How is the economy doing? (sell, wage, benefits, investing)

[dallastek]

2007 all over again... Local economy has came to a stop, people waiting for their tax refunds. Payday lender has a line of cars for sale outside his shop.... they are literal an eyesore like over flowing his parking lot. I made good money, but taxes are killing me, now unemployed and looking for alternative income to earn.

[dallastek]

Everyone should take note, that 2006-7 was boom times. roads were packed, cranes flying high in the sky. Look familiar? Roads are packed, I see heavy traffic going into and out of the metro areas, which wasn't completely the case in the previous couple of years.

There is a always a relative peak in respects to the growth cycle, peak auto production, peak jobs, etc. I believe we are already witnessing peak auto sector for this cycle, that will inherently drag everything else down, it always does. Don't worry though, when everything falls apart the tax man and creditors will come knocking, even if you're broke... Lol.

[StuffedCabbage]

Depends on what you mean by "economy." The old formulae no longer mean anything.

Newly socialist states acquire an economy that is very problematic and takes decades for the dust to settle. This is where the US is right now. The events of the past 5 years were the scenario used to finally and perceptibly accomplish the "conversion" of a capitalist country to a socialist country. Nonetheless, it's a done deal. There is no turning back.

As a rule of thumb (Canada is a good proximate example) things go good and bad on and off for decades, and importantly, things start off real bad and stay that way for a long time. Many things are screwed up and it takes a long time for the population and business in general to adjust. Most importantly, those whose livelihoods under capitalism were good, will be the big losers, those whose lot in life was lousy will see little gain. Just remember - be a party member. Watch some European TV and see the ones with dough...all "party members" (i.e., government employees, who used the system to move up). That's what lies ahead here, only its 50+ yrs behind Europe and Canada.

[jertheber]

Consumer spending isn't a valid determiner of a nation's overall economic health, that fact coupled with the question of just how we got to this "revived" economy notion needs to be included in any discussion of our current financial health. It is interesting to note how many responded with anecdotal evidence because it allows us to see that most people are conditioned to "view" the economy from their very narrow local definition. I'm happy to see so many people are doing well, but that alone is only evidence of a stratified construct of well being, and it doesn't make for a valid barometer of America's overall prosperity. Unfortunately a lot of that consumer confidence is simply a new found bravery with regard to credit card binges reminiscent of a bygone era.


Until we have full transparency in all of Wall streets dealings with the government (Fed,SEC, etc) we probably won't have any real lasting recovery. The spend and pretend recovery is allowing some relief for individuals who are working in those heavily subsidized sectors of Bernankeville, but that can't last, at least we should hope it doesn't. Sustaining our past mistakes won't offer us much in the long run, sooner or later the fed will have to own up to the fact that it's policies have done some real damage, the worst being a false sense of well being among the indebted proles who just want to return to their high house prices that fed their fantasy consumption diets, payed for with their phantom home equity value. I still see a lot of plastic out there and yeah, we do want the good life, new cars, haute cuisine, fantasy cruises, sadly, this IS the definition of a recovery for most of America, a life of ease and good living, all on a credit card....

On another note, why is the pollyanna notions of those tied to the investment markets used as a measuring stick of America's financial health? Do we need to look at the entire picture of our national well being to know what is wrong with our laws, and those who make them? Yes, we do. So, any commentary that doesn't support this wishful thinking brigade is still valid, we need to question the HOW of an economic recovery as well as celebrate our own small triumphs over the odds before us. If we want to live in a nation that supports the idea of a two tier society as an acceptable norm why would we remain here? There are a ton of places with cheaper COL that have this scenario as their everyday waking reality, BUT, a lot of those people (coming here) from those nations are looking for a respite from this norm. The revival of a true middle class, that should be the goal of our recovery.

[malamute]

Originally Posted by mathjak107

Many illegals have jobs we won't do. I don't remember the last time i saw an american delivering chinese food on a bicycle in the dead of winter.

Yes, they'll work for lower wages and have very large families and still end up with $800 extra every month to send back home.

Over $2 billion every month leaves the USA to just Mexico ALONE. Illegals are doing very very well in this economy --- because at least some of them will work. Unlike many Americans who want to lay around getting unemployment checks.

The problem is -- we can't keep paying Americans to lay around their whole entire lives and just keep bringing in workers. It's not sustainable.

[ipaper]

How is the economy doing? Overall not so good, I guess it will also depend on what state and what part of that state. Also what type of work that you are doing.

[BigJon3475]

We're 6 million jobs short of where would would have been absent the mild recession that started in 2007.

We're about 11 million people short in the labor force to fund OASDI.

The OADI Trust Fund will be exhausted by 2017 which will probably just become the OASDI Trust Fund.

In 2024 public debt will be about 108% of GDP. Revenues going to the Federal Government will be at a 60 year high. At the same time money spent on everything other than the Federal Government's healthcare system will be at a 60 year low. To keep public debt where it is now as a percentage of GDP will require $2 trillion in cuts/taxes over the next ten years. To get public debt to 35% of GDP, its 40 year historic average, we will need to cut/increase taxes $4 trillion over the next ten years.

In 2024 UE rate will still be about 5.5% according to the CBO.

By 2030 there will be about another 1.3 billion people on the planet, most of which will for the first time be in the middle class or approaching it, which will increase the cost of food, energy and water 30 - 50%.

In 2033 the OASDI Trust Fund will be exhausted which will cause about a 27% reduction in payments to those on SS.

We need to do something now and quick or it will only get way worse instead of just worse. The longer we wait the more drastic the measures we will have to take to fix those problems.

I hope everyone remembers all of these coming things the next time a politician promises you more social welfare on someone else's dime and that you either call them out on it or you at least remind everyone of the promises already made. If there is another recession in the next 20 years these problems will only be exacerbated.

So, we're in for a bumpy ride and while it won't all be doom and gloom it would be horrible to have passed up the chance to fix these things now with relatively mild austerity or to wait till a much more severe austerity gets forced upon us. If you won't be around then please have some consideration for those that will be and do your best to remind everyone that each generation stands on the backs of the generations before them.

[MountainBiking]

Originally Posted by mathjak107

many of the unemployed left over today are really un-employable. they are a reflection of themselves and not the economy.

many we see come in:

can't pass a background check
can't pass a drug test
can't pass a credit check.

many can't get through a simple math test

others speak english so poorly you wonder if it was even a 2nd language

others dress like they are going to a gang fight.

we have not even gotten to their job skills yet


we had others come in for low level jobs tell us if we don't pay 20 bucks an hour they are not interested because they make more than that on employment and working off the books at the local deli.

LOL. I remember young guys with VERY minimal experience going into our construction office when we were hiring saying the same things: "if you don't pay me $20 an hour I won't work" or "if you can't provide me with a company truck I won't work."

There's the door.

-Cheers.

[MountainBiking]

Originally Posted by Pinkmani

How do you that people have stopped looking for jobs?

Listening to top economists say this. What? You think I made it up? Also, I'm in the construction industry (Southern California) and MANY guys I know are having a very tough time finding work. Some have been doing side jobs for 3 plus years to get by while some have been unlucky with even finding side jobs and they have completely GIVEN UP all together. They don't have the money to go to school and learn something else because they don't work and earn money. No savings. They're in a very difficult position. And a few have lost their marriage over money problems.

[BigJon3475]

Originally Posted by BigJon3475

We're 6 million jobs short of where would would have been absent the mild recession that started in 2007.

We're about 11 million people short in the labor force to fund OASDI.

The OADI Trust Fund will be exhausted by 2017 which will probably just become the OASDI Trust Fund.

In 2024 public debt will be about 108% of GDP. Revenues going to the Federal Government will be at a 60 year high. At the same time money spent on everything other than the Federal Government's healthcare system will be at a 60 year low. To keep public debt where it is now as a percentage of GDP will require $2 trillion in cuts/taxes over the next ten years. To get public debt to 35% of GDP, its 40 year historic average, we will need to cut/increase taxes $4 trillion over the next ten years.

In 2024 UE rate will still be about 5.5% according to the CBO.

By 2030 there will be about another 1.3 billion people on the planet, most of which will for the first time be in the middle class or approaching it, which will increase the cost of food, energy and water 30 - 50%.

In 2033 the OASDI Trust Fund will be exhausted which will cause about a 27% reduction in payments to those on SS.

We need to do something now and quick or it will only get way worse instead of just worse. The longer we wait the more drastic the measures we will have to take to fix those problems.

I hope everyone remembers all of these coming things the next time a politician promises you more social welfare on someone else's dime and that you either call them out on it or you at least remind everyone of the promises already made. If there is another recession in the next 20 years these problems will only be exacerbated.

So, we're in for a bumpy ride and while it won't all be doom and gloom it would be horrible to have passed up the chance to fix these things now with relatively mild austerity or to wait till a much more severe austerity gets forced upon us. If you won't be around then please have some consideration for those that will be and do your best to remind everyone that each generation stands on the backs of the generations before them.

Opps, I for got the Medicare HI Trust Fund. That one runs out in 2024.