By Dr. Charles L. Singleton
Nationwide — Yes, emphatically speaking, the next financial crash of our United States of America (USA) economy is coming sooner than you think. One would ask, “How does this opposite the editorial (op-ed) page writer thinks?” Observably, this is how he thinks: Looking back over the last 11 years, our USA economy is still recovering from its “Great Recession of 2007-2009.” Which simply means, the stock market observable failures (pseudo or artificial values in the equities and other financial sectors; suppressed income and wages, overvalued real estate, and accumulative generational debt), are still with us in my opinion. In my view from the helm, the USA economy is also sailing rapidly toward overcrowded metropolitan traffic; congested gridlock with failing and outdated infrastructure, and increased taxation.
Now, are you ready for this Opinion Ed writer’s observations and predictions for the USA economy? Simply stated, our present economic recovery is merely temporary at best, if we are not more careful. Because, we have gone to an 8th deadly sin: impulsivity, along with instant gratification, which means excessively buying those things we really want; instead of what we really need. For many of us, we truly believe, the seven deadly sins are as follows: envy, gluttony, greed, lust, pride, sloth, and wrath. However, this writer feels and strongly believes impulsiveness will eventually crash the stock market and this semi-fragile economy. Moreover, our rising national debt, according to various news sources, the USA increasing federal deficit of $779 billion is ever so threatening!
Truly, today’s technology is a “blessing and a curse,” when it comes to shopping online, rapid delivery services and “quick buying habits.” Seriously, this type of human behavior festers septically our innate ability to persevere; instead, we consume more than we can ever pay for or charge on credit cards and other lines of credit. In addition, we have completely saturated another generation with a cycle of student loan debt, rapidly increasing rents, ballooning mortgage and car payments, over-priced goods and services, and increasing medical bills for the young, the elderly and the dying.
You see my friends, the recent store closings in 2018 of Walmart’s Sam’s Clubs; Kmart, Macy’s, Toy R Us and Sears stores: chapter 13 bankruptcy; Publix, a major grocery store chain in GA, BI-LO’s “bankrupted stores” of Southeastern Grocers, SC, plus many others: both major retail outlets and a variety of local stores across the county are just the tip of the massive iceberg of economic collapse. The tremendous undercurrent of “I’ve got to have it now, regardless,” will eventually, erase the stability and gradual continuous recovery of the USA economy, within 9 to 13 months from this date.
If this attitude continues to prevail, eventually, there is no way of getting around it. The “gloom and doom” of this 8th deadly sin or “hasty shopping behavior” will surely come with a painful price to pay, called recession and stock market declines. Thus, with the anticipation of millions of Americans being laid off, the crash of this economy is frightening to say the least. It really shivers me to think about it. The impulsive forethought regarding the vanity of over consumption will possibly crash the fault lines of our income, entitlements and daily living.
Therefore, the directional “Crash” of the Titanic-like cruise ship called the USA Economy, in my view from the helm, is magnetically headed for the gigantic and looming iceberg of accumulative debt, and increased cost. “Let the Buyer Beware.” Please also read and remember, Raghuram G. Rajan’s Fault Lines: How Hidden Fractures Still Threaten the World Economy, 2010. And, “All is Vanity.” — Ecclesiastes 1:2.
Dr. Charles L. Singleton is a Clinical and Educational Research Consultant, and the Editor/Publisher of The Family Journal. He may be contacted via email at firstname.lastname@example.org.