The clock is ticking.

• Author: Feld, Andy
• Position: Business & Finance - The U.S. economy - Viewpoint essay

THESE DAYS, when speaking to business-people in my hometown of Denver, Colo., or to larger organizations around the country, I often am greeted by individuals wearing long faces. They explain that they are emotionally down but, although their life and business are not going well at this time, when things return to normal, rest assured, they will be just fine again. At this point, I ask, "What if, this time, there is no recovery, and what if this is the new normal.'?" As you might imagine, most people are not too excited about this possibility, as very few of us are equipped to be happy, as well as to prosper and thrive, in this new normal.

One individual explained how important it was to sell his house since he might have to move for employment reasons. He told me the value of his home was more than $100,000 less than it was just 18 months earlier--and he wanted to wait until the value returned. I asked, "What if 18 months from now the value goes down another $100, OXJ--then what?"

I had another conversation with a friend about his employment situation. This person had been laid off and was receiving unemployment compensation. He had just turned down a job offer because the salary was substantially below what he previously had earned. What if this is the best offer he receives?

Yet another individual candidly explained that so much of his happiness has come from things and purchases like fancy dinners, new clothing, and frequent vacations, but these items no longer were affordable.

Everything may be changing right now, and our lives may be turned up side down. Let us first take a look at what is going on, financially and politically, that is creating this new normal environment we now live in.

In past recessions, we were able to work, create, and invent our way to a new prosperity. Banks would lend money; new products would be invented and manufactured; new services would emerge; and real estate and housing would rebound, creating jobs and prosperity for millions. Why isn't it happening this time?

The answer begins with a new global economy, the corresponding global competition, and our lack of manufacturing at home. In the past, we increased jobs by creating and manufacturing products and offering new services, thereby creating jobs and wealth. However, where is the manufacturing now? Look at the label on any product in your home. It almost surely is made in China, Japan, or India--or some other country. Unlike our experience in previous...