Keeping it in Perspective

Twelve months ago we were coming off a summer of $4 per gallon gasoline. We witnessed the near collapse of the global financial system, starting with the fall of Lehman Brothers. The government seized control of Fannie and Freddie and was on its way to owning GM and Chrysler. The Dow was taking precipitous drops, wiping away the savings and retirement funds of millions of people, and it seemed like there were no safe havens as gold and real estate fell along with the rest of the market.

Compare that to today and things are certainly looking up. The economy appears to have stabilized, although a full recovery in the next 12 to 24 months seems unlikely. The price of a gallon of gas has dropped to reasonable levels. The financial system has seemingly weathered the storm, and retirement funds have enjoyed a resurgence following the market’s upswing. Yes, we are much better off than we were a year ago. Yet, the mood today is almost as tumultuous as it was a year ago. I believe that is due to the uncertainty of healthcare reform, cap and trade legislation, and the incredible amount of debt we’ve rung up as a country, which is expected to push $10 trillion within the next 10 years, excluding Medicare and Social Security.

While having a clear direction on where these issues will take us would be helpful, short term we need to focus on the bigger picture and handle it the same way we did 12 months ago. On the business side that means taking care of our customers and making sure they have the tools that will help them thrive and prosper. Show them how they can operate more efficiently and develop new revenue streams that will benefit the patient and client, as well as the practice. And keep in mind that there is a lot of pent up demand in the market, especially in terms of capital equipment purchases. With the tax year winding down, now is the time they should make those purchases and capture the tax benefits that go with them.

On the personal side, it’s a great time to get involved in the political process regardless of where we sit on the issues, because the upcoming changes could significantly alter the way we live and interact. Write your elected representatives or attend a function that lets your voice be heard. Getting involved is one of the things that make this a great country. And as we did a year ago, keep it in perspective. We are a strong and resilient country and we will continue to prosper. There will be bumps, but history tells us we’re pretty good at handling them.