Print
Aug 11, 2008 6:03 pm US/Eastern
Economic Slump Takes Toll On American Psyche
by Alexis Christoforous, CBS 2 HD
NEW YORK (CBS) ―
-
-
The economic slump has changed the whole equation of the "American Dream," as people are losing their jobs, homes, and savings.
AP
The economic slump has changed the whole equation of the "American Dream," as people are losing their jobs, homes, and savings.
The financial worries are taking a toll on the national psyche, but there are ways that can help to weather the storm.
The Great Depression drove millions of Americans to desperation, and economists say the country is suffering from its hardest times since then.
Prices are going up just about everywhere, except the housing market, which hasn't even hit bottom.
When a bank recently foreclosed on a home in Massachusetts, the owner killed herself.
"Losing one's home is one of the most devastating losses anyone can experience, outside of deaths," said Dr. Alan Hilfer, a psychologist at Maimonides Hospital.
An atmosphere of pessimism continues to spread. A recent survey found that fewer Americans than at any time in the last half-century believe they're moving forward in life.
ComPsych, the largest employee-assistance program in the US, says requests for therapists have jumped 20 percent in the last three months.
What they often tell their clients is to take control. It's easier to avoid feeling helpless with a plan of action, whether for saving money or refinancing a loan. It's is also important to make children a part of the conversation.
"To not talk about it not only leaves them out of it, but gives them a sense of unexpressed anxiety," Hilfer said.
Leslie Lerner knows things could be much worse for her family. She and her husband have good jobs and a home in Springfield, New Jersey, but as their costs keep climbing, their daughter can see things changing.
"I do explain to her [that] we need to buy essentials first and then worry about, if there's anything left over, to buy extras," Lerner said.
It's important to discuss the situation without scaring children, by letting them know that you're in it together, as a family and a community. Doctros say the biggest mistake is trying to shoulder the burden alone.
Some experts suggest that when you talk to your children, try encouraging them to brainstorm with you. Let them come up with ideas for saving money.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
WCBSTV.com's Most Popular Pages
