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Major retailers are going belly up. American car manufacturers are beseeching Congress for a bailout. Housing values have plummeted to sickening lows while foreclosures skyrocket to unprecedented heights. Layoffs dominate the news.
And, looming before us is the Christmas -shopping season, which is make-or-break time for many businesses.
Remember the "malaise" that gripped the nation during the Carter Administration? We've roared past that stage and now appear to be firmly entrenched in a recession.
Some of the more reactionary pundits are gazing down into the precipice, and say that a Depression is malevolently staring back up at us.
It's clearly a fool's errand to try to predict the bottom of this economic downturn. It's also foolishly dangerous to panic, even as bad news comes to us at every turn.
It's tough not to be overwhelmed by the situation, but we have an idea to combat the negative economic news that plagues us.
Shop locally.
It's not a new idea, to be sure, but our current situation makes it even more appealing.
When times are tough, it makes sense for neighbors to help neighbors. Shopping locally - spending your Christmas money with businesses in the area instead of out of town or on the Internet - is simply a variation on that theme.
Local retailers certainly are courting your business. We hear of many stores that will be open Thanksgiving Day and later than normal hours during the holiday season.
Other area stores are hosting one event to allow wives to develop "wish lists" and another event that communicates those wishes to gift idea-starved husbands.
That's the spirit of innovation that will carry us through the current downturn.
The truth is that we're in tough economic times - the toughest in a generation. But we've been here before, and we will survive and prosper again. That much we know.
Texans have always been captain of our own fate, not victims of it. From the Alamo to Hurricane Ike, when neighbors need help, we respond.
Fight back against the sour economy. Spend your money locally this Christmas season.
This editorial reflects the views of the Victoria Advocate's editorial board.