The Economy Is Not Fine - How has the economy affected you?
The Economy Is Not Fine
Sorry, Mr. President, the economy is not fine,
and your flippant attitude toward it is a clear reflection of how out
of touch you are with the American people. Last week in a White House
press briefing, President Obama said “the private sector is doing fine,” while calling for more federal aid for Governors and mayors.
You know, because throwing piles of other people’s money into public pension holes will fix the problem. Not.
Anyway. About this ‘just fine’ economy thing. How can the economy be fine when for the first time since the Federal Reserve began calculating net worth figures in 1952, people are both earning and worth less than they were four years ago? Adjusted for inflation, the average American was better off in 2008 than they are today.
Everyone knows someone that’s unemployed, or families that have decided to change lifestyles to become single-income households with an at-home parent. Employment among young people is at an unprecedented high, which sucks when 20-somethings hold an average debt of $45,000 each.
Even for the lucky ones holding onto their jobs, the standard of living has gone down as wages have shrunk and prices have gone up. I find myself saying things like, “I remember when eggs were only $2 a dozen,” and I’m only 29, for Pete’s sake. I shouldn’t be old enough to be so nostalgic about cheap eggs.
The cost of gas? Forget about it. It costs $100 or so every time I fill up my tank, and instead of opening Keystone or drilling ANWR to increase our energy supply and lower the cost, President Obama has told me to check my tire pressure and change my oil regularly. Or just buy a more fuel-efficient car. I know the president isn’t exactly used to paying for stuff anymore, but not everyone can go out and buy new car at the drop of a hat.
Speaking things I can’t do to reduce costs right now is refinance our condo. Even though we put 20% down on it in 2005, we’re now tens of thousands of dollars upside down on it. Sure, it would be easy to foreclose, walk away, rent for three years and maybe buy again in the future, but instead we pay our mortgage every month, and will continue to do so. Because responsibility.
Unfortunately, we can’t take advantage of historically low interest rates right now because Bank of America owns our home loan instead of Freddie Mac or Sallie Mae. Because the government can’t ‘guarantee’ our mortgage, the bank has to actually make a risk assessment. Since we’re upside down, and the housing market doesn’t show any tangible signs of turning around, it would be a poor financial decision for Bank of America to issue us a new loan. No hard feelings, I understand that it’s totally more important to invest $50 billion in the unproven, unprofitable green energy business than in homeowners that have never missed a payment and want an easier way to repay their loan.
So no, President Obama, the private sector economy is not doing just fine. Reality says otherwise.
How has the economy affected you?
dh got out of army and is still waiting on his money from unemployment...so big time
Had to shut down my store after 15 years. Now I am in school again to start a new career.
Some days it really doesn't affect me an other days it does. I mean I was without a job for a short period of time, and then I found a job were I wasn't making what I was use to. Now I have a job where I am just making it. DH was without a job for awhile and found one, but now it looks like due to budget cuts he might not be called back in the fall. I mean it all really depends. Some days I feel like I have a great handle on things, while other days I feel like I am just paying to live pretty much and no enjoyments out of life.
i think the grocery prices and the gas prices have affected us most. it is hard to take the same amt. of money to the store as i did three years ago and get the same things. meat has went up outrageously and so has gas. we havent taken any long road trips in a while. we are now camping at out local state park. there if you camp in the campground you can get into the beach area for free. so camping is what it is going to be for this summer also. luckily my husband has n ot lost his job but is being called up for a tour of duty while he is in the army reserves for which he volunteered to go because he will be making more money that he does at his job and right now we feel like we need that.
Well lets see..... Our income is down 40% from last year as I was laid off. We now have one income (and are doing well we have cut none of our kids activities.) But we are doing OK we did not buy a home beyond our means in 2000 and should have it paid off in 5 years or less... we own 2 cars one is paid off and make the last pament on the other next month. We have a hefty amount saved for retirement and some for our childrens college as well... maybe 1 year each as of now and saving more each month. ( both DH and I paid for our college completely with no help from parens and they can do the same if needbe and scholorships of course.
Not the answer expected but a positive none the less...We were not ...um stupid.. no not the word I was looking for... JUST DID NOT LIVE BEYOND OUR MEANS
Quoting FindersKeepers:The author of this article takes no personal responsibility for their own situation.... clearly they own a giant SUV that takes $100 to fill up. Of course not everyone can just trade in or buy a new car, but if your car is tanking you... then do the math and figure out if you would be better off to downsize.
They bought a condo at the peak of the market when interests rates were bad. I have a few friends/family that did the same and although their situation sucks (some foreclosed and others are paying it down)... they ALL take some responsibility for buying at that time and getting caught up in the 'hoopla".
It doesn't take a "giant suv" to spend $100 on a tank of gas, and the average family of 5 or more simply cannot downsize as u suggest....not unless they want to take 2 vehicles every time they go on a family outing! We have a minivan which costs about $85 to fill, DH truck which runs $100 to fill (we dont drive this on a daily basis anymore since we bought the van thankfully!) and a Saturn DH & I use to n from work. We bought our home in 2002, well b4 the peak of the market and we are STILL UPSIDE DOWN...that's how bad the housing market is here in NV!
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on Jun. 18, 2012 at 12:43 PM