This Is Our Destiny

Angela Winters, a black moderate blogger, opines: "As we all mourn the current state of our 401k and property values, the stock market again went down more than 100 points as soon as it opened today. The reason is because a recession is our destiny. Lou Dobbs explains in his article, Our leaders have squandered our wealth, why neither a fed rate cut nor a stimulus package will do any good. This day has been coming and we have no one to blame but ourselves and our 'leaders.' He makes a lot of good points. And yes, we will get through it and return to growth because that's what we do, but I do believe that at the end of this recession, the class gap in America to be even wider than it is now and will have reached a point where it is completely irreversible."

My response: My 403(b) portfolio has taken a beating, declining 7.41% this month. However, I'm looking at the long-term, not the short term, at I won't be using my retirement funds until 2030...or 2025 if I'm especially thrifty. Unlike most Americans, I don't squander my earnings on useless stuff. President Bush's stimulus package hardly goes far enough. The only stimulus package will be to reduce federal government spending by at least 10% (I'd slash it by 2/3, but that isn't going to happen anytime soon).