Is the economy really that bad?

[hentob]

When that happens, every last man, woman and child over the age of 12 may be asked to take up a weapon, learn to use it, and stand a post 'cause it's a-gonna get ugly.

That is a bit dramatic

 

[wall*e2008]

Those would be the people who refuse to acknowledge what is going on with the economy and continue to live their lives as though this is just a short term situation that is going to "magically" disappear in a few months.. When it finally does have an impact on them, they will be caught totally off guard and won't know what hit them..

I was one of them this weekend and I am not living with my head in a hole. Some of us can still eat out and buy replacements of electronics that are not functioning well now. BTW the mall was packed.

People don't understand that every health insurance policy has a lifetime cap on it (and from what I read on these boards, most people never even check to see what their cap is).. Once you hit that mark (and in many cases it takes only one catastrophic illness) you will then have to pay out of your own pocket.. Heaven help you if a second member of your family is also hit with a catastrophic illness..

I know what my life time benefit is. You are incorrect in the part that I highlighted. DH and I each have a life time benefit (kids too but only until they are adults). If I maxed out mine and DH got ill, he would still have his insurance until he maxed his out.

 

[C.Ann]

I know what my life time benefit is. You are incorrect in the part that I highlighted. DH and I each have a life time benefit (kids too but only until they are adults). If I maxed out mine and DH got ill, he would still have his insurance until he maxed his out.

--------------------

Of course he would still have his lifetime max.. But if you had already hit yours - and still required treatment, where would the money come from? Your savings.. Then what? He hits his max and your savings has already been wiped out..

Hopefully your lifetime max is very high - because a million dollar cap can be reached in the blink of an eye..

 

[wall*e2008]

No. Not really. I really don't believe it is a "crap shoot"

Careful planning will statistically secure your financial future in the majority of cases.

Yes, sometimes you have no control over what happens (illness, death, major catastrophe) , but planning wisely, as far as finances go, is quite beneficial

ITA

If DH and I both lost our jobs tomorrow we could live on two UCI checks and would both flip burgers at McDonalds if more money was needed. During that time we would be getting rid of our home (and yes we could because we have much equity in it due to buying only one home in our lives, buying less than the bank said we could and doing our own repairs on it to save money). We would have a huge reduction in our standard of living but we would continue to live and afford our health insurance (I know exactly what our premiums are).

I have never flown to Asia or Europe and probably never will. I drive my cars until even the junk yard does not want them. DH changes our oil and does many repairs We made our home energy efficient and we are really reaping the rewards from that now.

This is how we prepared.

 

[Kathi OD]

ITA

If DH and I both lost our jobs tomorrow we could live on two UCI checks and would both flip burgers at McDonalds if more money was needed. During that time we would be getting rid of our home (and yes we could because we have much equity in it due to buying only one home in our lives, buying less than the bank said we could and doing our own repairs on it to save money). We would have a huge reduction in our standard of living but we would continue to live and afford our health insurance (I know exactly what our premiums are).

I have never flown to Asia or Europe and probably never will. I drive my cars until even the junk yard does not want them. DH changes our oil and does many repairs We made our home energy efficient and we are really reaping the rewards from that now.

This is how we prepared.

That's how DMIL prepared too and due to all the advances in the medical field she outlived all her preparation. Sometimes no matter how much you prepare, it just isn't enough. Many seniors are in that boat right now. I hope you never have to experience it first-hand or try to negotiate the way for an elderly parent.

 

[disney1990]

They are who bankruptcy is meant for

Not for people who live above their means, rack up credit cards on vacations, dining out, expensive clothing and bags, etc.

We see it on here all of the time. It is disgusting. People have no shame about it either. There was a woman a few months ago planning to file BK and was charging Disney Dollars before she did so And she bragged about it There was a woman who had her daughter's braces taken off because she couldn't pay for them and a few weeks later she was planning a trip to WDW There are people here who file BK and then celebrate by taking a trip because "Life is too short"

I am not talking about people who get sick. I agree, we are all one illness away from devastaion

The fact is that the majority of people in this country that declare bankruptcy do it because of medical bills.

 

[UConnJack]

It's not good, but its not as bad (at the moment) as the MSM paints it to be. Sure some people are "hurting", but that's just in relation to the relatively good economy we've had the last 20 years or so (give or take a couple down years here and there). I own a small buisness, so trust me, I feel the pain. However, I'm sorry but Phil Graham was largely right, we are mostly just whining because we've been spoiled. The economy is cyclic, and we were bound to have a downturn. And really, the politicians and government only have so much effect on how the economy performs, its much its own animal. Plus, any thing the government does do to affect the economy may take many years to see its true effects, therefore its kind of tough to give credit to Bill Clinton (in the mid-late 90's) or GWB (in the mid-00's) for the sucessful economy at those times, as much as its had to blame them for the downturns.

The economy is not as bad as the 70's as a previous poster pointed out, I just hope the financial institutions are going to weather the storm all right and it doesn't get worse. Also, keep in mind we're in a global slowdown, so who knows how things will pan out. As for the OP seeing a robust economy in his line of buisiness, ironically its because the weak dollar has made US-made products more attractive. In addition, the high fuel prices have made it less lucrative to make stuff overseas to be shipped here. Sorry, but an economy can't go full bore all the time.

 

[C.Ann]

That's how DMIL prepared too and due to all the advances in the medical field she outlived all her preparation. Sometimes no matter how much you prepare, it just isn't enough. Many seniors are in that boat right now. I hope you never have to experience it first-hand or try to negotiate the way for an elderly parent.

------------------

Doesn't happen just to the elderly either.. There's a couple up here right now - they're in their early 50's - and they both have cancer.. His is very rare and will ultimately wipe them out..

 

[gmboy95]

It's not good, but its not as bad (at the moment) as the MSM paints it to be. Sure some people are "hurting", but that's just in relation to the relatively good economy we've had the last 20 years or so (give or take a couple down years here and there). I own a small buisness, so trust me, I feel the pain. However, I'm sorry but Phil Graham was largely right, we are mostly just whining because we've been spoiled. The economy is cyclic, and we were bound to have a downturn. And really, the politicians and government only have so much effect on how the economy performs, its much its own animal. Plus, any thing the government does do to affect the economy may take many years to see its true effects, therefore its kind of tough to give credit to Bill Clinton (in the mid-late 90's) or GWB (in the mid-00's) for the sucessful economy at those times, as much as its had to blame them for the downturns.

The economy is not as bad as the 70's as a previous poster pointed out, I just hope the financial institutions are going to weather the storm all right and it doesn't get worse. Also, keep in mind we're in a global slowdown, so who knows how things will pan out. As for the OP seeing a robust economy in his line of buisiness, ironically its because the weak dollar has made US-made products more attractive. In addition, the high fuel prices have made it less lucrative to make stuff overseas to be shipped here. Sorry, but an economy can't go full bore all the time.

I can not even begin to understand your level of "out of touchness" you possess......Middle class america clearly is hurting, EVERYTHING, costs more...I have a masters degree in management, but all you need is a high school diploma to know that if cost of living increases, and wages have decreased, things are not GOOD!!!.....I am glad you have thrived under this president, but to deny we are in far worse shape then we where 8 years ago is simply a fantasy.

Oh and by the way...Phil Gramm is a PUNK, and deserves a slap for what he said!!!

 

[UConnJack]

Which is why the McCain campaign strategists and Faux News are trying to turn this race into a popularity contest instead of an issues contest.

Obama is smart to not play McCain's game and, instead, is hammering away at how badly the people in this country are really doing and how that has to change. I hope he keeps the pressure on and convinces people that they're not voting for the next American Idol on November 4.

Change, change, change, blah, blah, blah. I am so SICK of "change". If someone could prove to me that this "change" (after first explaining what the heck most of it is) that Obama is spouting is going to help, maybe I could support him. But all I see is the cash register ringing as he rambles on about all these things he's going to do and provide if elected. I'm sorry, but income redistribution, which is essentially what everything Obama is preaching boils down to, is NOT "change I can believe in."

 

[UConnJack]

I can not even begin to understand your level of "out of touchness" you possess......Middle class america clearly is hurting, EVERYTHING, costs more...I have a masters degree in management, but all you need is a high school diploma to know that if cost of living increases, and wages have decreased, things are not GOOD!!!.....I am glad you have thrived under this president, but to deny we are in far worse shape then we where 8 years ago is simply a fantasy.

Oh and by the way...Phil Gramm is a PUNK, and deserves a slap for what he said!!!

I never said I was "thriving", and I too have been hit pretty hard by the economic troubles, so much so that we were afraid we'd have to declare backrupcy for our small buisness (and we're not out of the woods yet.) And I never said the ecomomy was good, its not, but it also is not as bad as is hyped (yet), not as bad as it has been in our not so distant past, nor is it unusual or something the government can have a lot of control over. I don't even think you read my post, at least not objectively. Anyone who thinks the economy can always be riding high is naive, this downturn was bound to happen, and honestly it should lead to a healthier economy down the road. Its like an overgrown forest, every now and then you need a forest fire for it to grow back and thrive again.

 

[gmboy95]

I never said I was "thriving", and I too have been hit pretty hard by the economic troubles, so much so that we were afraid we'd have to declare backrupcy for our small buisness (and we're not out of the woods yet.) And I never said the ecomomy was good, its not, but it also is not as bad as is hyped (yet), not as bad as it has been in our not so distant past, nor is it unusual or something the government can have a lot of control over. I don't even think you read my post, at least not objectively. Anyone who thinks the economy can always be riding high is naive, this downturn was bound to happen, and honestly it should lead to a healthier economy down the road. Its like an overgrown forest, every now and then you need a forest fire for it to grow back and thrive again.

we spend a billion dollars a month in Iraq, without a single tax increase on the wealthy....again you dont need to be an economist to figure this out. This administration will end with the BIGGEST national debt in history....that is NOT CYCLICAL!!!!

 

[JimFitz]

Medical bills are a problem and its sad to see someone have to go bankrupt for medical expenses. It's a shame but I still will not support socialized healthcare.

The FACT still remains that the majority of foreclosures in this country (at the moment) are from GREED and nothing more. Pay option ARM loans....interest only loans.......LIBOR loans.........these are all greed vehicles that people used to buy homes they could not afford. BTW...Pay Option Arms are reseting now and are predicted to reset through 2011. Say goodbye to more of your home values.


We live and learn.

 

[gmboy95]

Change, change, change, blah, blah, blah. I am so SICK of "change". If someone could prove to me that this "change" (after first explaining what the heck most of it is) that Obama is spouting is going to help, maybe I could support him. But all I see is the cash register ringing as he rambles on about all these things he's going to do and provide if elected. I'm sorry, but income redistribution, which is essentially what everything Obama is preaching boils down to, is NOT "change I can believe in."

Nope, read the plan, Obama will cut taxes for 95% of americans.....Read up on it from non partisan web sites....just a little research will show you that Obamas plan cuts taxes for the middle class, period!!

 

[gmboy95]

Medical bills are a problem and its sad to see someone have to go bankrupt for medical expenses. It's a shame but I still will not support socialized healthcare.

The FACT still remains that the majority of foreclosures in this country (at the moment) are from GREED and nothing more. Pay option ARM loans....interest only loans.......LIBOR loans.........these are all greed vehicles that people used to buy homes they could not afford. BTW...Pay Option Arms are reseting now and are predicted to reset through 2011. Say goodbye to more of your home values.


We live and learn.

yup...predatory lenders had nothing to do with it

 

[UConnJack]

Nope, read the plan, Obama will cut taxes for 95% of americans.....Read up on it from non partisan web sites....just a little research will show you that Obamas plan cuts taxes for the middle class, period!!

And those tax cuts are progressively higher as you move down in income. He wants to increase taxes for those who make more and decrease them for those who make less. Thats redistribution of weath. Robin Hood may be your hero, but he was a socialist, just like Obama is.

 

[hentob]

He wants to increase taxes for those who make more and decrease them for those who make less. Thats redistribution of weath.

Yay

It makes me sick to my stomach

 

[JimFitz]

Good point on predatory lending and it is definitely part of it, but it still boils down to greed and people wanting more....and more...more house...more car....more clothes.....more trips....more TV's.

People took out over 1.5 trillion dollars in equity from their homes in the past 5 years. FOR WHAT?

 

[UConnJack]

People took out over 1.5 trillion dollars in equity from their homes in the past 5 years. FOR WHAT?

Big screen TV's and trips to WDW.

 

[joviroxx]

Nope, read the plan, Obama will cut taxes for 95% of americans.....Read up on it from non partisan web sites....just a little research will show you that Obamas plan cuts taxes for the middle class, period!!

If over 30% of Americans do NOT pay taxes (after credit, EIC, etc) how are they getting a cut? How do you cut 0?