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Ok, I would like to hear honestly how the “economic downturn” is personally affectiing everyone. I think a lot of the problem is media & politically created.
Personally, my 401k is down, like everyone’s, but I have no concerns about being laid off. I work in non-profit, and our fundraisers are doing very well.
And I was talking to a car dealer yesterday, and his business is going great too.
So, is it too much hype? Would love to hear your thoughts.
I work for a couple of disabled guys (one severely autistic, and yes it is ironic that I have the high functioning version of it. How do you think I figured it out?) and rely on government support to run the house and support myself. The state of CA. has a gigantic budget mess exacerbated by the downturn in tax revenue. Foreclosed homes tend to not provide property taxes. Unemployed people tend to not have a check to withhold taxes from. As a result, budget cuts are looming for Health & Human Services. I don’t know how it is going to affect me yet, but I’m nervous.
I also own a home that cost $300.000 three years ago and am now in a severe upside-down equity position. I doubt I could sell it for 150 now and don’t know if the market I’m in will ever bring all the value back. It’s only a problem in the technical sense now, but if I lost my job and needed to get out of it, I couldn’t sell it and cover the loan.
Thankfully we aren’t very affected at all. I am a SAHM and my husband runs the finance dept. of his company. It is a large staffing company that was seeing some HUGE financial losses due to no one hiring, but recently they have landed some great contracts and are bringing revenue up. There is no threat of him losing his job, at this point. There have only been 2 layoffs in his company and it wasn’t necessarily related to the ecomony. Our 401 K is down, but being young (30′s and 40′s) we aren’t concerned. Our house is valued at 20K more than what we purchased it at just a year ago, so if we had to sell we could at least break even.
Honestly, it was much more difficult for us to endure the sky high gas prices this summer than is has been with this “crisis” of an “economic downturn”.
However, my husband has a job. It is quite different for those who have lost theirs.
I live in recession free Oklahoma City and honestly can say I can see no difference in my standard of living here. Real Estate is good, not too much in job cuts and the only thing I notice is higher prices at the grocery store. That $300,000 house in California would be about $80 or $90,000 here. We are very lucky and still have all the emenities of any large city and more. The shopping malls here are packed and people spend money like they always have.
I live in a row of seven townhouses. During the height of the housing bubble, my house was ‘worth’ three times the amount of my mortgage. I knew the bulk of my ‘equity’ was bubblicious and didn’t take any money out of it, thank god.
At one point last year, three of the seven houses in my row were for sale by banks. My house is now worth about what I paid for it… sixteen years ago.
If I’d had a functioning crystal ball, I could have sold my house at the top of the bubble, lived in a rental for a few years and then bought it back for a third of what I sold it for and still have a tidy nestegg. Alas…
So far I’ve seen the demise of an Asian Fusion restaurant that’s been there for over a decade and had fabulous chicken with walnuts, the Korean place where you cooked at your table, the ‘family’ TexMex place AND the fancier Italian place. It’s pretty dire.
Also leaving my neighborhood – Circuit City, Linens’n'Things, Kids’r'Us and the fabric store. The vacancies make the malls look really depressing.
I’m in the medical field and also have a manufacturing business. Patients are having more trouble meeting deductibles and co-pays, and so our budgets are tighter so we can help them out. The business is down substantially, but by taking pay-cuts, ourselves, we still haven’t had to lay anyone off.
Last year and 2007, btw, were record sales years and we were booming until first week of January. With all the negative talk about the economy throughout this election cycle, I certainly didn’t see any signs that it was bad and both unemployment and interest rates were historically low. Talk down the economy long enough and it becomes a self-fulfilling prophesy.
I guess the best strategy for getting elected is to bad-mouth the party in power and not allow reality to enter into your rhetoric.
I choose to stop working outside of the home a few yrs ago. Husbands job is secure (thankfully). He’s a Police Detective. Like some, I have seen Circuit City and Linens n things go out of business. A few layoffs at some of the local plants. But the most noticeable, is the grocery prices. I would say my food bill has increased by at least $20.00 more each time I go. I feel for the people going through such hard times. But it hasn’t hurt us too much at this time.
It hasn’t affected us personally, but we have seen some devastating effects around us.
More and more people we know are losing their jobs or worrying themselves sick as those around them are being plucked off.
Job fairs are FAR more crowded than ever, with lines stretching for blocks.
Our house of worship had to lay off the sweet and wonderful older woman who was the longtime office manager, and they’re on an austerity budget.
More and more businesses are going out of business, from small boutiques to restaurants and so forth. Walking around Tribeca (downtown NYC), there are more business/retail vacancies than we can remember in decades.
Stores that are still here are running more sales, and the bargains are better than we’ve ever seen. In the last few days, every time Mrs BW has gone to buy a specific item, she has found it on sale.
I believe my area is going into severe recession. I have friends that have lost their jobs and I know it is tough out there. I agree with Al that’s it’s become a self for filling prophesy and the government is going in the wrong direction.
Our income and investments are down 40%. My wife and I retired early after almost 30 years of duel fast lane careers in marketing/sales and hers in finance. We both worked our butts off (sacrificing allot along the way) staring at the lowest entry level jobs and climbed the ladder achieving a fair amount of success. We also proudly paid a hell of lot of taxes, gave allot to charity and saved and invested. Naturally, being a conservative, we avoided almost any kind of debt, so given a little luck we will ride out this recession. If not, I will be dusting off the old resume and hitting the streets again. I don’t expect the government to rescue people like me but I’m for government help for people who “cannot help themselves”.
I’m optimistic that we will come out of this recession in a few years.
Of course economic matters are made worse by the constant hyping by the president, members of Congress, and the press. I think we have to give the press some slack on it, though, because it is their job to report those things that our elected leaders hype. And to be fair, many media outlets are also asking the questions about whether or not this government’s lurch toward the “big spending/big government” model is such a good thing.
We live in a state that is relatively conservative by nature, and seem to be weathering the downturn. Real Estate prices have come down, making housing more affordable, and the state legislature has downgraded their state surplus accordingly. Fortunately, during the boom times our state has put away money for the bust times. We have no state income tax, and depending on what county you live in, our sales tax is between 4 and 6%. We are, however, dependent on the mineral extraction and oil and gas industries, so I would assume with those prices falling, we will be hit wiht a bust situation soon. We are a great state for the new enerygy alternatives that are coming on line, so hopefully that will pick up the slack. Our state unemployment rate is anywhere between 2% to 4% depending on what county you live in.
We just recently purchased another home, and the woman that was underwriting our mortgage said that (based in Omaha) she and everyone that worked there was swamped with new home applications and not just refinances.
Since we are in the mineral extraction business, I do know a lot of people that are losing their jobs in other states, and my daughter has managed to survive 3 job different job cuts working for the City of Phoenix. We have had to, however, take pay cuts, but a lesser paying job is better than no job.
February 27, 2009 at 9:35 am
Ok, I would like to hear honestly how the “economic downturn” is personally affectiing everyone. I think a lot of the problem is media & politically created.
Personally, my 401k is down, like everyone’s, but I have no concerns about being laid off. I work in non-profit, and our fundraisers are doing very well.
And I was talking to a car dealer yesterday, and his business is going great too.
So, is it too much hype? Would love to hear your thoughts.
February 27, 2009 at 10:07 am
I work for a couple of disabled guys (one severely autistic, and yes it is ironic that I have the high functioning version of it. How do you think I figured it out?) and rely on government support to run the house and support myself. The state of CA. has a gigantic budget mess exacerbated by the downturn in tax revenue. Foreclosed homes tend to not provide property taxes. Unemployed people tend to not have a check to withhold taxes from. As a result, budget cuts are looming for Health & Human Services. I don’t know how it is going to affect me yet, but I’m nervous.
I also own a home that cost $300.000 three years ago and am now in a severe upside-down equity position. I doubt I could sell it for 150 now and don’t know if the market I’m in will ever bring all the value back. It’s only a problem in the technical sense now, but if I lost my job and needed to get out of it, I couldn’t sell it and cover the loan.
February 27, 2009 at 10:07 am
Did Bill O’Reilly really use Alan Colmes as an example last nigt on the Talking Points about how Fox is Fair and Balanced?
February 27, 2009 at 10:28 am
Thankfully we aren’t very affected at all. I am a SAHM and my husband runs the finance dept. of his company. It is a large staffing company that was seeing some HUGE financial losses due to no one hiring, but recently they have landed some great contracts and are bringing revenue up. There is no threat of him losing his job, at this point. There have only been 2 layoffs in his company and it wasn’t necessarily related to the ecomony. Our 401 K is down, but being young (30′s and 40′s) we aren’t concerned. Our house is valued at 20K more than what we purchased it at just a year ago, so if we had to sell we could at least break even.
Honestly, it was much more difficult for us to endure the sky high gas prices this summer than is has been with this “crisis” of an “economic downturn”.
However, my husband has a job. It is quite different for those who have lost theirs.
February 27, 2009 at 12:27 pm
I live in recession free Oklahoma City and honestly can say I can see no difference in my standard of living here. Real Estate is good, not too much in job cuts and the only thing I notice is higher prices at the grocery store. That $300,000 house in California would be about $80 or $90,000 here. We are very lucky and still have all the emenities of any large city and more. The shopping malls here are packed and people spend money like they always have.
February 27, 2009 at 1:51 pm
I live in a row of seven townhouses. During the height of the housing bubble, my house was ‘worth’ three times the amount of my mortgage. I knew the bulk of my ‘equity’ was bubblicious and didn’t take any money out of it, thank god.
At one point last year, three of the seven houses in my row were for sale by banks. My house is now worth about what I paid for it… sixteen years ago.
If I’d had a functioning crystal ball, I could have sold my house at the top of the bubble, lived in a rental for a few years and then bought it back for a third of what I sold it for and still have a tidy nestegg. Alas…
February 27, 2009 at 1:55 pm
Also, I could ordinarily have looked to retire in about ten years. Now? Twenty or more. And all my favorite restaurants are closing. *sigh*
February 27, 2009 at 2:07 pm
Tofu not in demand anymore?
February 27, 2009 at 2:15 pm
Tofu not in demand anymore?
So far I’ve seen the demise of an Asian Fusion restaurant that’s been there for over a decade and had fabulous chicken with walnuts, the Korean place where you cooked at your table, the ‘family’ TexMex place AND the fancier Italian place. It’s pretty dire.
Also leaving my neighborhood – Circuit City, Linens’n'Things, Kids’r'Us and the fabric store. The vacancies make the malls look really depressing.
February 27, 2009 at 2:26 pm
Art, where do you live? Your store/restaurant closings are eerily familiar to mine.
February 27, 2009 at 2:27 pm
Similar, not familiar.
February 27, 2009 at 2:34 pm
Virginia DC suburbs.
February 27, 2009 at 2:37 pm
Ah, I’m in N. CA. I didn’t know Linens ‘n’ Things was national.
February 27, 2009 at 3:56 pm
I’m in the medical field and also have a manufacturing business. Patients are having more trouble meeting deductibles and co-pays, and so our budgets are tighter so we can help them out. The business is down substantially, but by taking pay-cuts, ourselves, we still haven’t had to lay anyone off.
Last year and 2007, btw, were record sales years and we were booming until first week of January. With all the negative talk about the economy throughout this election cycle, I certainly didn’t see any signs that it was bad and both unemployment and interest rates were historically low. Talk down the economy long enough and it becomes a self-fulfilling prophesy.
I guess the best strategy for getting elected is to bad-mouth the party in power and not allow reality to enter into your rhetoric.
February 27, 2009 at 4:05 pm
I choose to stop working outside of the home a few yrs ago. Husbands job is secure (thankfully). He’s a Police Detective. Like some, I have seen Circuit City and Linens n things go out of business. A few layoffs at some of the local plants. But the most noticeable, is the grocery prices. I would say my food bill has increased by at least $20.00 more each time I go. I feel for the people going through such hard times. But it hasn’t hurt us too much at this time.
February 27, 2009 at 4:06 pm
It hasn’t affected us personally, but we have seen some devastating effects around us.
More and more people we know are losing their jobs or worrying themselves sick as those around them are being plucked off.
Job fairs are FAR more crowded than ever, with lines stretching for blocks.
Our house of worship had to lay off the sweet and wonderful older woman who was the longtime office manager, and they’re on an austerity budget.
More and more businesses are going out of business, from small boutiques to restaurants and so forth. Walking around Tribeca (downtown NYC), there are more business/retail vacancies than we can remember in decades.
Stores that are still here are running more sales, and the bargains are better than we’ve ever seen. In the last few days, every time Mrs BW has gone to buy a specific item, she has found it on sale.
February 27, 2009 at 6:24 pm
just reread my post…make that chose not choose
February 27, 2009 at 7:58 pm
Ok…so as a follow-up question…. Do the media & Obama administration make the situation worse by constantly talking about how terrible the economy is?
My answer is an absolute YES.
The Dems want a perceived economic disaster to help them pass their liberal agenda. And so far it’s working like a charm.
February 27, 2009 at 8:08 pm
I believe my area is going into severe recession. I have friends that have lost their jobs and I know it is tough out there. I agree with Al that’s it’s become a self for filling prophesy and the government is going in the wrong direction.
Our income and investments are down 40%. My wife and I retired early after almost 30 years of duel fast lane careers in marketing/sales and hers in finance. We both worked our butts off (sacrificing allot along the way) staring at the lowest entry level jobs and climbed the ladder achieving a fair amount of success. We also proudly paid a hell of lot of taxes, gave allot to charity and saved and invested. Naturally, being a conservative, we avoided almost any kind of debt, so given a little luck we will ride out this recession. If not, I will be dusting off the old resume and hitting the streets again. I don’t expect the government to rescue people like me but I’m for government help for people who “cannot help themselves”.
I’m optimistic that we will come out of this recession in a few years.
February 27, 2009 at 9:04 pm
Of course economic matters are made worse by the constant hyping by the president, members of Congress, and the press. I think we have to give the press some slack on it, though, because it is their job to report those things that our elected leaders hype. And to be fair, many media outlets are also asking the questions about whether or not this government’s lurch toward the “big spending/big government” model is such a good thing.
February 28, 2009 at 4:56 am
We live in a state that is relatively conservative by nature, and seem to be weathering the downturn. Real Estate prices have come down, making housing more affordable, and the state legislature has downgraded their state surplus accordingly. Fortunately, during the boom times our state has put away money for the bust times. We have no state income tax, and depending on what county you live in, our sales tax is between 4 and 6%. We are, however, dependent on the mineral extraction and oil and gas industries, so I would assume with those prices falling, we will be hit wiht a bust situation soon. We are a great state for the new enerygy alternatives that are coming on line, so hopefully that will pick up the slack. Our state unemployment rate is anywhere between 2% to 4% depending on what county you live in.
We just recently purchased another home, and the woman that was underwriting our mortgage said that (based in Omaha) she and everyone that worked there was swamped with new home applications and not just refinances.
Since we are in the mineral extraction business, I do know a lot of people that are losing their jobs in other states, and my daughter has managed to survive 3 job different job cuts working for the City of Phoenix. We have had to, however, take pay cuts, but a lesser paying job is better than no job.