Reality Bites

I hope you will read this gentle, sympathetic, but tough-minded assessment from investment advisor and prominent financial blogger Mike Shedlock (Mish). He put it in a comment yesterday, and it needs more visibility.

People may not like it but the standard of living in the US is likely to drop for the first time in history.

People need to be prepared for this and the loss of a job [and, I might add, the failure of a small business.]

Yes, this is "doom and gloom" but it is also reality.

It is time for balance sheet repair at every level: personal, corporate, city, state, national.

It will be a time of tough choices.