Although I can’t escape hearing about it on practically every major news medium, I have to say that I didn’t actually know anyone personally affected by this new financial crisis. That changed last weekend.
At my annual costume party, I found out that two of my friends were among the ranks of the newly dispossessed. One, my neighbor, only moved to our low-rent community because he had purchased a home with so many structural flaws, it was literally collapsing around him. Then, his payments started going up. He did the most logical thing he could: he left the keys on the (soaking wet) kitchen counter and walked away.
Another friend had been planning an early retirement with the profits from some investments. Of course, they tanked, so his entire savings (which was tied up in those investments) has been wiped out.
I feel badly for both my friends, and for everyone who’s lost a home or their savings. That’s a crappy thing to have happen. And the media agree – we’re all aware of what a crisis this is because the pundits and economists are on practically 24/7 telling us how bad it is.
Now here’s where I’m going to sound callous. Let’s look at where these crises are taking people: If you’ve had your home foreclosed, that’s pretty bad. What do you do? Well, obviously, you try to find affordable rental housing. Good luck with that! If you’re a working-class American (meaning your sole income is from wages or salary from a job), there hasn’t been affordable housing for you in a decade. The less expensive housing tends to be far away from places where the jobs are, meaning longer commute times and increased gas expense. Not to mention the main reason why most people want to own their own homes in the first place: tenant’s rights in many states are little to none. In my state, Arkansas, tenants can even be thrown in jail for failing to pay the rent.
If you’ve had your savings wiped out because the stock market tanked, that puts you in a very precarious position. You have no back-up for the inevitable little emergencies that life is full of, like a car break-down or minor illness. You’re living paycheck to paycheck – just like the majority of working Americans. One minor catastrophe – like having your hours cut back – can spiral into homelessness with frightening ease.
My point is this: America has been in a recession, a financial crisis, for years now. The only difference is, because it was “only” working-class people affected by stagnant wages and rising prices, the pundits and the media didn’t seem to notice. Now that “respectable,” “middle-class” people (i.e., homeowners and people with investments) are being thrown into that world, it’s suddenly a catastrophe of epic proportions, needing billions of our tax dollars to fix.
At least the government is considering a “bail-out” for homeowners, to stop some foreclosures. But what about a “bail-out” for everyone else who’s been suffering under this economy for eight long years? How about living wages, affordable housing and universal health care? What about some basic rights for workers, like paid sick days, so people can stay home to take care of an ill child or parent without being fired?
In every crisis is an opportunity. I’m glad the economy is finally the subject of national debate, and that the terms of our economy are being questioned (i.e. – how can the economy be doing great if thousands of workers are in poverty?). This is going to be an important point in our history, where we choose what our civilization stands for – helping one another or exploiting one another.
