The Upside of the Downturn

The Low Country may be weathering the current economic downturn much better than other sections of the United States, but that doesn’t make it any less painful. Yet in the midst of mounting unemployment, receding retirement savings and across-the-board budget reductions there can be found a surprising benefit.

This ‘bad news-good news’ story is revealed as the U.S. economic tumble reverberates around the world. Those abroad who harbored a desire to see us stub our toe are now learning the folly of their selfish wishes. That offers us no satisfaction, but rather, allows us to share the realization that we are all indeed inexorably linked, no longer in theory but in actuality.

What ramifications does this bring? Consider China, a rising competitor many have feared, as their economy tanks with our recession. With 50% of their exports targeted here would they also target us with missiles? Their appetite for prosperity has been whetted – and is clearly dependent on our well-being. Consider Russia, whose swagger increases with the price of crude. Their newfound wealth vanished as the price of a barrel fell from $140 to below $40. Can they now afford to renew hostilities with Georgia or threaten to cut off western Europe’s oil supply route? Perhaps this lesson will yield temperance for future acts of unilateral aggression.

It may be difficult to see any advantage in this economic downturn from the unemployment line, yet if one listens carefully there is the sound of encouragement from across the sea: a hope that we succeed so that all may follow.