President Obama spoke of many things in his Financial State of the Union. And I mean many things -- Healthcare, Education, Energy, even Cancer. A little something for everyone.
But the underlying tone was one steeped in one basic theme: accountability. For his administration, for you and me, and for the scoundrel corporate leaders everyone loves to hate nowadays. He said over and over again that the party is over, the fantasy dead. We have to be accountable for our actions.
What does this mean exactly, for you and me?
Well, it means you can't buy that wonderful $300 purse you can't really afford. That a $699 per month auto payment is not what matters, it's the cost of the car that's important. That the poor souls in the corporate world may have to fly (pause for dramatic effect) -- economy. Oh the pain. Or at least in a second hand private jet.
Yup, we all need to sacrifice. And if we dare to live within our means, we will at last, arrest this spiral we are in. That, and addressing those irritating challenges of falling home prices, no credit, financial statements you can't trust, and way too much leverage everywhere. But let's not quibble about the details.
But what does this recovery look like? The President said, "Now, if we're honest with ourselves, we'll admit that for too long, we have not always met these responsibilities - as a government or as a people ... the fact is, our economy did not fall into decline overnight."