America has become a country of people that waste too much food, energy and fuel but what Americans waste the most today are opportunities to produce more.
We have gotten away from exactly what made this country great in the first place -- production!
The simple advice provided by most of the economic experts today is to reign in the spending. The end result of this advice is that you will end up with less as contraction perpetuates contraction. Normal inflation alone will guarantee that the average American would end up conservatively 3-4% behind where they started the cycle.
Contraction will not get you expansion, only contraction. The goal should be to expand and thus improve your financial situation or company's position in the market.
The only possible actions to take are:
- Contract or retreat (reign in spending).
- Do nothing (continue on status quo).
- Attack (expand) and do everything possible to produce more.
Individuals and businesses that will improve their financial conditions will implement a smart combination of these three actions:
- Reign in spending on all activities that have no chance of producing income.
- Don't change those activities that are proving productive.
- Attack all activities that have a possibility to produce new avenues of income.