The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

Our Economy: More Zombie Than Lollipop

On June 13th, 2011, posted in: Uncategorized by

It was late in 1983 when Michael Jackson introduced us to zombies through the epic music video “Thriller.”  A zombie by definition is a “reanimated corpse,” i.e. a dead person that functions as if they are alive.  Chances are you have some of these where you work – especially on Mondays!  Anyway…the King of Pop’s video masterpiece was my first real introduction to this whole zombie thing, and I have to tell you, it creeped me out big time.  Embarrassingly so, I must admit that up until “Thriller,” I knew more about Shirley Temple and the “Good Ship Lollipop” than the voodoo world filled with zombies.

Today, it’s a different sort of zombie.  Now I’m creeped out again, but this time by an economy that resembles something dead that functions as if it is alive.  Quite frankly, it is much more dead than alive.  Someone recently described consumer spending (which is 66% of the economy) as “the walking economic dead.”  The American public, who loves to spend money, is retrenched.  Our net wealth is down and, as a result, we’re mostly cutting costs – paying off debt and saving money.  Without me and you and everybody else who spends money kicking it into high gear, we are destined to have a zombiesque economy for years to come.

Let’s add to our list of negative descriptors for this lack of economic growth such words as “subpar,” “deleveraging,” “debt-shedding,” and “lackluster.”  There are what seems like a million measurements for how the economy performs, but if the consumers’ insatiable appetite for spending remains as (pick a word from the previous list), then settle in for a long, uphill climb.  And that’s not a good thing.  If we’re not spending, goods aren’t being manufactured, businesses aren’t hiring, unemployment and underemployment remain high and the economy stays in the status of “this sucks.”  After all, if folks aren’t working, then spending slows down to barely alive – think zombie.

Simply put: no job, no money.  No money, no spending.  No spending, no economic growth.  Add to the formula that gas prices and grocery prices are up, thus you spend more on necessities.  That means even less money for your favorite wants.  That, in turn, means that all of the “I want this” and “I want that” in our lives are delayed or eliminated.  Yadda, yadda, yadda…and the next thing you know, this great country of ours is mired in economic quick sand.

St. Louis Community Credit Union remains committed to providing you with great value in financial services during these tough times.  Great rates, low fees and tremendous convenience are what we will continue to do.  By using us, we create a positive economic impact – $20 million per year according to the most recent study completed by Wash U. Your relationship with SLCCU allows you to have more money to spend on needs and wants, thus helping to bring to life this zombie called the economy.

“You hear the door slam and realize there is nowhere else to run” is a line from Thriller.  That’s still pretty creepy to me.  Conversely, Shirley Temple sang: “Lemonade stands everywhere.  Crackerjack bands fill the air.  And there you are, happy landing on a chocolate bar.”  Which economy do you want?  Me, too!

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