Granny’s economics still relevant

It is not surprising as discussions about our economic conditions most times do not seem to take into consideration the “people” factor. Consequently, there is a perception that those conversations are merely intellectual exercises that make little difference in the daily life and living of the average citizen in this country.

As we go through this period of depleting resources, it is not uncommon to hear arguments casting blame on the government, businesses, trade unions, the education system, political ideologies and every imaginable thing under the sun. But do we as citizens ever look to ourselves for answers? For many people, the realities of everyday living are harsh. People are faced with the daunting task of managing an income that has devalued, while maintaining a so-called normal lifestyle.

The truth is that there is no magic wand or any quick fix that would take us back onto the road to prosperity.

Lifestyle choices and changes are therefore necessary.

There’s an old adage that says, “don’t hang your hat where your hand can’t reach,” which is now particularly relevant.

Years of positive economic conditions have made us accustomed to many of the perks of a prosperous society with high liquidity – from online shopping, brand-name apparel, a wide variety of fine dining options, exclusive grocery items, credit cards, high-end vehicles and other standards of a consumer-driven lifestyle. These have all been at our fingertips… thanks to successive oil and gas booms and more than enough foreign exchange within the financial system.

That is no longer the case; things have changed and so must we.

The business community has been repeatedly challenged to become more innovative and fearless and to expand into new growth areas, especially in the economic downturn. In the same way, ordinary citizens can challenge themselves to return to a culture of thrift, saving and self-reliance.

Exercise your right to be a discerning consumer; be in control of your spending patterns; eliminate non-essentials by differentiating between wants and needs; and set clear financial goals. This just might introduce you to a healthier lifestyle and more quality time with your family.

Some might find it counter-intuitive for a business representative organisation such as the TT Chamber to advocate greater self-reliance.

But truth be told, in times of crisis and change, economic resources that are controlled by the business community are creatively re-directed and re-configured to meet shifting local needs. In other words, change is the only constant and within it, opportunities are there to be found.

At the end of the day, there is room for all of us to reach for and achieve the quality of life we seek - one of safety, security, peace and prosperity. Government has its role to play as does business, as well as each of us as ordinary citizens of Trinidad and Tobago.