A year ago, as Thanksgiving 2008 approached, the national economy stood on the brink of disaster. What Churchill might have called the end of the beginning arrived in full force around that holiday, yet families and friends still gathered for traditional meals together. Twelve months have now passed since we narrowly avoided a depression—an event that came perilously close to replicating the financial catastrophe of the 1930’s. We are now contending with the aftermath: the banking industry’s near-collapse and uncertain recovery, the auto sector’s demise and questionable resurrection, and a real estate market in general decline, though select neighborhoods have maintained relatively stable prices compared to areas where homeowners carry mortgages exceeding their properties’ values. Last November’s election of President Barack Obama generated tremendous excitement—a controlled surge that lifted America’s self-image and convinced most citizens that the nation remains the world’s finest place to build a life. By December, however, the stock market had begun its precipitous fall. January brought it near its lowest point, and then Obama took office, prompting another collective reassurance about America’s greatness. The President’s skin color alone seemed to validate this sentiment. From January through now, as we prepare once more to gather for Thanksgiving, hundreds of thousands of workers have lost jobs monthly, with unemployment reaching 10.2 percent nationally and 8.9 percent in Massachusetts. Meaningful job creation remains absent, and this reality weighs heavily as we approach Thursday’s table laden with turkey, squash, gravy, stuffing and cranberries. New jobs are what America needs to thrive; without them, the nation struggles. Though stock markets have risen, most Americans’ IRAs and 401Ks remain so depleted that market fluctuations offer little comfort. Major corporations prioritize profits over people, continuing workforce reductions to boost earnings. The real estate landscape, locally and nationally, has diminished substantially. Transactions move slowly. Values have fallen. Prospects grow dimmer as we sit down Thursday with loved ones for a bountiful meal. Despite these uncertainties and an incomplete picture of what lies ahead, one truth endures: our society will persevere and ultimately prosper. This pattern defines our nation’s history. Adversity frequently paves the way to greater accomplishment. As the ancient Romans observed: “Nihil eripit fortuna nisi quod et dedit” When you gather with family and friends at the Thanksgiving table Thursday, pause to appreciate all we retain to be grateful for.
Thanksgiving 2009
