Be patient with economy

The all-important Christmas shopping season is under way, and most merchants are afraid of the impact our slowing economy will have on sales.

These fears are legitimate. It seems like every week there is another bank that needs bailing out by the federal government, plus unemployment continues to rise.

Money is tight for most families. We’ll find out in the coming weeks just how much that will impact spending.

The holiday shopping season either makes or breaks many businesses so the stakes are high. If most households pull back the reins on spending, the impact could worsen an already wobbly economy.

If spending is good, then maybe our problems won't be as deep or as long as they appear to be right now.

However, whatever happens, I have one piece of advice when it comes to our economic problems: Be patient. When it comes to economics (and most things in life), there are periods of advancement and periods of regression. We will have times when we prosper and times when we won't.

This isn't a new concept. In the Book of Ecclesiastes in the Old Testament, the writer cautioned us that there is a season for everything, and that would include economics.

Lots of other writers have built upon that theme over the centuries, and they are right.

Now, does this mean this will be easy? Of course not. If a person has been laid off from their job, I can understand how it would be difficult for them to be patient right now. He or she needs to earn a living, and the immediate future does not look bright.

For a person in this situation, this time of year can be especially frustrating. A key part of celebrating the Christmas holiday is giving gifts to loved ones to show them how much they are appreciated.

A person won't be able to do that to the degree they want to, and this will cause a lot of frustration. In most cases, frustration will conquer patience.

However, we have to remain patient and look at the big picture. Throughout our country's history, there are repeated examples of how our economy tumbled, but we worked our way through it.

Our nation made it through the Great Depression of the '30s, and if we can do that, then I feel good about our chances now.

We didn't get into our current economic mess overnight, and we won’t be able to pull out of it quickly. But, if we commit ourselves to a disciplined approach, we will work through this.

For example, look at how we responded to the gas crisis we experienced last summer. Prices soared to $4 a gallon, and there were sporadic shortages that tried the patience of everybody.

I even predicted in this column that we would be lucky to see $3 a gallon prices, and that prices of $2 a gallon were a thing of the past.

Well, obviously I underestimated the American public. We adjusted our driving habits, and we have seen prices drop to $1.60 a gallon throughout the area.

This is specific proof that economic difficulties can turn around if we adjust what we do and remain patient.

As for right now, this might be a good opportunity to focus more on the true meaning of Christmas. Materialism has cut into what Christmas is really all about for several years.

Since we won't be able to spend as much as we like, maybe we should re-connect with the reason this holiday is celebrated in the first place.