Is another recession coming?

[Muushka]

Another? From where I sit we haven't been in one.

Hmmmm. Sounds like something someone from DC would say.

Hi Muushka.

As usual I agree with you.

I hate to say it, but the economy has the potential to get much, much worse. The likes we haven't seen in our lifetime. I hold out hope that this will not be the case.

Hi Annie I agree. PM on its way.

I totally agree that we have not seen the worst yet, by far. Before all this is over we will see the public reacting with survival tactics in the masses. I am SO glad I am past my child-bearing part of my life. There is NO WAY I would bring a child into this world we live in now.

We chose not to have children. I rarely question my decision. These days, I thank God for it.

I agree. We are entering a double dip. I love your tag line... Where is John Galt? I am reading that right now.

How do you like it? I thought it was loooooooong, but excellent. I wish I had read it 30 years ago.

 

[jimaok]

We haven't seen nothing yet. You thought the housing bubble was bad- just wait. We as a country are terribly overextended. Our politicians have made promises that they cannot possibly keep. The pyramid scheme is almost to the top and it's time to pay the piper. We, as a country, cannot continue to spend money we do not have. If you don't believe me do the research yourself. It's ging to hurt, but we must stop our children and grandchildren's futures.

 

[j's m]

I feel we haven't seen the worst of it yet. Our housing prices are still going down but not much is selling. Our neighbor's house has been for sale for almost 2 years, vacant for 1 year and they just cut the price to half of what it was originally listed for.

Part of our retirement was our home equity and our business building. Now I fear that they will be our retirement liabilities if we can't sell them and having to pay the high property taxes are in NJ. We were planning for retirement in 5 years, when DS is out of college and DH will be 68, but I can't see the economy improving in 5 years.

Gas was going down, and now it's increasing again, why? Every day supermarket prices are increasing, or packages getting smaller. Prices are increasing everywhere it seems, but in our business which is by competive quotes, prices are decreasing as everyone cuts to the bone.

 

[Free4Life11]

I think if the debt ceiling is not raised there will be major problems. While I would rather a debt ceiling vote be vanilla and not coupled with tax increases, spending cuts, etc. that's now how they like to play in DC. They call it "compromise," I call it holding the American public hostage.

Yes we need to get the deficit and debt under control, but playing games and potentially hurting the economy is unacceptable!

Anyone who is SERIOUS about getting rid of our deficit and paying down our $14T+ in debt knows you need to cut spending AND raise revenue. These politicans

Ok that's the end of my rant...here's an article from CNN Money:

NEW YORK (CNNMoney) -- No one knows what will happen to the economy if lawmakers fail to reach a debt ceiling deal by Aug. 2.

Except this: It won't be good.

Print For starters, interest rates could shoot up and stock prices could plummet -- leaving Americans less well off and less willing to spend, to say nothing of having less economic confidence going forward. The same goes for business owners and investors.

On top of that, the federal government won't be able to pay 44% of its bills worth an estimated $134 billion, according to a Bipartisan Policy Center analysis.

On an annualized basis, that's like cutting spending by $1.6 trillion -- which is nearly all of discretionary spending, including defense. Looked at another way, it's like slashing $33.5 billion a week.

Technically, it wouldn't be a "cut" in spending so much as a postponement. That's because the bills the Treasury Department puts off will have to be paid once the debt ceiling is raised. It is, after all, money owed for goods and services already provided, government benefits already earned or agency funding already appropriated.

"But that doesn't mean those who are cash-strapped in August don't cut back on their spending," said Chad Stone, chief economist at the Center on Budget and Policy Priorities.

All those effects combined would -- irony alert! -- worsen the two things everyone swears they want to improve: the country's unemployment rate and the deficit.

http://money.cnn.com/2011/07/15/news/economy/debt_ceiling_economy/index.htm?iid=HP_Highlight

 

[Free4Life11]

We haven't seen nothing yet. You thought the housing bubble was bad- just wait. We as a country are terribly overextended. Our politicians have made promises that they cannot possibly keep. The pyramid scheme is almost to the top and it's time to pay the piper. We, as a country, cannot continue to spend money we do not have. If you don't believe me do the research yourself. It's ging to hurt, but we must stop our children and grandchildren's futures.

I agree. Politicians keep kicking the can down the road...but so do a lot of citizens it seems. There is so much outrage, over what I'm not exactly sure...but it seems like nobody wants their taxes increased, nobody wants their benefits cut, but SOMETHING has to give!

 

[nrpofp]

We haven't seen nothing yet. You thought the housing bubble was bad- just wait. We as a country are terribly overextended. Our politicians have made promises that they cannot possibly keep. The pyramid scheme is almost to the top and it's time to pay the piper. We, as a country, cannot continue to spend money we do not have. If you don't believe me do the research yourself. It's ging to hurt, but we must stop our children and grandchildren's futures.

I agree. When the crap finally hits the fan it's going to be ugly. You can't kick the can down the road forever. I really don't see a way out of the problem without a complete collapse and start over. For some reason people think the Usa is immune from problems that other countries have faced through out history. Why people think it "could never happen here" is beyond me.

 

[SunnieRN]

There is a government shutdown looming. We narrowly (by mere hours) avoided a shutdown in April, but they came through with a budget plan to get us through the end of September. As I understand it, we have reached the cap on our loans from foreign countries (China mostly). The government will need to decide to increase the cap, or they will need to decide how we will afford to pay the loans either by a tax increase OR cutting major programs (like Social Security). If both sides (reps and dems) do not come to an agreement in time, the government could shut down for MONTHS. It is a very scary time in this country, and I agree with the PP that said we have never recovered from the CURRENT recession.

Cutting social security, disability payments or military pensions is NOT the answer. It is a drop in the bucket compared to other spending. If government had NOT borrowed from social security in the huge amounts it has in the past, OR if they would have re=paid the money it took, there would be NO problem maintaining payments.

The elderly, our servicemen and our disabled veterans all worked and paid into the system. Lets start cutting where it is deserved and stop spending where it doesn't need to be spent.

Lets also all take equal responsibility.

1) Flat tax. No refunds. Pick a % and every paycheck is taxed that percentage. Period. If the amount is 17%, everyone pays that amount. This includes welfare recipients to board directors. This also includes congress, representatives, lawyers and yes, even you Mr. President.

2) No more cushy, for the rest of your life retirement checks and medical for congress and house. That would save many a dollar right there.

3) If the balanced budget is not passes, no paychecks for our representatives until it is.

4) Welfare recipients have to work for their checks. Kind of like the programs during the recession, job works type program. Build houses, clean streets and government buildings, parks and city streets. Provide care at schools and after school day care programs. Cook and serve meals for homeless, shut ins, etc. There are a million things that need to be done and a whole army of people to fill the needs.

5) End all unneeded spending immediately. Who cares about the yellow bellied snapping tree mite, if we no longer have a government? Invest in America first. Not China, Iraq or anywhere else in the world.

6) End EIC. I can see subsidizing school lunches, medical care for children, even housing for children. What I find offensive, is taking a portion of citizens, that pay little to no taxes, that receive the greatest amount of money in subsidies, and giving them a tax return that is 3 or 4 times the amount of taxes they paid in for an entire year.

If someone is below a certain income level and the government says they don't have to pay taxes, that's great. But giving them back EXTRA, doesn't make sense.

There are many more things. I realize my opinions will not be popular, but equate this to your family budget. What do you do when you only have enough for the barest items you need? You cut down and budget your $$$$. Shouldn't the government of the US be that smart?

I am in a 27% tax bracket. That is killer. It seems impossibly hard to deal with. I worked very hard, as a single parent, to support my children and make it through school. There was no EIC, government paid daycare, food stamps etc. I made it through, with a lot of hard work and sweat. I would like to see everyone have the chance to be educated, have a good and stable life, but when it means that our country is in a recession, soon to be in a depression, something needs to give!!

 

[eliza61]

You guys really must have easy lives. I say this with true love because I really do love almost all the postings from the people here but have you guys never ever taken a history class.

Maybe because I'm a bit older but...

You do realize this is a country that.

1) lived through slavery. I would think that was a bit difficult, and since I'm an African american I'm certainly happy my ancestors didnt' start not having kids. I can only imagine what would have happen if every time the country went through a rough patch every one decide to throw up their hands.

2) lived through a depression. Maybe that's the problem. We've had 50 years of good times, now we've hit a bad patch (and people can we get a grip it's been what 4 years) and we're predicting armaggedon? Are you telling me that THIS economic crisis is going to due us in? If it does we don't deserve to be a nation.

3) A couple of world wars, korea and Vietnam.

In the interest of full disclosure, I'm a person who has had a near death experience so my perspective at life is a bit different.

But seriously, the economy stinks but it's not the first time, it is not the worst time and it will probably not be the last time.

We will survive like we always do and probably grow stronger (like we always seem to do) and I'm looking forward to the day when my kids make me a grandmother and I can tell them about what a wonderful life they will have.

Maybe that's why I like hanging out with my grandparents. They take the good with the bad.

 

[nrpofp]

Cutting social security, disability payments or military pensions is NOT the answer. It is a drop in the bucket compared to other spending. If government had NOT borrowed from social security in the huge amounts it has in the past, OR if they would have re=paid the money it took, there would be NO problem maintaining payments.

The elderly, our servicemen and our disabled veterans all worked and paid into the system. Lets start cutting where it is deserved and stop spending where it doesn't need to be spent.

Lets also all take equal responsibility.

1) Flat tax. No refunds. Pick a % and every paycheck is taxed that percentage. Period. If the amount is 17%, everyone pays that amount. This includes welfare recipients to board directors. This also includes congress, representatives, lawyers and yes, even you Mr. President.

2) No more cushy, for the rest of your life retirement checks and medical for congress and house. That would save many a dollar right there.

3) If the balanced budget is not passes, no paychecks for our representatives until it is.

4) Welfare recipients have to work for their checks. Kind of like the programs during the recession, job works type program. Build houses, clean streets and government buildings, parks and city streets. Provide care at schools and after school day care programs. Cook and serve meals for homeless, shut ins, etc. There are a million things that need to be done and a whole army of people to fill the needs.

5) End all unneeded spending immediately. Who cares about the yellow bellied snapping tree mite, if we no longer have a government? Invest in America first. Not China, Iraq or anywhere else in the world.

6) End EIC. I can see subsidizing school lunches, medical care for children, even housing for children. What I find offensive, is taking a portion of citizens, that pay little to no taxes, that receive the greatest amount of money in subsidies, and giving them a tax return that is 3 or 4 times the amount of taxes they paid in for an entire year.

If someone is below a certain income level and the government says they don't have to pay taxes, that's great. But giving them back EXTRA, doesn't make sense.

There are many more things. I realize my opinions will not be popular, but equate this to your family budget. What do you do when you only have enough for the barest items you need? You cut down and budget your $$$$. Shouldn't the government of the US be that smart?

I am in a 27% tax bracket. That is killer. It seems impossibly hard to deal with. I worked very hard, as a single parent, to support my children and make it through school. There was no EIC, government paid daycare, food stamps etc. I made it through, with a lot of hard work and sweat. I would like to see everyone have the chance to be educated, have a good and stable life, but when it means that our country is in a recession, soon to be in a depression, something needs to give!!

These are things we should have done years ago. I think we have gone past the point of no return.

 

[nrpofp]

You guys really must have easy lives. I say this with true love because I really do love almost all the postings from the people here but have you guys never ever taken a history class.

Maybe because I'm a bit older but...

You do realize this is a country that.

1) lived through slavery. I would think that was a bit difficult, and since I'm an African american I'm certainly happy my ancestors didnt' start not having kids. I can only imagine what would have happen if every time the country went through a rough patch every one decide to throw up their hands.

2) lived through a depression. Maybe that's the problem. We've had 50 years of good times, now we've hit a bad patch (and people can we get a grip it's been what 4 years) and we're predicting armaggedon? Are you telling me that THIS economic crisis is going to due us in? If it does we don't deserve to be a nation.

3) A couple of world wars, korea and Vietnam.

In the interest of full disclosure, I'm a person who has had a near death experience so my perspective at life is a bit different.

But seriously, the economy stinks but it's not the first time, it is not the worst time and it will probably not be the last time.

We will survive like we always do and probably grow stronger (like we always seem to do) and I'm looking forward to the day when my kids make me a grandmother and I can tell them about what a wonderful life they will have.

Maybe that's why I like hanging out with my grandparents. They take the good with the bad.

Its great to think that way, but were facing something that has never happened in our history. This country is very young and honestly we have NEVER had hard times.

 

[tweedlemom]

You guys really must have easy lives. I say this with true love because I really do love almost all the postings from the people here but have you guys never ever taken a history class.

Maybe because I'm a bit older but...

You do realize this is a country that.

1) lived through slavery. I would think that was a bit difficult, and since I'm an African american I'm certainly happy my ancestors didnt' start not having kids. I can only imagine what would have happen if every time the country went through a rough patch every one decide to throw up their hands.

2) lived through a depression. Maybe that's the problem. We've had 50 years of good times, now we've hit a bad patch (and people can we get a grip it's been what 4 years) and we're predicting armaggedon? Are you telling me that THIS economic crisis is going to due us in? If it does we don't deserve to be a nation.

3) A couple of world wars, korea and Vietnam.

In the interest of full disclosure, I'm a person who has had a near death experience so my perspective at life is a bit different.

But seriously, the economy stinks but it's not the first time, it is not the worst time and it will probably not be the last time.

We will survive like we always do and probably grow stronger (like we always seem to do) and I'm looking forward to the day when my kids make me a grandmother and I can tell them about what a wonderful life they will have.

Maybe that's why I like hanging out with my grandparents. They take the good with the bad.

 

[lulu2]

You guys really must have easy lives. I say this with true love because I really do love almost all the postings from the people here but have you guys never ever taken a history class.

Maybe because I'm a bit older but...

You do realize this is a country that.

1) lived through slavery. I would think that was a bit difficult, and since I'm an African american I'm certainly happy my ancestors didnt' start not having kids. I can only imagine what would have happen if every time the country went through a rough patch every one decide to throw up their hands.

2) lived through a depression. Maybe that's the problem. We've had 50 years of good times, now we've hit a bad patch (and people can we get a grip it's
been what 4 years) and we're predicting armaggedon? Are you telling me that THIS economic crisis is going to due us in? If it does we don't deserve to be a nation.

3) A couple of world wars, korea and Vietnam.

In the interest of full disclosure, I'm a person who has had a near death experience so my perspective at life is a bit different.


But seriously, the economy stinks but it's not the first time, it is not the worst time and it will probably not be the last time.

We will survive like we always do and probably grow stronger (like we always seem to do) and I'm looking forward to the day when my kids make me a grandmother and I can tell them about what a wonderful life they will have.

Maybe that's why I like hanging out with my grandparents. They take the good with the bad.

Thank you! And well said!

 

[eliza61]

Its great to think that way, but were facing something that has never happened in our history. This country is very young and honestly we have NEVER had hard times.

Hog wash

We never faced world war I and we survived. We never faced the civil war and we survived. We never faced the depressions and we survived and sorry but as a person who can vividly remember "for colored only" signs every where I can say 100% that those were not "happy days"

We were never attacked to the extent of 9/11 and we survived.
This country has had a civil war where 90% of any other country engaged in civil war does not come out 1/2 as well. Do you remember what happen to Yugosolvia after the civil war there? and let's not even start about almost the entire continent of Africa.

The Declaration of Independance itself is a result of doing something that was never faced before.

Our country is very young and yet country's like Egypt and Libya that are 1000's of years old still can't seem to get their economic house in order without a major revolution involving 1000s of innocent lives lost.


Yes, 100% we are hurting and my kinsman are in pain and I do not in anyway want to lessen or marginalize the pain my fellow countrymen are in. I absolutely hate it and will work hard to help my community where ever I can but the reports of this countrys demise is greatly exaggerated.

 

[jimaok]

Yes, our country has faced tremendous challenges in our very young history. But we had good men (and women) that put country first behind their own political gains. I pray that we still have those leaders.

 

[Muushka]

Yes, our country has faced tremendous challenges in our very young history. But we had good men (and women) that put country first behind their own political gains. I pray that we still have those leaders.

I agree. Plus, our country is in a much different place than we were during the depression. Almost 50% of Americans receive some sort of welfare. There was no welfare during the depression era.

NO! Almost 50% of Americans don't pay income tax, not receive some sort of welfare.

My point was that there are many more people depending on the government. But I clearly had my facts wrong. Sorry.

 

[momof1princess]

Cutting social security, disability payments or military pensions is NOT the answer. It is a drop in the bucket compared to other spending. If government had NOT borrowed from social security in the huge amounts it has in the past, OR if they would have re=paid the money it took, there would be NO problem maintaining payments.

The elderly, our servicemen and our disabled veterans all worked and paid into the system. Lets start cutting where it is deserved and stop spending where it doesn't need to be spent.

Lets also all take equal responsibility.

1) Flat tax. No refunds. Pick a % and every paycheck is taxed that percentage. Period. If the amount is 17%, everyone pays that amount. This includes welfare recipients to board directors. This also includes congress, representatives, lawyers and yes, even you Mr. President.

2) No more cushy, for the rest of your life retirement checks and medical for congress and house. That would save many a dollar right there.

3) If the balanced budget is not passes, no paychecks for our representatives until it is.

4) Welfare recipients have to work for their checks. Kind of like the programs during the recession, job works type program. Build houses, clean streets and government buildings, parks and city streets. Provide care at schools and after school day care programs. Cook and serve meals for homeless, shut ins, etc. There are a million things that need to be done and a whole army of people to fill the needs.

5) End all unneeded spending immediately. Who cares about the yellow bellied snapping tree mite, if we no longer have a government? Invest in America first. Not China, Iraq or anywhere else in the world.

6) End EIC. I can see subsidizing school lunches, medical care for children, even housing for children. What I find offensive, is taking a portion of citizens, that pay little to no taxes, that receive the greatest amount of money in subsidies, and giving them a tax return that is 3 or 4 times the amount of taxes they paid in for an entire year.

If someone is below a certain income level and the government says they don't have to pay taxes, that's great. But giving them back EXTRA, doesn't make sense.

There are many more things. I realize my opinions will not be popular, but equate this to your family budget. What do you do when you only have enough for the barest items you need? You cut down and budget your $$$$. Shouldn't the government of the US be that smart?

I am in a 27% tax bracket. That is killer. It seems impossibly hard to deal with. I worked very hard, as a single parent, to support my children and make it through school. There was no EIC, government paid daycare, food stamps etc. I made it through, with a lot of hard work and sweat. I would like to see everyone have the chance to be educated, have a good and stable life, but when it means that our country is in a recession, soon to be in a depression, something needs to give!!

i totally agree.

 

[Anne34]

Cutting social security, disability payments or military pensions is NOT the answer. It is a drop in the bucket compared to other spending. If government had NOT borrowed from social security in the huge amounts it has in the past, OR if they would have re=paid the money it took, there would be NO problem maintaining payments.

The elderly, our servicemen and our disabled veterans all worked and paid into the system. Lets start cutting where it is deserved and stop spending where it doesn't need to be spent.

Lets also all take equal responsibility.

1) Flat tax. No refunds. Pick a % and every paycheck is taxed that percentage. Period. If the amount is 17%, everyone pays that amount. This includes welfare recipients to board directors. This also includes congress, representatives, lawyers and yes, even you Mr. President.

2) No more cushy, for the rest of your life retirement checks and medical for congress and house. That would save many a dollar right there.

3) If the balanced budget is not passes, no paychecks for our representatives until it is.

4) Welfare recipients have to work for their checks. Kind of like the programs during the recession, job works type program. Build houses, clean streets and government buildings, parks and city streets. Provide care at schools and after school day care programs. Cook and serve meals for homeless, shut ins, etc. There are a million things that need to be done and a whole army of people to fill the needs.

5) End all unneeded spending immediately. Who cares about the yellow bellied snapping tree mite, if we no longer have a government? Invest in America first. Not China, Iraq or anywhere else in the world.

6) End EIC. I can see subsidizing school lunches, medical care for children, even housing for children. What I find offensive, is taking a portion of citizens, that pay little to no taxes, that receive the greatest amount of money in subsidies, and giving them a tax return that is 3 or 4 times the amount of taxes they paid in for an entire year.

If someone is below a certain income level and the government says they don't have to pay taxes, that's great. But giving them back EXTRA, doesn't make sense.

There are many more things. I realize my opinions will not be popular, but equate this to your family budget. What do you do when you only have enough for the barest items you need? You cut down and budget your $$$$. Shouldn't the government of the US be that smart?

I am in a 27% tax bracket. That is killer. It seems impossibly hard to deal with. I worked very hard, as a single parent, to support my children and make it through school. There was no EIC, government paid daycare, food stamps etc. I made it through, with a lot of hard work and sweat. I would like to see everyone have the chance to be educated, have a good and stable life, but when it means that our country is in a recession, soon to be in a depression, something needs to give!!

agree with everything you said!!

 

[Boston Tea Party]

Lets also all take equal responsibility.

1) Flat tax. No refunds. Pick a % and every paycheck is taxed that percentage. Period. If the amount is 17%, everyone pays that amount. This includes welfare recipients to board directors. This also includes congress, representatives, lawyers and yes, even you Mr. President.

YES!



5) Invest in America first. Not China, Iraq or anywhere else in the world.

YES!

6) End EIC. I can see subsidizing school lunches, medical care for children, even housing for children. What I find offensive, is taking a portion of citizens, that pay little to no taxes, that receive the greatest amount of money in subsidies, and giving them a tax return that is 3 or 4 times the amount of taxes they paid in for an entire year.

We agree on many points.

 

[eliza61]

Yes, our country has faced tremendous challenges in our very young history. But we had good men (and women) that put country first behind their own political gains. I pray that we still have those leaders.

I agree. Plus, our country is in a much different place than we were during the depression. Almost 50% of Americans receive some sort of welfare. There was no welfare during the depression era.

Boy you guys have on some rose colored glasses dontcha. Sure we didn't have entitlement programs, we also did not have a huge foreign aid program, military budget or 300 million people. We did not have a stock market and speculators that affect the price of so many things waay more than any entitlement program. Also almost 80% of the population lived in rural places, and the average life span was ~59 if you were a guy and a little longer if you were a gal. We did not have the medical cost because frankly, we did not have medicine. Disease and pestilance routinely killed. Please, it was not the "good ole days"

And lest we try to put previous politicans on a pedestal, don't forget the reason slavery was allowed to exsist in the first place was because the founding fathers did not follow their conciousness and stand up to the Southern delegates who would not have voted for the declaration without some assurance that their livilihood was intact. Translation: they caved under political pressure. no different than the guys we've got now.



All this to say, Yes we are in a recession, yes it will hurt and take some time to get back on footing but once again, it is not the first time we've had hard times.

If any thing, the problem is we can't remember when life wasn't cushy and cozy (we as a nation, not anyone individual. I know many people have had different upbringings.) We've been living "la vida loca" and not caring where the good life was coming from.

 

[Free4Life11]

I agree. Plus, our country is in a much different place than we were during the depression. Almost 50% of Americans receive some sort of welfare. There was no welfare during the depression era.

Not to mention the corporations! They receive tax breaks and do they create jobs? Nope they are holding on to record amounts of cash. Same with those small business owners...they Bush tax cuts were extended, the least they could do is create some jobs. Since they aren't going to create jobs I say get rid of the business/corporate welfare.