June 30, 2010

The Third Depression?

We're hearing more people suggest that we're in a depression, not a recession, the latest being Paul Krugman.

Whether or not it truly is a depression, we do know that times are changing. Many people have been out of work for a couple of years now, and statistics show they're the least likely to find work again. Retraining helps but can be expensive, and people over a certain age don't always find work after retraining.

Hopefully they put away money during the good years that will take care of them now. In the rapidly changing economy of the 21st century, there will be times when the money stops coming in. We need to teach our children to handle money responsibly so they can survive and even thrive during the inevitable slow spells they'll face someday.

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