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Month ago if I hadn't been listening to the news I would have thought things weren't too bad on an outward note here locally. Today looking for some items I passed by quite a few malls in Cary, Apex and Morrisville. Wow the number of shops shuttered and signs of foreclosures really gave me the willies.
I was thinking what will it be a few months from now? Soup lines?
Month ago if I hadn't been listening to the news I would have thought things weren't too bad on an outward note here locally. Today looking for some items I passed by quite a few malls in Cary, Apex and Morrisville. Wow the number of shops shuttered and signs of foreclosures really gave me the willies.
I was thinking what will it be a few months from now? Soup lines?
I think a lot of people are cutting back on discretionary expenses.
Needs vs. wants.
Things like : mortgage, utilities, health insurance, auto insurance, etc. must be paid first..... and Uncle Sam's (and Bev Perdue's) cut just keeping getting larger and larger...
Wake County taxes are up along with everything else.. I could go on and on.
I think a lot of people are cutting back on discretionary expenses.
Needs vs. wants.
Things like : mortgage, utilities, health insurance, auto insurance, etc. must be paid first..... and Uncle Sam's (and Bev Perdue's) cut just keeping getting larger and larger...
Wake County taxes are up along with everything else.. I could go on and on.
I think a lot of people are cutting back on discretionary expenses.
Needs vs. wants.
Things like : mortgage, utilities, health insurance, auto insurance, etc. must be paid first..... and Uncle Sam's (and Bev Perdue's) cut just keeping getting larger and larger...
Wake County taxes are up along with everything else.. I could go on and on.
I can see how it can have a domino type affect of the consumer psyche. The feeling left me walking through the stores glimpsing at the non-necessities with a thought from with in saying "don't even think about it"
Month ago if I hadn't been listening to the news I would have thought things weren't too bad on an outward note here locally. Today looking for some items I passed by quite a few malls in Cary, Apex and Morrisville. Wow the number of shops shuttered and signs of foreclosures really gave me the willies.
I was thinking what will it be a few months from now? Soup lines?
Things look grim, but you shouldn't joke, we are a LONG WAYS away from events of the Great Depression - when unemployment was 25%. Nationally unemployment is still just 6.5%.
Things look grim, but you shouldn't joke, we are a LONG WAYS away from events of the Great Depression - when unemployment was 25%. Nationally unemployment is still just 6.5%.
Not true.
1. We had the single largest quarter of layoffs in American history last QT.
2. ALL experts agree, the worst has yet to hit, but will through summer. 3 million more expected to loose their jobs between now and Summer!
3. Official unemployment is 7.3% with another 5% under-employeed and rising by the second.
4. The unemployment numbers will spike to 10-12% by years end.
What happens from there is anyone's guess. My prediction is that things will start to turn back to the better from there. 2009, will be scary, ugly, hideous. And under Obama's plan, it will work to fix things, only it is all being done on credit and may not and probably will not last.
The plan? The exact same thing if you or I went out and opened up a retail biz with a no-limit credit card. It will work for a while, but eventually we need to make $.
1. We had the single largest quarter of layoffs in American history last QT.
2. ALL experts agree, the worst has yet to hit, but will through summer. 3 million more expected to loose their jobs between now and Summer!
3. Official unemployment is 7.3% with another 5% under-employeed and rising by the second.
4. The unemployment numbers will spike to 10-12% by years end.
What happens from there is anyone's guess. My prediction is that things will start to turn back to the better from there. 2009, will be scary, ugly, hideous. And under Obama's plan, it will work to fix things, only it is all being done on credit and may not and probably will not last.
The plan? The exact same thing if you or I went out and opened up a retail biz with a no-limit credit card. It will work for a while, but eventually we need to make $.
And still, we are nowhere close to the numbers of the Great Depression - but go ahead and brood about it if being miserable makes you so happy.
The current economic downturn is probably the worst SINCE the great depression; that is what most of the pundits say/predict. But it will be nowhere near as extreme as the depression. It will be worse than the recessions that everyone but the oldest generations of America can remember; but we have a much larger government now that while may be a bad thing in many ways; does make it harder for our economy to freefall in the manner it did in the 1930's.
This will probably end up being worse than the mid 70's recession (i was just a kid back then but can remember the general negative economic atmosphere), the 80's recession, the early 90's recession, and the 2001 recession; much worse. But it will not be "the great depression II".
The current economic downturn is probably the worst SINCE the great depression; that is what most of the pundits say/predict. But it will be nowhere near as extreme as the depression. It will be worse than the recessions that everyone but the oldest generations of America can remember; but we have a much larger government now that while may be a bad thing in many ways; does make it harder for our economy to freefall in the manner it did in the 1930's.
This will probably end up being worse than the mid 70's recession (i was just a kid back then but can remember the general negative economic atmosphere), the 80's recession, the early 90's recession, and the 2001 recession; much worse. But it will not be "the great depression II".
I would tend to agree with most of this assessment. Because today there are so many government jobs, the economy won't tank all at once as it did to cause the Great Depression. The only thing that I worry about is the huge amount of money that we're borrowing to throw at it right now ... and how that might effect us if things don't turn around soon.
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