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Are you, personally, better off now than you were on 1/20/09? Here is where I stand.
-Making $20k less per year than I was on 1/20/09 and my career dreams are completely down the tubes
-Paying almost 3x more on gasoline
-Worried that if I lose my current job I may not even be able to find work period
-I have a huge savings but do not feel comfortable spending it due to the economic uncertainty
-Have never been more fearful about my future or this nation's future. I am going to be bold and say this is our nation's worst catastrophe since 1859. The Great Depression has nothing on this.
Yes, Obama may have inherited a mess from George Bush, but instead of fixing it he has turned a recession into a depression this nation may never recover from.
Hard to say: financually, if I just look at my monthly report yes, I acutally am better off, but we have more bills, our house payment shrunk (cause we put a huge downpayment on our home, plus our kdis pay part of our morgage) and we travel less. So, on paper it says one thing, actually no, we are not better off plus I can see what might be in the future and it isn't going to be good unless things change in 2012.
I will simply repeat what most people don't seem to get ...
A combination of factors went into why we're in a huge recession (some would say depression) today:
1) Overleveraging by everyone: Nobody is clear here. Corporations, banks, the government, and individuals. This was made worse by Greenspan's policy of "easy money".
2) Decline or stagnation of take home income: Real wages haven't increased in the past 30+ years. The trend for labor related jobs to move to lower cost and less-regulated countries doesn't help either. And while I say education is key to a better future, I cannot say it is for everyone (there's a bell curve in IQ and a lop-sided curve for dedication, based on what you're born with, your willingness to learn, and willingness to work hard and put up with prima donna professors).
This fact has created a drag on ability to maintain lifestyle, and since nobody wants to lower their QOL, they take on more debt, which factors into 1) above. Since the 80s people have fought back by making both parents work too, but now that everyone's working 50+ hours a week and wages aren't increasing and debt is maxed out, nothing left to squeeze.
3) Corporations have started placing profits over people. This is unavoidable because they are legally obligated to bend to the will of the shareholders, the board of directors, and international competition. There are no easy answers here. You can't regulate wage increases because that only crimps companies' ability to compete, forces them to look elsewhere for less regulation, and in all reality would probably prevent more hiring.
4) Despite some fundamental improvements in the economy since 2007, companies are risk adverse and refuse to hire at a faster clip, and individuals are not packing on the debt anymore.
The President can't really do ANYTHING about the above facts. Some things can be done, like having a national labor stance (esp. unions), and making more paper forms and all applicable laws and regulations available for easy searching via electronic means and leveraging more technology. But with regards to fundamentals, you can only do so much. He tried jump starting it back by giving tax credits for hiring people but nobody bit. As President he can't really do anything but throw money at the problem. You can take a horse to water but you can't make it drink.
NO .
It could have been worse . McCain could have gotten cap and trade also. Hillary , Obama , McCain . All bad.
One year before the election we knew it was one of the three , that's when the economy tanked.
No, not really better off. My employer (a large conglomerate of health care facilities and hospitals around the country) just eliminated 80 positions and laid off 30 employees last month citing financial strains caused by the economy, changes in health care reimbursements, increased numbers of Medicaid patients treated (which pays next to nothing), and changes in health care legislation (read: Obamacare). My position was not effected, but our out of pocket health insurance premiums went up 6.9%, as did the co-pays and deductibles. And, we were notified that employees will no longer receive any 401K employer matching. Continuing Education funds were also frozen indefinitely and new/replacement equipment purchases are on hold indefinitely too.
I think this recession is hitting different industries in different ways. Health care, while traditionally immune to recessions, is getting hit particularly hard because of the changes (decreases) in reimbursements and the record numbers of people qualifying for and enrolling in Medicaid. Not only does Medicaid pay crap, but the state is months delinquent in making its payments to health care facilities. Illinois can't pay its bills as it is, let alone Medicaid reimbursements.
I'm glad (and surprised) to hear so many of you are doing exceptionally well in this recession. With gas, food, and health insurance prices skyrocketing while home values plummet, it's good to know that so many of you are immune.
No, not really better off. My employer (a large conglomerate of health care facilities and hospitals around the country) just eliminated 80 positions and laid off 30 employees last month citing financial strains caused by the economy, changes in health care reimbursements, increased numbers of Medicaid patients treated (which pays next to nothing), and changes in health care legislation (read: Obamacare). My position was not effected, but our out of pocket health insurance premiums went up 6.9%, as did the co-pays and deductibles. And, we were notified that employees will no longer receive any 401K employer matching. Continuing Education funds were also frozen indefinitely and new/replacement equipment purchases are on hold indefinitely too.
I think this recession is hitting different industries in different ways. Health care, while traditionally immune to recessions, is getting hit particularly hard because of the changes (decreases) in reimbursements and the record numbers of people qualifying for and enrolling in Medicaid. Not only does Medicaid pay crap, but the state is months delinquent in making its payments to health care facilities. Illinois can't pay its bills as it is, let alone Medicaid reimbursements.
I'm glad (and surprised) to hear so many of you are doing exceptionally well in this recession. With gas, food, and health insurance prices skyrocketing while home values plummet, it's good to know that so many of you are immune.
I agree. I'm also in health care directly affected by Obamacare and Medicaid cuts and we are out of synch with the rest of the country in this recession. In 2008-09 I was doing better than ever. Now as other industries recover, healthcare is plumetting (except for low skilled low paying home health aide positions).
you hit it on the head, sure sounds like a lot of people whining about someone else not doing enough to fix their problem for them. If you don't make enough ask for a raise or look for a new job. Or just create your own job. If you don't have the right skill get yourself into a school and get an education. Quit waiting for someone to do something for you, you will get left behind.
Things are really moving forward, I nearly doubled my net worth in the last two years. If you are going to sit on the sideline you are going to be left behind.
Quote:
Originally Posted by Gary Siete
My clients are mainly entrepreneurs and small businesses. I took a hit in mid-2009-mid 2010 as money tightened, business slowed, and customers asked for extended terms & discounts. Business is slowly recovering & customers are more confident in the future & willing to invest in their ventures.
We hit rock bottom in 2009 and the economy has been improving since then. The criticism of Obama (when it's fact based) appears to be that it is his policies that are slowing the rate of recovery.
I am optimistic that we are headed for good times & lower gas prices. Whatever happened to America's "right stuff" & can-do attitude? Too many people are blaming gov't yet waiting for gov't to fix the economy.
I look at why I have as much as I do because I spend a decent amount of money on travel...
I have an old Zune that I bought used; never buy a new car, in fact, my current car is the first one I've purchased that was less than 10 years old; have an old phone that dials numbers and you can leave a message, nothing fancy; insulated my house within an inch of its life because I don't want to pay utility companies for anything; upgrade windows when I think of it.
I make do, use things up. What do I really need?
I was happy in the late 80s when I made $14.5k and bought my first house, and I'm happy now when I make a lot more.
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