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December 2008
Lack of Virtue Worsens Economic Decline
The long-term strength of our economy is greatly dependent on virtues such as responsibility, prudence, integrity and wisdom. In this issue, we willÝ examine how a lack of these virtues in some key areas of our economy and government significantly worsened the present economic decline.
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Did Lack of Virtue Contribute to The Economic Collapse
It will no doubt be a sobering holiday for mother Maria Stephens and her four boys. The Virginia family very nearly spent it in a shelter after Stephens lost a high-paying job and then met with even more misfortune after not one, but two landlords were foreclosed on, leaving her family homeless. ìI went from having my own bathroom to having to share a bathroom with five families,î Stephens told Reuters of her time in a homeless shelter before receiving assistance with a temporary home and a job, though less lucrative, working in a restaurant. The Stephens are just one of many U.S. families who have been hurt ñ both directly and indirectly ñ by a declining economy beset by staggering job losses and declining home values. To put it in perspective, 1.2 million Americans have lost their jobs since the start of this year, and economists project an even bumpier road ahead with broad based declines in jobs, income and production.Ý The bleak outlook may be most noticeable this holiday with economists predicting that 60% consumers planning to spend less this season, according to Deloitteís 23rd Annual Holiday Survey of retail spending.
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"Is there no virtue among us? If there be not, we are
in a wretched situation. No theoretical checks, no form or government can render us
secure. To suppose that any form of government will secure liberty or happiness without
any virtue in the people is a chimerical idea."
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