Dig out the wallet for a local stimulus
Many of us are scared these days. With layoffs, foreclosures and cutbacks filling headlines and newscasts, it's pretty hard not to be.
Who doesn't have a neighbor or loved one who's lost or fears losing their job? It makes us downright jumpy prompting us to hunker down. Plenty of us are just trying to duck under the wave of bad economic news, make ends meet, and survive on less pay. Few of us talk about spending money on anything but absolute necessities.
We should rethink that strategy, a group of local experts and residents told Daily Herald reporter Anna Marie Kukec this week. Instead, they advise us to spend wisely and spend locally.
It's darned good advice.
Yes, people are afraid. Afraid they'll lose their jobs, afraid they can't pay the mortgage, afraid of losing their cars, their homes. But, as we saw after Sept. 11, that sort of fear can quickly paralyze this nation built on freewheeling consumerism. Do you remember those first harrowing weeks after the attack on the World Trade Center sent us scurrying for cover? We stopped flying, shopping, functioning ... and the economic toll was quick. Then an amazing thing happened. Slowly, one by one, we pushed back, shedding the tentacles of fear, opening our wallets, hopping in our cars, and hitting the mall. Now, we're again frozen in fear and look what's happening. If, as we all cut back - and who hasn't? - we stop supporting local businesses, we'll see even more close shop. More people will be out of work with fewer dollars to spend creating a cycle bound to dry out our economy still more.
What can you do? Take those extra few dollars out of your pocket and put them to work in the economy. Buy that pizza. Get a new pair of pants. Go to the movies. Hire that out-of-work contractor to do an odd job or two. Buy a small stock. Or two. Every nickel we share goes around. None of us can single-handedly spur economic recovery. But we darned sure can help a little. What would happen if each of us spent an extra $10 today? Imagine if we each spent an extra $50 this weekend. Imagine if those who could afford it spent larger sums. If able, buy a car. Buy a house. Get that new TV or dishwasher. How about a couch?
Spending, of course, isn't the sole answer. Lots of us don't have much to spend. Most of us feel pretty powerless especially as experts predict this isn't going to end easily or tomorrow. But in these infant days of a stimulus plan aimed at jump-starting the economy, we can pitch in with a few dollars at the local grocery store, restaurant, car repair shop, furniture store. Don't spend more than you can. But spend something.
Lynda Reilly, president of Lynmar Lending Group Inc. of Naperville told us: "The country will benefit from all of us staying engaged as consumers. Spending wisely on things that will keep the economy moving in a positive direction." And Rey Irizarry, a Harper College student from Arlington Heights, said: "In order to help the economy, it will take many people, not just one person." That's right. It will take many. How about you - can you spend a dollar today?