Finding the Right Medicine For an Ailing Economy
- Published: October 01, 2002, By by Yolanda Simonsis Associate Publisher/Editor
Most everyone I've spoken to agrees: The recession in the US probably would have been well on the mend if it hadn't been for the greed of a few “well-placed” CEOs of some now infamous corporations.
In fact, these CEOs probably did more to hurt the American economy than Osama ever could have accomplished. The buoyancy of the “can-do” spirit for which the US has been famous certainly has been tested.
More than a few times these last few months, I've had conversations with industry professionals who asked me if I'd heard anything: “What are people telling you? How bad is it?”
The answer I offered wasn't any different from what you might expect. The capital-intensive, larger original equipment manufacturers have been hit the hardest. But even many smaller accessory equipment manufacturers have struggled to survive. Overcapacity and consolidation have become more than commonplace — they're rampant!
Despite all these bleak reports, signs of hopefulness came in early September with the staging of Labelexpo Americas USA at the Donald E. Stephens Convention Center in Rosemont, IL. While this year's show visitors were recorded at 12,424, down from the 2000 show's 14,841 visitors, there was a air of confidence that seemed to pervade the show floor.
One exhibitor, product manager Ed Dedman of SICPA North America, exuded: “We exhibited at the show, and I was absolutely thrilled with the results! Although overall attendance seemed to be less than in previous years, the quality of the contacts and leads was excellent. In my humble opinion, this Labelexpo was the best one I can remember!”
Even a visiting tape converter (who asked to remain anonymous) gave me news of improving life signs. This suburban Chicago converter reported things started to pick up in January and believes others in his business have experienced a similar continued increase in activity. He thinks there are definite signs of improvement.
Despite conniving CEOs who have had a serious negative impact on Dow Jones averages and, it seems more importantly, on consumer confidence, I find it just a little ironic that what may inspire our economy to show meaningful growth signs may come from the grassroots manufacturing sector that has always dedicated itself to standards of hard work and accountability.
Improving our confidence and attitude is a task each of us can pay forward. Are not we all consumers as much as we are employees of companies weathering this difficult economy?
Still more ironically, I noticed in the September 4 edition of the Chicago Tribune the face of a deposed Arthur Andersen chief executive sharing front page headlines with a story covering the death of W. Clement Stone, an infectious optimist and contributor to many political and philanthropic groups. The article claimed the Stone philosophy of self-motivation was based on the mantra: “What the mind can conceive and believe, the mind can achieve.”
A positive mental attitude is infectious. It's the only medicine that can give our economy a sure cure.
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