Deseret News | In our opinion: Toughest times still ahead

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In our opinion: Toughest times still ahead

Agreed | 4:38 a.m. March 10, 2009

One of the best editorials I have seen. Hopefully, more people will start listening and taking this seriously because the attitude change is still not happening fast enough. While the worst is yet to come, it will still be better if we change our habits and priorities now than if we let the hard times force them upon us.

Anonymous | 6:44 a.m. March 10, 2009

Great article.

Life After | 7:25 a.m. March 10, 2009

There is life after bankruptcy, there is life after foreclosure. There are nice places to rent, there is family to live with. There is starting over. There are lessons to learn. Many recessions have come and gone. A great depression came and went and the majority lived through it just fine and learned how to be resourceful. The world did not end and it won't this time.

Comments continue below

Will we learn? | 8:02 a.m. March 10, 2009

I think our country will weather this storm. Many people will have to adjust their spending habits as a result of this economic downturn. Some will have to start completely over because they made foolish decisions in the past.

The question is: When prosperity returns, will we go back to our old ways of living beyond our means or will we learn from this experience and change our habits permanently?

Some will, but I'm afraid many will not.

Anonymous | 8:05 a.m. March 10, 2009

More doom and gloom.

Surprise.

The world is not ending.

The worst is just about here.

2010 looks very promising

Dave | 8:37 a.m. March 10, 2009

The sad reality is that the Fed. spending and printing funny money is going to lead to hyper-inflation that will hurt those of us who did not go overboard.

Ultra Bob | 8:54 a.m. March 10, 2009

When theres inflation, sometimes called Boom times, the little people prosper as their property increases in value along with their wages while their debt remains the same. Inflation helps people pay off debts.

When theres deflation, sometimes called a recession or depression, the wealthy people have the advantage of seeing the value of their money increase as compared to property and are able to buy up that which the little people can no longer afford.

The point is simply this, wealthy people promote economic depression while the little people would promote boom times. And even though the little people out number the wealthy, the wealthy have the firmer ground to stand on

Anonymous | 9:00 a.m. March 10, 2009

Not only is Utah the reddest state, it is also #1 in yuppies and keeping up with the Jones' mentality.

The Man | 9:23 a.m. March 10, 2009

I'm not one of the "wealthy" but I couldn't disagree more with Ultra Bob. The wealthy love boom times and actually seem to prosper more than the "little people" during those booms. Look at the inflation of CEO-level salaries and bonuses in the past decade. They're also living in more expensive properties that make more money when they appreciate. And who said their money doesn't deflate like everyone else's during the deflationary periods? They're holding stocks that go down in value and they have much more in savings that regular folks, and those savings are going down in value too. I just don't get your class-division mentality, Bob.

hard times? | 9:59 a.m. March 10, 2009

I have never had it so good. It's going to get worse? I am still waiting. Reading all this doom and gloom confuses me. My life hasnt changed a bit. When i drive anywhere, the roads are still packed with cars. The doom and gloom certainly does not reflect rush hour. I will know it's tough times when you can cross state street in peak hours.

Utahns are "lemmings?" | 10:26 a.m. March 10, 2009

Wow, what a confession from the Church-owned editorial staff!! Thanks for the honesty. It's refreshing.

Lew Jeppson | 10:52 a.m. March 10, 2009

I highly recommend watching the PBS documentary
"The Ascent of Money" for perspective.

wrz | 11:25 a.m. March 10, 2009

As Churchill (and FDR) once said: "The only thing we have to fear is... lack of confidence in the financial markets/economy."

Truer words were never spoken. Our economy runs on about 80 percent confidence. Lose that and fear and trembling set in. Followed by downturns, recessions, and depressions.

Democrats have been badmouthing our economy for most of the last eight years, all to try to discredit Bush whom they hated. And they finally struck pay dirt. Bush left office discredited. But there are unintended consequences as we all can now see. God help up to rebuild confidence.

Pleasantville | 11:33 a.m. March 10, 2009

There ain't no tough times ahead.
All is fine and dandy.
This is just more liberal lies.

Oh Please | 11:37 a.m. March 10, 2009

So-called "real wealth" exists only in the capabilities of people to produce. The capitalist system permits a few people to live like kings off the value produced by the many; "wherefore the world lieth in sin."

Puritans | 12:32 p.m. March 10, 2009

I see the new puritans are at it again. Do well and you are evil. Plan well and you are a schemer, prosper and you are walking on the "little people". Sell your puritanism to someone else.

KVC | 1:44 p.m. March 10, 2009

Oh Please- Tell me how I as a physician am living off of the value produced by others. According to Obama I am one of the super wealthy who need to have their taxes increased.
Quite frankly I have worked my butt off for years so I could be where I am at, and I still work my butt off today. I did 5-years of undergrad to finish my major and pre-med requirements, getting mostly A's along the way. Then 4-years of rigorous medical school equivalent to about 30 credit hours per semester during the first 2-years, then up to 80-hrs/week during the last 2-years. After that came 80-hours/week as a resident, responsible for the lives of an entire hospital on a regular basis. Now I work very hard as a practicing physician.
So why does Obama think we are not paying our fair share, and whose back am I stepping on to earn my salary. Let's see if you let the nurses or ancillary staff take care of you or a loved one without a doctor when the time comes.

Roland Kayser | 3:09 p.m. March 10, 2009

To Lew Jeppson: Better yet read "The Ascent of Money", an excellent book by conservative economist and historian Nial Ferguson. If you would like a liberal counterpart, read "The Predator State" by James Galbraith. Its always preferable to see both sides of an issue.

Earl | 4:11 p.m. March 10, 2009

@Ultra Bob 8:54 a.m.: Bob, you have it exactly backwards. Wealthy people prosper from inflation more than the "little people," as you call them, because prices are rising while wages stagnate. The last thing to rise is wages. Nobody benefits more from inflation than bankers and government (and those who receive money from government contracts). During deflation, prices drop, meaning that the buying power of "little people" increases. That's why Bernanke and the other bankers really really *hate* deflation. They are committed to inflation at the expense of the "little people." Where did you learn your economics?

RE: Ultra Bob | 6:20 p.m. March 10, 2009

You definnitions inflation and deflation and you connecting them to recessions and boom times it just wrong. plain wrong, factually wrong,
wrong, wronng wrong.

You CAN have inflation and deflation in boom times as wells as recessions and NOT tied to either.

What inflation and deflation are connected or tied to is supply and demand, and are tools to manipulate demand, often based on supply.

To KVC | 9:51 a.m. March 11, 2009

If you are earning over two hundred fifty thousand then you are being well recompensed for your hard work. Believe it or not, there are other people,(like coal miners) who may not be blessed with the intelligence and talents that you have, but they labor their lifes away for less than on fourth what you receive and still they also make a contribution to society. There needs to be some balance. In the mean time we are happy for you.

Anonymous | 10:51 a.m. March 11, 2009

My salary went up this year.

Gas went down.

I have no debt except my mortgage which is $1500 a month.

My house value has "dropped" to $525,000 this year but my mortgage is $227,000.

I've never had it so good!

KVC | 4:06 p.m. March 11, 2009

to KVC- I asked the question of how I am leaching off others as Oh Please implies of those who are economically advantaged. I do not make my living by stepping on others who do the "actual" producing to get it. I produce plenty.
So why is my current tax rate not enough? Why do I need to give even more? Why should I lose my deductions that others are allowed?
People get paid based on supply and demand. There is a much greater proportion of society who can do coal mining, that is why they earn less. There are also very intelligent people who are coal miners. They chose that life over going through what I went through. Whatever the reason for their decision, I should not be punished for it by contributing involuntarily to their welfare.
I have never questioned that they contribute to society, although environmentalists probably disagree that they are beneficial. Because coal is Bad!!

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