Economic meltdown, are you worried?
Posted
September 19, 2008 at
10:19 am by
Jessica
What a crazy few weeks it’s been.
The news is so depressing — we have financial advisors warning of the next coming of the Great Depression. Everything seems to be going to hell in a handbasket. Financial institutions that have been around since the civil war are going belly up, fall-out from sub-prime loans based on a housing boom built upon ninja loans.
It’s the talk of the office. Everything is doom and gloom and wondering what is going to happen to their house, their lifestyle, their families. It’s enough to make you wanna pull the covers over your eyes and say, “Wake me when it’s all over.”
The cost of living is supposed to sky-rocket while our assets will continue to plumet. They call it a combination that we’ve never seen before — inflation, deflation and stag-flation all at once.
Are the bail-outs the answer?
During this tough economic time, neither presidential candidate is telling us the truth. Entitlement programs continue to put our national deficit into crisis mode and bankrupcy while one candidate is talking about adding more entitlement programs, the other is resting on the ones we have, but isn’t willing to reform them in the way we need to. This isn’t a partisan issue, it’s about telling the American public the truth. Can’t we all make the sacrifices, if our leaders and future leaders actually told us the truth?
I heard the other night on CNN, with social security and Medicare/Medicaid going completely broke before the baby boomers even start to really collect on it, we would have to tax everyone 90% in order to pay for it. So why aren’t our leaders telling us this? Right now, Medicare is being fully funded by China. If they were to collect on their debt, what would happen?
How do you feel about the future? Is anybody as nervous as I am about your future and the future of your children?
One piece of solace I keep in mind, in the late 70’s when we weren’t able to buy meat except for very rare and special occassions (it was just too expensive) and we waited in long lines for gas, my mother reminds me that the world was gloating that America was over, that we would never come back…and we did. Yes, we did.
Is this American, damnit! Or is this America, sigh, damn-it-all?
I don’t know what the answer is. We all know the market needs to correct itself and that loans to people that can’t afford them is a recipe for disaster. But, what about reforming Medicare and Social Security? It’s only because politicians don’t want to lose the old folk vote that they refuse to step up and do what is needed. I find that repulsive, don’t you? Power is more important than making sure our children don’t inherit a life under the rule of China or working until they’re dead, but having nothing to show for it? How is that fair?
I would be willing to work until I’m 80 in order to give my kids a better life and when it comes down to it, we might all have to. Would you do it, or would you rather have 70% taxes and simply change all of our lifestyles so that none of us has the ability to get new cell phones or appliances. We simply make due with what we have. To live on 30% of what we make, we would have to triple our salaries in order to maintain our lifestyles. Is that the answer? I just don’t know…
Tags: aig, cost of living, economy, financial markets, lehman brothers, medicare, News-&-Politics, social security |
6 Responses to “Economic meltdown, are you worried?”
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1. Stacey S_MOD
September 19, 2008 @ 10:39 pm
The economy is something that is definitely on my mind! My job is generated by people & cooperation’s spending “extra” money on events & we have certainly noticed a BIG difference in the numbers over the past few months versus this time last year. With the rising costs of living & my questionable future income…nervous doesn’t begin to cover it. Every week I put money into my IRA (because I’m afraid social security won’t be around by the time I need it)only to watch it dwindle and I wonder if it’s going to stop before I go broke. For the first time ever I can actually fathom affording a mortgage, but I’m too scared to buy a house because I’m afraid I won’t be able to afford to run it! I used to think that I could afford a half way decent education for my son, now I’m concerned that I won’t even be able to get him through community college without a bunch of loans. I have 2 more installments on his braces ($2,600 thank you very much Dr. Esper!) & I just coughed up over $500 for drivers ED (I can’t wait until he gets his License in 3 months so my insurance will go up $1,200!) ….oh & did I mention that Christmas is around the corner?! These are very uncertain times right now & the future is questionable to say the least…so to say that I’m worried is an understatement!
2. GrandmafrmKs.
September 20, 2008 @ 12:26 am
Oh yes understatement, and just with the mention of Christmas makes me nervous, 14 grandkids alone, I do start early every year, but this year will be less than last,
And I am a baby boomer, and We are nervous as hell, The politicians don’t give a damn about us, our leaders and future leaders are living high on that hog we can’t afford a piece of, so they don’t care about our worries, And for them to tell the truth, not gonna happen,
To intrust power and money to our politicians is like giving whiskey and car keys to a teenager,
When the hurricanes hit, gas prices go up, my son says there is enough in the reserve that they don’t have to raise gas like they do, I’m with you Jessica, no answers just more questions not answered and really who in our leadership really cares, I mean all you hear about is their problems, I’ve got an Idea, you and Prescott should have run for office, hell you’d have my vote.
3. Fear and Parenting in Las Vegas
September 21, 2008 @ 11:59 am
Am I worried? Yes. Am I still buying? Yes.
I never expected social security, Medicare or any other government entitlement program to be solvent by the time I came of age. I fully expect to work until my last breath. I will be surprised if my standard of living surpasses that of my parents, who made it without college degrees and on mostly one income and we’re barely getting buy with two paychecks.
I am hopeful that this will turn out to be a much-needed correction and a reality check about the limited resources on this country and on this planet.
I hope that we’re smarter this time around and take a longer view before we start slapping well-intended but harmful bandaids on the issues (e.g., deregulating the nuclear energy industry and building new plants before we’ve come to consensus on how to close the loop on spent nuclear fuel.)
I am hopeful that this situation will be a wake up call to those who have stood by and let others lead us into this morass. I am hopeful that voters will see the need for change and mobilize to make it happen.
4. Kymberly
September 23, 2008 @ 11:33 am
Oh yes.
I also think that if there is anything good to come out of this it will be that being “frugal” will no longer be seen as the sole environ of hippies and losers.
The tide must have turned because finally - blessedly! - the media no longer begins every single damned “how to get by on less” article with advice to cut out the $3 latte each morning. With even Starbucks closing hundreds of stores - I think that ship has sailed and Americans already got that memo.
Now they’re cutting heat, food, and other necessities.
5. Rita
September 23, 2008 @ 11:38 am
Yeah, I’m sitting here right now waiting for the phone call to tell me whether or not my husband will be one of the many projected cuts at his work today or not.
Something has to change. Here, there, everywhere.
I know I’m in the minority here believing that outsourcing is a bad thing, but hey… anyone want to buy some formula from China for their babies these days? The future is coming, and it looks pretty bad.
6. Jessica
September 26, 2008 @ 12:29 pm
I’m assuming you haven’t gotten any bad news or else you would have said so. I’m crossing my fingers! You’re husband work would be in high demand though, I would think/hope. Yikes!
If that happended, would you stay in your area?