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Surviving the 2008 Economic Crisis

As Americans switched on their televisions this week, it was impossible for them to flip through the channels and not be bombarded with two things: A) Election talk and celebrity-like gossip about our presidential candidates and B) Bush’s call for a bailout on Wall Street.

As I work on homework in my tiny cellar of a bedroom in my friendly, little house located blocks away from the South Dakota State University campus, I wonder how the economic crash will affect me, a poor college kid. Then I wonder how my parents’ and grandparents’ ranches will be affected. Will we pull out of this economic crisis with cowherds and land intact? Will consumers continue to pay high dollars for beef products in the face of our higher production costs to produce those beef products? And what about the future, will young people like me, with college debt and big dreams, stand a fighting chance in the real world? Is the Emergency Economic Stabilization Act the answer? Or will it cripple our nation’s economy even further? Well, not even Congress can agree on the solution.

So what should we do as beef industry professionals? For me, I’m going to focus on things I can control, such as reducing our operating input costs. Check out today’s headlines on BEEF Daily for some great, practical tips on decreasing your cost per cow. The most successful cattlemen will be the ones that find ways to operate efficiently in the face of these incredibly challenging times in our nation’s economy.

As for the media—I’m going to stay tuned to see how this Emergency Economic Stabilization Act all plays out. And no matter which celebrity wins the 2008 Presidential Election, he will certainly have his hands full in finding the solution for this economic crisis.