Wednesday, October 29, 2008

American Spirit Strong in the Face of Economic Woes

I heard someone the other day say their 401(k) looked more like a 201(k). That would be much funnier if it weren’t so true. Whether it’s a major reduction in your retirement savings, higher food prices, a job loss or the foreclosure on your home, in some way or another we are all feeling the economic turmoil battering our nation.

When you feel the economic pinch, it's critical to set priorities. We at the Texas Department of Agriculture are constantly exploring ways to save taxpayer dollars. For example, we have developed a plan to reduce our travel expenses by 20 percent. And I’ve instructed staff to look at other means by which to trim our spending.

You might have heard former Federal Reserve Governor Frederic Mishkin say recently that the shock ripping through our nation's economy is actually worse than what was felt during the Great Depression. While that may be true, we are Americans and adversity only makes us stronger. I know we will weather this economic storm, not through government handouts, but by the individual will of self-determination.

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