Premier Guide to Resumes and Premier Guide to Cover Letters.