The Downturn, future generations will have to pay

I have heard it said lately and repeatedly on TV and Radio that ‘We will be paying for this economic downturn, recession/depression for generations to come’. It came back to me that my father said exactly the same to me just after the World War II only we would paying for the war. And we did, for many years. I only began to see any prosperity in the late sixties and early seventies. I even had a go at having it myself. Like all good things, for me, it soon came to an end.

So where do we stand with this banking and economic debacle, we the common people, the ordinary people? Personally I think we are in dire trouble. Oddly I think the older generation will handle it better than the young. They remember how to make-do and mend, they know how to cook and sew, things almost unknown to most of those below 30 or even 40. They also know how to budget and shop with care although even we have fallen foul of being tempted into credit card debt. (Count me in on that on that one.)

I feel sorry for the young because they will feel badly let down. Born to expect to have ‘things’ of every kind from TVs to takeaways, X-boxes to throw away clothes and computers to take the strain out of learning. They will turn very nasty about it and who will suffer. The thing to do is easy to attack old folk. A headline screamed at me in town today ‘Two yobs rob old lady’. Frightened? Yes I have to admit I am although I know it is a minority and there are lots of respectable hard working youths out there.

But the future is going to be different. Why? Because they do not really know what a real recession is. I was born during one and experienced being deprived of most things that made life worthwhile during the war and for some years after. I remember only a tin of baked beans in the cupboard and one pair of shoes to wear, and those mended by dad with old rubber tyres. Freezing cold rooms to sleep in and for dad and I, living in a tent in mid winter. And my experience was not that bad compared to some people’s. They talk about the recession of the 80s, 90s but although we lost two businesses in them it wasn’t that bad.

So am I a Cassandra? Do I foresee dire times ahead. Who in my generation ever thought to see Woolworths sink without a trace? Well my advice is draw in your horns, tighten belts and husband your resources both financial and in kind. When this mad reduction in prices passes goods will become scarce and expensive. With luck the world may come through it in 4 or 5 years but it could take ten.

Hell, I hope I am wrong about all this. My New Year message is sad and frightening, I am sorry but it is how I feel and I do not look forward to 2009 – 10 – 11…., my latter years.