Surrounded & Outnumbered

According to official reports from the Bureau of Labor Statistics, the US economy added 2.5 million jobs during the month of May and the unemployment rate fell to 13.3%. This is the largest monthly gain in new jobs since the bureau started tracking back in 1939. Regardless of how the data is tracked, organized, and reported, the key point to consider is that most economic models were signaling a further increase in unemployment with losses north of 5 million jobs in May, so even if we would have added 100 jobs in May, the results would have been positive. Why is this relevant and why should it ultimately fill us with hope? The answer lies with American history as we have continuously shown that Americans always rise to the challenge irrespective of the circumstances.

American history is filled with examples of how we have overcome challenges. From the civil war to the Spanish flue, to the great depression, Pearl Harbor, the cold war, the civil rights movement, and the tragic 9/11 attacks. We have always found a way to move on and thrive as a society; however, this time feels different. We started 2020, an election year, with highly polarized media and political environments following three years of turmoil filled with ongoing investigations and the impeachment of only the third president in American history. As we moved into February and March, a global pandemic starts spreading and, in the process, takes over 100,000 American lives while wiping out trillions of dollars in value from the stock market and erasing 40 million jobs from what it was (until that point) a thriving labor market. As if that was not enough, in May, we all witness the brutal murder of George Floyd and civil unrest is unleashed as a just reaction in demand of justice, decisive actions against police brutality, and equality. We feel outnumbered and surrounded! History; conversely, shows that we will succeed again.

Since the great depression of 1939, Americans had not experienced so much economic distress until the 2008 financial crisis. Millions of jobs were lost and companies went under while Americans found themselves trapped in two wars (draining treasure, diplomatic capital, and valuable American lives) and facing the incredible and rapid rise of China's economic and diplomatic prowess. In addition, the election of Barack Obama as President increased the polarization of American politics and, despite creating hope and encouragement, it also created some division in american society. All of these factors combined produced a great set of challenges in the young 21st century. Not to worry though, American ingenuity, persistence, and institutional and academic strength came in and did the job and produced, currently at 11 years, the longest economic expansion since 1850. "The United States (also) emerged from the 2010s stronger than ever as a financial superpower, with the world's most sought-after stock and bind markets and its dominant currency" (Sharma 72). We did it then and will do it again!

Gans, Erin, and Stern (2018) provide a brief outline of American ingenuity when they describe how some of the most successful startups craft their go-to market strategy: "Whereas a strategy built on control can delay entry, start-ups focused on getting to market expect competition and use their agility to respond when threats arise. They move fast and break things" (p. 47). In other words, don't delay until you are 100% confident that the model is right, but rather work hard on your competences and practice your abilities so that you can proceed with the plan and be confident enough to know that you will be able to adapt. That approach, in more ways than one, resembles the approach that local, state, and the federal government are taking to re open our country after the COVID19 shut down.

We live in a highly imperfect world filled with uncertainty, violence, unfairness, and ignorance. Nevertheless, there is also a good amount of knowledge, justice and law enforcement infrastructure, compassion, kindness, and love. How we perceive and react to the world in front of us in the present moment will forge our future and history has shown repeatedly that Americans consistently choose to see a world filled with optimism and a romantic sense of altruism. As Mahatma Gandhi once said: "Be the change you wish to see int the world."

Thank you for reading. Onward and upward!

Oliver

Notes

?Gans, Joshua, Scott, Erin L., and Stern, Scott. "Strategy For Start-Ups." Harvard Business Review, May-June 2018.

Sharma, Ruchir. "The Comeback Nation." Foreign Affairs, May-June 2020.