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?
Same with us. I drive a 14 yr old minivan that was paid off a long time ago. We've had to do some major repairs to keep it running, but the total of the repairs is STILL less than what we'd have had to pay in car payments if we bought another vehicle.
Hey, we kept our mechanic in business! He said his business has been twice what it was before the recession because more and more people are hanging on to their older vehicles instead of trading them in after a few years, thanks to the recession.
Quoting ReesesPieces:
We have a minivan and $60 from 1/4 is about average. I can't shove my family of 7 in a Prius or those teeny tiny little cars. I've got 5 kids. So no, buying a fuel efficient car isn't an option for everyone. Why pay $30,000+ when I have a paid for minivan? That makes no darn sense.
Quoting michiganmom116:
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.
It doesn't take much to reach $100 at the gas pump anymore. My DH's car costs $40 to fill from 1/4 tank (he's got a fuel efficient car with a 12 gallon tank) and my minivan costs $80 to fill from 1/8 tank, and I've got your average 20 gallon tank.
For the size and space a minivan is actually a relatively fuel-efficient option. I will bet you that the author of this article doesn't have a family of 7 living in a condo and probably doesn't need the large vehicle that they are driving like you do.
Allow me to stereo type for a minute, but there was a "type" around here that even when the economic experts were saying to be weary of the housing market and economy... did not listen. These are families of 2-4 that bought GIANT SUVs (wouldn't be caught dead in a mini van)... they also bought homes at the top of their budget with the bad finance options. Now they are whining about the cost of gas, the housing market and the economy like they are the only ones effected. And I do know a couple of these ladies that can, but won't trade in their SUVs for something smaller because they like feeling like queen of the road.
Quoting ReesesPieces:
We have a minivan and $60 from 1/4 is about average. I can't shove my family of 7 in a Prius or those teeny tiny little cars. I've got 5 kids. So no, buying a fuel efficient car isn't an option for everyone. Why pay $30,000+ when I have a paid for minivan? That makes no darn sense.
Quoting michiganmom116:
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.
It doesn't take much to reach $100 at the gas pump anymore. My DH's car costs $40 to fill from 1/4 tank (he's got a fuel efficient car with a 12 gallon tank) and my minivan costs $80 to fill from 1/8 tank, and I've got your average 20 gallon tank.
The author did say she's paying her mortgage because she's responsible. She may have a giant SUV because she has a large family (though living in a condo that's probably not the case), but I own a fairly fuel efficient minivan and before prices started coming back down it cost me close to $70 to fill the tank. She might have a larger tank and/or live where gas was higher. Or might have stretched that figure to make a point. We needed the extra cargo space for work reasons, so she could have legitimate reasons for having a vehicle with a large gas tank.
Let's say she does trade in her current vehicle for a far more fuel efficient one-let's stretch and say she only gets 10mpg now and opts for a car that gets 25mpg. The difference of 15 mpg on an 18 gallon tank at $3.75/gallon is $56.25 per fill up. If she fills up weekly that's $2925/yr or $243.75/month. Most car payments are going to be at least that much, so it might not really be worth it financially.
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".
oh my gosh....I know a few of those type too! A couple of them are my close friends. One family lost their home in 2009...but they had to have their fancy cell phones and huge trucks and expensive Christmases. I know for a FACT (because she told me) that they could have made their house payments if they'd gotten rid of the cell phones.
Quoting FindersKeepers:For the size and space a minivan is actually a relatively fuel-efficient option. I will bet you that the author of this article doesn't have a family of 7 living in a condo and probably doesn't need the large vehicle that they are driving like you do.
Allow me to stereo type for a minute, but there was a "type" around here that even when the economic experts were saying to be weary of the housing market and economy... did not listen. These are families of 2-4 that bought GIANT SUVs (wouldn't be caught dead in a mini van)... they also bought homes at the top of their budget with the bad finance options. Now they are whining about the cost of gas, the housing market and the economy like they are the only ones effected. And I do know a couple of these ladies that can, but won't trade in their SUVs for something smaller because they like feeling like queen of the road.
Quoting ReesesPieces:
We have a minivan and $60 from 1/4 is about average. I can't shove my family of 7 in a Prius or those teeny tiny little cars. I've got 5 kids. So no, buying a fuel efficient car isn't an option for everyone. Why pay $30,000+ when I have a paid for minivan? That makes no darn sense.
Quoting michiganmom116:
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.
It doesn't take much to reach $100 at the gas pump anymore. My DH's car costs $40 to fill from 1/4 tank (he's got a fuel efficient car with a 12 gallon tank) and my minivan costs $80 to fill from 1/8 tank, and I've got your average 20 gallon tank.
Maybe, maybe not... but I clicked on her name as the author and it takes you to her page. She lives in Southern CA, (like I do, so I know the price of gas).... and has 2 young daughters (not a bunch of kids).
Very few people around here actually NEED an SUV and to be honest the large SUV became a major status symbol up until this economy went bad (still is in some circles). Seeing's how her job is Conservative Blogger... I am going to stick with my original opinion that I think she is whiny. I commend her paying off their condo, but everything else is in the article is just for political bashing IMO... and doesn't really help the 'average' mom make ends due in this economy.
Quoting Kelly913:
The author did say she's paying her mortgage because she's responsible. She may have a giant SUV because she has a large family (though living in a condo that's probably not the case), but I own a fairly fuel efficient minivan and before prices started coming back down it cost me close to $70 to fill the tank. She might have a larger tank and/or live where gas was higher. Or might have stretched that figure to make a point. We needed the extra cargo space for work reasons, so she could have legitimate reasons for having a vehicle with a large gas tank.
Let's say she does trade in her current vehicle for a far more fuel efficient one-let's stretch and say she only gets 10mpg now and opts for a car that gets 25mpg. The difference of 15 mpg on an 18 gallon tank at $3.75/gallon is $56.25 per fill up. If she fills up weekly that's $2925/yr or $243.75/month. Most car payments are going to be at least that much, so it might not really be worth it financially.
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".
I didn't think the article was whiny. She was vocalizing what I imagine many people feel in response to a very irresponsible and out of touch president. The private sector is far from "fine". The private sector can only be helped by removing oppresive government regulations so that entrepreneurs and small business can compete and even flourish again, and large corporations can bring operations back to the states. The cost of meeting regulations is a primary reason so many jobs are shipped overseas.
Yeah, they are/were status symbols for sure. I just didn't think she sounded whiny at all.
Quoting FindersKeepers:
Maybe, maybe not... but I clicked on her name as the author and it takes you to her page. She lives in Southern CA, (like I do, so I know the price of gas).... and has 2 young daughters (not a bunch of kids).
Very few people around here actually NEED an SUV and to be honest the large SUV became a major status symbol up until this economy went bad (still is in some circles). Seeing's how her job is Conservative Blogger... I am going to stick with my original opinion that I think she is whiny. I commend her paying off their condo, but everything else is in the article is just for political bashing IMO... and doesn't really help the 'average' mom make ends due in this economy.
Quoting Kelly913:
The author did say she's paying her mortgage because she's responsible. She may have a giant SUV because she has a large family (though living in a condo that's probably not the case), but I own a fairly fuel efficient minivan and before prices started coming back down it cost me close to $70 to fill the tank. She might have a larger tank and/or live where gas was higher. Or might have stretched that figure to make a point. We needed the extra cargo space for work reasons, so she could have legitimate reasons for having a vehicle with a large gas tank.
Let's say she does trade in her current vehicle for a far more fuel efficient one-let's stretch and say she only gets 10mpg now and opts for a car that gets 25mpg. The difference of 15 mpg on an 18 gallon tank at $3.75/gallon is $56.25 per fill up. If she fills up weekly that's $2925/yr or $243.75/month. Most car payments are going to be at least that much, so it might not really be worth it financially.
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".
Some Things Cookin' at my blog!
I am registered Independent and have voted for both parties at different times based on who I felt best aligned with my needs and views. I tried to find an article that was not slanted politically either way ... to show that, as usual, the media takes quotes out of context to spin controversy.
In our state the goverment run schools, local and state governments are certainly a big mess. Regardless of who is shining the light on it... someone needs to... because our children are suffering the most. The President is suggesting that some things should be privatized because the "private sector" is doing better than the government sector. Sadly I agree with him... CA goverment and budget is shameful. I would be for privatizing education and medical if given the choice.
Quoting Kelly913:
I didn't think the article was whiny. She was vocalizing what I imagine many people feel in response to a very irresponsible and out of touch president. The private sector is far from "fine". The private sector can only be helped by removing oppresive government regulations so that entrepreneurs and small business can compete and even flourish again, and large corporations can bring operations back to the states. The cost of meeting regulations is a primary reason so many jobs are shipped overseas.
I haven't read the link, but would vote for privatizing just about everything the government does, be it local, state or federal. Briefly, feds should be in charge of national security/military and perhaps interstate highways, while the states take care of local roads, police and fire. Beyond that, should governemnt really even be involved?
Quoting FindersKeepers:
I am registered Independent and have voted for both parties at different times based on who I felt best aligned with my needs and views. I tried to find an article that was not slanted politically either way ... to show that, as usual, the media takes quotes out of context to spin controversy.
In our state the goverment run schools, local and state governments are certainly a big mess. Regardless of who is shining the light on it... someone needs to... because our children are suffering the most. The President is suggesting that some things should be privatized because the "private sector" is doing better than the government sector. Sadly I agree with him... CA goverment and budget is shameful. I would be for privatizing education and medical if given the choice.
Quoting Kelly913:
I didn't think the article was whiny. She was vocalizing what I imagine many people feel in response to a very irresponsible and out of touch president. The private sector is far from "fine". The private sector can only be helped by removing oppresive government regulations so that entrepreneurs and small business can compete and even flourish again, and large corporations can bring operations back to the states. The cost of meeting regulations is a primary reason so many jobs are shipped overseas.
Some Things Cookin' at my blog!
Monthly expenses
- Cafe Steph
on Jun. 18, 2012 at 12:43 PM