Every time I start looking for additional sources, I come back to those I think are offering a truer picture of what is going on. This brings me to Tyler Cowen and his article with the New York Times. Cowen is answering the question, ” Should Americans adjust their economic expectations now that the recession is technically over?” He answers, “Not a True Recovery at All”.
I think Cowen is spot on in his analysis of our economy right now. Ultimately, we are still reeling from malinvestment and the unwinding may take years. His conclusion is the quote below.
“None of these problems is behind us and in the meantime we are suffering under uncertainty. That’s part of the reason why the recovery has been so unspectacular.”
So, what should a family do with their personal finances? In my opinion, there is no need to panic or delay your life. Simply, simplify. Secondly, plan the life you always wanted. It is much easier to make adjustments when you know what you want.
I am going to link Cowen’s response to the question but suggest you read a few of the responses. They are interesting. Bravo, New York Times!