Let's Get the Facts About the Economy

[QUINNSCOMMENTARY]

We all know from reading the paper and watching television that the US economy is in terrible shape. So what does that mean, exactly?

Tell us how you have directly been affected by the economy...specifically.

Did you lose your house?
Have you lost your job?
Has the cost of gasoline made it difficult to pay your credit card bills?

Inflation is up a bit, but not like it was years ago.

So, exactly what is different for you personally?

And please, no politics, just facts.

[Clint]

Originally Posted by QUINNSCOMMENTARY

We all know from reading the paper and watching television that the US economy is in terrible shape. So what does that mean, exactly?

Tell us how you have directly been affected by the economy...specifically.

Did you lose your house?
Have you lost your job?
Has the cost of gasoline made it difficult to pay your credit card bills?

Inflation is up a bit, but not like it was years ago.

So, exactly what is different for you personally?

And please, no politics, just facts.

I'm having to drink more homemade coffee since a cup of the special stuff is as much as a gallon of gas.

[hoppy]

I live in an apartment. My rent will probably go up but it does every year, so it's no surprise. I had no car for years. Still don't, but I got an electric sidewalk rocket (scooter). I still eat whatever I want. My kids all are still working. Overtime even. One just bought a house a month ago.
Personally, I don't think things are as bad as the media want it to sound. Not hard to go out and find a few failures and write them up as the new norm.

[Bryn Mawr]

Originally Posted by QUINNSCOMMENTARY

We all know from reading the paper and watching television that the US economy is in terrible shape. So what does that mean, exactly?

Tell us how you have directly been affected by the economy...specifically.

Did you lose your house?
Have you lost your job?
Has the cost of gasoline made it difficult to pay your credit card bills?

Inflation is up a bit, but not like it was years ago.

So, exactly what is different for you personally?

And please, no politics, just facts.

The economists, who feed data to the media, are looking at forward facing indicators. The economy can be in a terrible state for a fair while before it filters through to affect the man in the street.

Having said that, In the UK the visible effects are :-

House prices falling at their fastest rate since the bust of the early 90's

Inflation at its highest rate since the last recession and rising

Retail sales made their biggest fall since record began

Petrol prices at their highest ever level (30% higher than the last peak)

[Bryn Mawr]

Originally Posted by hoppy

I live in an apartment. My rent will probably go up but it does every year, so it's no surprise. I had no car for years. Still don't, but I got an electric sidewalk rocket (scooter). I still eat whatever I want. My kids all are still working. Overtime even. One just bought a house a month ago.
Personally, I don't think things are as bad as the media want it to sound. Not hard to go out and find a few failures and write them up as the new norm.

Those few failures include :-

House inventories running at double the sustainable rate

Repossessions at historically high rates

Retail sales falling rapidly

Falling employment

Bank failures

Increasing Gas prices

High inflation

High balance of trade deficit


Hardly a few isolated failures to be brushed under the carpet as media hype


Yes, I'm still working - but no pay rise this year

My daughter's recently bought a house - but the value's already less than she paid and the mortgage just went up 50%

I can still afford to eat - but the bill is higher every week

I still run two cars, a campervan, a motorcycle and a boat - but the fuel costs have near doubled and the other costs are up by half

[hoppy]

Originally Posted by QUINNSCOMMENTARY
We all know from reading the paper and watching television that the US economy is in terrible shape. So what does that mean, exactly?

Tell us how you have directly been affected by the economy...specifically.

Did you lose your house?
Have you lost your job?
Has the cost of gasoline made it difficult to pay your credit card bills?

Inflation is up a bit, but not like it was years ago.

So, exactly what is different for you personally?

And please, no politics, just facts.


Quinn asked what is different for me personally. So, the short answer is, very little for me.

[Bryn Mawr]

Originally Posted by hoppy

Quinn asked what is different for me personally. So, the short answer is, very little for me.

You're a very lucky fellow then, this has the makings of a big one.

[Lon]

Originally Posted by QUINNSCOMMENTARY

We all know from reading the paper and watching television that the US economy is in terrible shape. So what does that mean, exactly?

Tell us how you have directly been affected by the economy...specifically.

Did you lose your house?
Have you lost your job?
Has the cost of gasoline made it difficult to pay your credit card bills?

Inflation is up a bit, but not like it was years ago.

So, exactly what is different for you personally?

And please, no politics, just facts.

Being retired and basically on a fixed income which until the recent spike in
gas, food etc., was sufficient to take care of the day to day purchases and even some travel and entertainment, now find that we must dip into reserves a bit to maintain the same standard of living as just 1 1/2 years ago. Of course with the Market being down our reserves have been reduced. No complaints on my part, we are fortunate to have homes paid for and no debt save monthly Visa Frequent Flyer which is always paid off.
Will I change anything we are doing? Not really at this point. Our reserves will be diminished which leaves less of an estate to our kids, but that's OK.
It's always been our plan to spend our last dollar the day we take our last breath, just don't know how long that will be so we plan accordingly.

[Tan]

Very frustrating...
Gas, produce, travel...
I tell you it makes me feel as though I've skipped a decade.
My parents tell me stories about going to the movies and buying junk food at the convenience store for $0.25. I am aware of the cost of living and understand economics..but holy crap, since when is it $3.00 for a loaf of bread? We cant go to the movies (as a family of 4) for under $50.00...I can go on but I wont...
One last thing..when my company offers me a $0.25 raise/yr its just about equal to a slap in the face as it is to commute to work every day. ($100 a week).
Ok, Im done venting.

Regards,

'Frustrated in Canada'

[QUINNSCOMMENTARY]

Originally Posted by Clint

I'm having to drink more homemade coffee since a cup of the special stuff is as much as a gallon of gas.

That sounds like a serious cut back.