This is a question that is being asked more and more frequently by business leaders and business owners. The answer is simple. Nobody really knows. For every down projection, there is always someone looking for any silver lining they can find. Let’s look at some of the recent business headlines that have led to the question being at the forefront of everyone’s mind: (1) A recent poll had 40% of all Americans starting to believe that we are in a permanent downward spiral; (2) Job creation is taking painfully too long. The jobs report on Friday, July 8th was a killer; (3) Unemployment just increased to 9.2% – the third increase in as many months; (4) Wall Street firms have begun to lay off employees and while layoffs have slowed in other industries, they are not hiring and (5) A number of economists believe that the debt/deficit crisis is actually worse than it appears for two reasons: First, we are in a historically low interest rate scenario. When rates do go up – and they will – the interest costs to service our nation’s debt will go up adding to the debt crisis. Secondly, there is a growing concern that the growth projections used by the Obama administration in their budgeting are unrealistically too high
Depressed yet? Feel like giving up? Better not. Now is not the time to be a quitter. Now is the time to be stepping it up (you know my battle cry – Be Fearless; Step and Play Big).
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