Some of the links below are affiliate links. This means that if you choose to make a purchase we may earn a small commission at no additional cost to you.
It seems like every other day the economy is collapsing and we are headed for the dumpster. Then we see this burst of economic vigor and its hardly exciting because its all too darn tough to understand. Who knows what direction is north when it comes to the economy?
Instead, we are all just guessing. One thing we can bank on is this: History repeats itself. It always does. So its important that we take note and do our best to prepare for that economic downturn. Of course, that is easier said than done.
While many people would agree that the great depression was the worst economic situation to hit the nation to date, they are not considering what could be coming. The Great Depression was a horrible time. It made for awful scars throughout the country.
However, there are a few differences between then and now. Lets look at why the next great depression will be worse than the last one.
Unlike in the 30’s the average American holds a tremendous amount of debt. The numbers are terrifying when you factor in college, homes and cars you can get to nearly half a million dollars in debt! That is what allows us to see the freight train of economic collapse coming and do nothing about it. Its living outside of our means.
An old value in this nation used to be hard work. Working hard was a true virtue. Now it would seem we do just the opposite. We look for the easiest way and make every attempt to get the most money. We are a nation of subpar performers who would buckle at the need for hard manual labor if it arose as our only means of making a living.
It wasn’t that long ago that all men and all women shared a common set of goals. Men could do certain things like use tools, build and work with their hands. Women could stitch and knit, they could cook and care for people. Americans have less of these skills than ever before. These are hard skills that could mean everything in a economic downturn.
For these reasons its clear that America’s debt and virtue crisis will make the worst of the economic collapse.