Financial Impacts of the Oil Bust of 2015

From an article in the New York Times comes an article about the oil bust economy and financial impacts they have had on the area of the Karnes County, TX. The article , I think, unintentionally highlights the financial irresponsibility of area households, businesses and oil field workers by their spending freely during the boom times, but failing to save during the bust that would inevitably follow. The following was my response to the article...

"Just how many propaganda pieces are we going to see? So those in Karnes County, TX are feeling the pinch of the oil bust...so what? During the boom times, just how many in that area threw as much savings into their banks, versus how many would simply spend all of those huge paychecks?

Financial irresponsibility by those in and around that area is simply staggering. Sure, it's nice to pay off debt, buy a few nice things for the family, go on an extra trip or two during the year...but at what cost? Boom employees should know very well the risks of spending everything when the boom could stop at any time--the same goes for local businesses. It would seem that during boom times, it is only logical to save for the inevitable downturn that will shake the area. Why they didn't prepare themselves financially is a mystery. Now, the American taxpayer must make up the difference with THEIR moneys paying for shelter, food, medical bills, etc through governmental assistance programs.

This story has played out time and again around America. The American dream of financial independence has driven people to take extraordinary chances over the last two hundred and thirty years. Sometimes those chances pay off, while others only see financial ruin. The westward expansion is a terrific example of this, as is the post-Civil War land grab by people just wanting a better life. Then this played out again during the Alaskan Gold Rush, the Dust Bowl and Depression era years. It will be interesting to see the migration patterns that academics will surely study when they research the boom and bust years of the oil industry and the financial impacts that surely follow. I have to wonder how the financially irresponsible in areas such as Karnes County, Tx will be labled by these professors and researchers. Foolish; Dreamers; Spenders, etc. 

For now, readers will have to endure more propaganda from areas and people who should have known better than to spend everything they had. Maybe, we will ALL learn a lesson from the oil bust of 2015."