Magazine article Business Credit

The Great 21st Century Depression: One Credit Manager's Perspective

Magazine article Business Credit

The Great 21st Century Depression: One Credit Manager's Perspective

Article excerpt

It seems that our economy has reached a tipping point, spiraling down to a crash not seen since the Great Depression of the 1930s. In addition, many people would say we as a nation have lost our work ethic. Everyone wants to retire at 50, and during our working years we waste a third of our day goofing off. Instead of thinking of ways to contribute and add value, we think about just making it through the day without being too stressed. Part of what feeds this attitude is the unfair practices that occur in the workplace. People are often hired for positions based on their connections, looks, personality, etc. Their credentials and experience often take a back seat in the hiring process. Moreover, many of the companies look upon employees not as assets but as big expenses and try every conceivable way to reduce these expenses. Of course, they argue it's their mission as a business entity to hold down expenses. True enough, but why are they not concerned about the expenses incurred at lavish executive retreats and the golden parachutes extended to unsuccessful managers when they are let go? Would American businesses prosper more if they compensated those at the lower end of the scale a little more and those at the upper end a little less?

Given the insanity of our current economic dilemma, one might think it's a hopeless situation. In life, the consequences of events are not always apparent. The worse our situation becomes, the more likely our politicians will realize they can't keep selling us out with unfair foreign trade deals, giving us welfare checks and bailing out our companies when we run them into the ground. We, as well as they, may come to grips with the situation and realize we have to get back to the basics. Government bailouts for distressed businesses must stop. Handouts to the citizenry have to stop. We can no longer allow businesspeople to run their companies into bankruptcy and then be able to start up another one for a repeat performance. …

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