It is that time of year when many of us are with family and friends; and we welcome the opportunity to gather around a bountiful feast and give thanks for all the blessings in our lives.
Over the next few days, as I participate in the activities of the season and give thanks to my family, friends, and business associates, I am also going to be thankful for the desire to make money. It is a good habit of thought to have and I am thankful I can foster this habit in you, my readers.
I recently noticed that there is more bad news than there is good news coming from the retail and restaurant sectors of our economy.
The losses in the 2nd quarter are worse than expected for Barnes & Noble. WalMart’s profits are down and projections for the remainder of the year have been reduced. The loses at J.C. Penny are double the projections. And the profits at Bob Evans Restaurants are off 40% due to the rising cost of pork, operations, and employees. Also, a whopping 82% of restaurants, restaurant chain owners, and franchisees list the impending Obamacare and minimum wage law issues as their biggest worries keeping them from expansion.
It is clear, based on the global recession we have been experiencing since 2008, that a great reset is underway. Many of us in our society are searching for new ways to work and live.
However, there have been two similar periods in American society over the past 150 years; perhaps we can learn from these previous resets to understand what trends will emerge.
In the U.S. there are more than 10,000 people a day turning 65 and living longer than ever. Over the next 10 years, there will be 79 million people drawing on Social Security and at the mercy of Medicare.
Yet, many of us in this generation are not willing to rely on the established way of doing things. We have decided to take a stand and enjoy every minute of the time we have left.