East Ottawa Star
Published: Friday, March 20, 2009 

Don't forget to spend some money

Greetings from my cruise ship – yes you can hate me – in the middle of the hot, sticky and humid Caribbean Sea. Hopefully your March Break with the kids has been fun and relaxing.

Indeed, this past week has been great not worrying about the bills and better yet, being far away from the daily headlines and consistent radio updates of economic doom and gloom.

At a recent corporate retreat, a reputable national pollster told me that the continental economic situation is likely being made worse by the pessimism and caution we naturally exhibit when we are consistently bombarded by bad news. Unlike other recessions, even those of the early ’90s and the turn of this century, each generation now consumes financial information on a real-time, in-the-moment basis which magnifies its impact.

In other words, tonight’s business news with auto job losses in Michigan or a plant closing in suburban Toronto will directly – albeit unconsciously – temper our collective consumption behaviour tomorrow. And this only serves to make matters worse for all of us in the long run.

Thankfully both Prime Minister Stephen Harper and President Barack Obama have finally infused their recent speeches with some guarded optimism that the economic bottom is nigh and then we can begin to climb back toward some degree of economic stability and eventual prosperity.

Of course, living in our national capital, government-dominated fantasyland we are somewhat immune from the harsh economic reality that has befallen most of the continent so we should be extremely thankful. And now is not the time to sit on our wallets given our mostly stable job market.

Sure you should manage and reduce your debt, continue to pay down the mortgage and sock away money for the kids’ education. But you should also think about spending a bit.

The recent federal budget offers you some tax credit and tax saving opportunities whether you buy a new furnace, finish your basement, or remodel the backyard. And I would venture to guess some complementary incentives will emerge in next week’s provincial budget as well. And of course, please be sure to use a local east-end supplier or contractor if you can. Their prices are competitive if you plan to take advantage of these government programs.

Moreover, it’s high time to take the family out for dinner this week or next as the local restaurant community will certainly appreciate your patronage. Then top it off with a trip to the theatre, video store or bookstore to add a little extra oomph in your spending. By consuming responsibly we can all do our part to keep our local economy strong and keep the flow of credit churning.

And yes, my cruise was bought through my local travel agent and my new bathing suit (no, it wasn’t a Speedo) was bought locally as well.

Finally, stay positive and keep the daily news in perspective. This recession shall pass as all others before have as well.

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Comments can be sent to Walter Robinson at orleansouttakes@transcontinental.ca.