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Saturday, July 2, 2022

Bracing for the worse as uncertainty looms

Ardain Isma

 CSMS Magazine Staff WriterEveryday, we are being bombarded by negative news about the nature of the economy. We wonder when this is going to last. Sometimes, I search for a little bit of encouraging news; something that I can hold on to while the train of darkness is passing though. Really, it is scary, and for those who live at the bottom of the economic ladder, it is the worst of time.            If the housing boom propelled home prices to the roof, its bust did not take the prices down with it; living stranded on the banks of the river of hope, all those who have dreamed of securing a little spot for themselves and their families during the defunct housing boom. While prices of other durable goods and other commodities continue to soar, the unemployment rate continues to climb, ushering a recipe for a recession.            Observers believe this summer is one of the worst in more than 20 years, when Bush senior was president. It feels like déjà vu all over again. More people are seeing their purchasing power being eroded daily, and those who still have the cash are holding tightly on to it, for no one knows what the future will hold. So, it is not a happy time for those who live in the fringe of society.The last time I checked at Wal-Mart, tangerines were selling at 38 cents for one, a loaf of bread was $2.60 and in some cases $3.10—the current price for the whole wheat. Gasoline prices are moving deep into the four-dollar territory, banana is now 89 cents a pound and a carton of soil milk is $2.75.            Meanwhile, other expenditures required for buying other household items have reached a new high. When will San Salvador arrive? The economic forecast looks bleak, and the only people who seem to be profiting from this are heartless financiers motivated be greed, acting like hungry wolves in search for preys.              The aggressiveness displayed by credit card companies are like no other, and consumers do not know when deliverance will occur. As more people being unemployed, crime rate will undoubtedly be on the rise, while social workers will be swamped by mounting caseloads that they will never be able to manage thoroughly.             Can we hunker down and wait it out? That is precisely what we should do, but that will require fiscal discipline to keep our head above water. Spend but spend wisely, only if need be, but not when one has to satisfy his egotistical desire. We can’t live in denial. While some of us have already prepared to roll the dice, living out of great concern for their newfound reality and spending lavishly, they must not forget that any mishap could prove catastrophic. So be wise and hang tough until the brand new day we all long start shining in the horizon.Also see Coping with holiday stress Best tips for emerging writers

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