Could the economic downturn be good for our kids?

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    The New York Times had a good story this morning about how the economic crisis is forcing parents to say “No” to their teenagers’ desires for designer clothes and video games. The teens, who so far have grown up in an era of easy credit and widespread sense of entitlement are struggling to adjust to the new reality. I read the story with interest and as I did so, it occurred to me that this might not necessarily be a bad thing. Sure, I’m worried how I’ll afford to provide my children with the things they’ll really need like a good education, college tuition and good health care. But having kids live during an era where they come to understand why everyone in school can’t afford to cough up $70 for a pair of roughed up Hollister jeans is not necessarily a bad thing. Parents losing their jobs, homes, retirement income and life savings is a bad thing. But if we can use the economic crisis to teach our children it will take some hard work and thoughtfulness to make it in the world, maybe there’s a dim silver lining in this somewhere.

    Read the Times story here: http://www.nytimes.com/2008/10/12/fashion/sundaystyles/12teen.html?partner=permalink&exprod=permalink