Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It doesn't take a crystal ball to see this comming, the only question is how bad will it be? The best defense by the fed is to (of course) raise interest rates, but with home sales already the worst they've ever been and most average people leveraged to the max, I'm betting we'll get our our much anticipated double-dip recession later this year.
Consumer debt load peaked in 2007 and has been dropping:
Indicators of financial stress have been dropping:
It's a very general comment sure, but how can we really say most folks are doing just great when real unemployment is still 16-18% and the average individual income is in the mid 30K per year mark with the median home price still around 200K?
It's good to see signs folks are reducing their debt load though. I did; I even paid off and cut up my credit cards a few months ago and went back to cash/check.
I think a good indicator of how well we are doing might be consumption, especially on non-essential items. If personal debt isn't going up but people are still eating out as much, buying as many iPads etc. I have difficulty accepting that some corner has been turned where mass suffering has been inflicted upon the average Joe in 2011.
I think a good indicator of how well we are doing might be consumption, especially on non-essential items. If personal debt isn't going up but people are still eating out as much, buying as many iPads etc. I have difficulty accepting that some corner has been turned where mass suffering has been inflicted upon the average Joe in 2011.
I was quoting individual income.... since most families are 2 income, the household total is gonna be much higher. I would consider "doing well" as being able to live OK on just one income (especially if you're raising a family). Putting both Ma 'n Pa to work full-time outside the home is a coping strategy for dealing with high prices and low wages, not an indicator of success.
But my median home price stat is a bit old apparently (which honestly IS good, unless you own a home that's not worth your mortage total).
Having lived and travelled across South America myself I have a hard time believing there is mass suffering in the USA now too. Most Americans don't know what real suffering and injustice is. But I'm afraid we are going that direction... and fast.
Didn't most households have two incomes before the recession? If you surveyed Americans in 2005 when general sentiment was that the economy was doing great, would more have considered themselves "doing well" despite the two incomes? We wouldn't have discounted their sentiment because we impose a single income cap on being able to do well, that wouldn't make sense.
Low prices right now are a thing of the past...like the dinosaurs that roamed the earth....
Think gas and groceries..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
