The Upside of a Down Economy

We are surrounded 24/7 with doom and gloom.  Constantly we are reminded of how the economy has weakened, consumer confidence is shattered, and fear is all around.  So I have been thinking a lot lately about the upside of the down economy and here is the list I have compiled so far:

• Less of an attitude of entitlement
• More of a sense of humility
• Trend toward appreciating the simpler things in life
• Re-commitment to jobs (even if out of necessity)
• Realization that money does not grow on trees
• An awakening to reality instead of a "keep up with the Jones"
• Less talk about retiring early
• Focus on a long term perspective professionally and personally
• Emphasis on family

A few weeks ago, we asked an elder in our church to describe what it was like to live through the Depression.  He had many memories, but said that the positive aspects were the increased focus on family and faith.  Trust in the family and having a commitment to a religion were the cornerstone to help people deal with the conditions of the time.  

The baby boomers have heard Depression stories from their parents and grandparents, but we did not think we would have to change our standard of living.  The trend has been bigger is better and more is valued and the momentum was that we wanted it sooner rather than later.  Retire early and make sure we have a second home somewhere warm or in a destination location.  Now it is time to wake up!

I am sure there are other positives about this down economy, but I think Tom Brokaw said it best on MSNBC this week:

"We need to reset our economy rather than view this as a cycle.  Now there is an heightened sense of consciousness of interconnectedness.  People are realizing that we are all in this together.  We have to reset our expectations, create a new kind of ethos, and focus on values--what really matters."

Brokaw said he heard someone say, "This is the time to get rich slowly" perhaps the old fashioned way.  What is so wrong with all of this?  We can make a positive out of a negative. 

What are some of the other positives of a down economy?  I would appreciate hearing from you.