With all of the doom and gloom the past couple of years, the pessimists prevail these days and everyone is complaining about something. It's hard to believe that Obama came into office just over a year ago with a clear mandate, and today he's viewed by most as a one-term President. Having said this, it's also helpful to look on the bright side.
Just over a year ago, we all had serious doubts about the strength of our financial system. Today, the financial services industry is bracing for further regulation and government intervention, but the financial system has been saved. Just over a year ago, the country was also in a condundrum about Iraq and Afghanistan. Today, we still have significant challenges in the region, but it's clear we have an exit strategy. Just over a year ago, we were in the midst of the Great Recession with little hope of turning the economy around. Today, we have officially exited the recession and signs of hope continue to present themselves.
So, why all of the doom and gloom? Well, people are still unemployed and worried about the future. Their homes are worth far less than they once were and nearly everyone's net worth has been slashed. As business owners, we have limited access to capital, no clear path for growth and an expectation of increased taxes in the future. We also see the ridiculous spectacle that our federal government has become and we're weary of the partisan battling in Congress. And on top of it all, we have a President who seems oblivious to these concerns by pushing a health care plan that would only increase the size of the government we have little confidence in.
But, look on the bright side. The stimulus from the Fed combined with the financial strength of America's companies and financial institutions will allow us to grow. The housing market is in the bottom and now beginning to show some signs of life in many markets around the country. Americans are also fed up with the actions of our government in Washington, and it is highly likely that the forces supporting a constrained federal government will result in throwing out the incumbents. And finally, regardless of the health care bill's outcome, much of it will never become a reality because entitlement reform simply cannot be postponed any further.
Things have been bad and much of the discussion is negative these days, but look on the bright side...the worst is over and good news is coming.
3/9/10
