I don't claim to be an economist and I certainly am not showing political bias in this blog (you know its going to be a good blog entry when you start with a disclaimer :x ). There are a huge number of things that culminated into causing this recession, and I believe there is reason that is rarely talked about, if at all.
Technology's main goal is to make our lives easier (and it certainly has succeeded), but that effort saved should ultimately be invested into growth. In the past few years we have as a whole been grasping onto the break that technology has given us and treated it as permanent. This combined with the fact that it is so easy to get distracted by technology (Facebook, cell phones, just trying to keep up in your industry, etc.) has seriously impacted our productivity.
We, as humans and a nation need to change our mindset to catch up with our technology. No matter how advanced out technology gets, it will still require human interaction to get things done. The day that technology maintains itself and human interaction is no longer required is a day we really need to rethink our economy. What happens to the economy when there's absolutely no work to be done? We would need to completely rethink the way society works. Thinking about that makes getting through this recession seem a bit more manageable, at least to me.
We can't stop learning and growing, even though our technology makes it extremely difficult. If so, we have essentially been defeated by our own success. If we look back at some of the great civilizations in the past such as the Roman empire and see why they failed, there are several reasons why, but one reason that seems to be common is decadence.
Don't get me wrong, I think technology is a great thing...I simply think we need to upgrade ourselves every year and not just our iPhones.
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