A GREATER GENERATION!

The Budget Doctor's Advice on Values and Economic Distress

Those of us older than 90 may remember Eddie Cantor in 1931 singing "Potatoes are cheaper, tomatoes are cheaper, now's the time to fall in love." During the Great Depression people looked for reasons to feel optimistic. Movies were upbeat and the entire nation faced an epic economic struggle with a determination that caused the folks coming of age at that time to be called the Greatest Generation.

People living during the depression lost their homes and jobs and saw their savings accounts disappear in bank failures. At the same time, climate changes were reducing food supplies and people were hungry. They responded by moving to better places, taking whatever jobs were available and learning to live without credit. Bad times often create good people.

Young people today face hard times. Jobs are difficult to find, higher education is too expensive and credit is difficult to obtain. This is an excellent time for them to relearn the values that sustained their great-grandparents. In doing so, it is likely that they will also become a great generation and will make the country a far better place than it was when they arrived. Of course even people who aren't suffering can learn these values and become better people.

Here are the Budget Doctor's values for a better society:

1. Save.
   The only real independence comes from being able to take care of yourself when times are tough. That means saving even when there isn't enough money for important things.
2. Avoid credit..
   Credit is an obligation to pay something in the future. That is the opposite of saving and makes you dependent on your lender
3. Rely only on yourself and your family.
   Governments, banks, insurance companies and investment firms all claim to be looking out for you but you need to make your own decisions and take care of your own future.

4. Help others.
   Societies only succeed when people help each other. Everyone needs to help someone even if it only means an occasional meal or ride to a medical appointment.
5. Stay optimistic.
   In bad times, some costs do go down. If not tomatoes and potatoes, maybe houses or cars will cost less. Entertainment certainly is due to get better. And times will improve.
6. Overcome false pride.
   Americans may have forgotten that any honest work is honorable work. Many people refuse to ask for help. There should be no shame in lowering living standards or acknowledging that times are tough.

There is a natural tendency for people to feel fear, shame and selfishness when faced with losses and disappointments. It takes a tough person to show resolve, fortitude and generosity. When times are tough, tough people find ways to survive and thrive because they have strong values and don't let things shake them.

Even those of us over 90 may not remember that the last verse of Cantor's song started with: "Potatoes are dearer, tomatoes are dearer, what's that got to do with love?" Yes, prices will go up and down and wages will go up and down, but values should stay the same.