When will the 'recession' be over?!

[sorul82?]

I can't tell where you live. I'm sorry things are so tough. Pixies for you!
If you could move to the triangle area in NC, you'd still find people eating out all the time. I drive by a lot of restaurants each day (mostly chains) and their parking lots are almost always full all week long.

Isn't that amazing considering our unemployment is 11%?

 

[sorul82?]

We live in the Cleveland area, where manufacturing jobs are on their way out, probably never to return.
Its funny you mentioned north carolina. I have a friend there, in the home painting business, who had somewhere near 1/2 million dollars in sales last year. Another friend from this area has actually been 'commuting' to that area to do outdoor lighting..When I asked a third friend why he's moving there, he said 'apparently there is still quite a construction business down there. People are still building new homes.' Found it funny you mentioned that..

But there are so many abandoned unfinished houses because the builder is bankrupt. Even the Mexicans are leaving. There was a story on our local news recently about the increase in one way bus tickets to Mexico; it was called the mass exodus or something.

 

[Planogirl]

The comments about things not returning to the way they once were are interesting. If you consider that we overspent (and relied too much on credit); that huge spending is of course part of what helped cause our economy to grow as quickly as it did. We definitely need to spend less, in other words rely less on credit, and our economy shouldn't see the amount of money change hands as it once did.

Is that good or bad? That's a question to ponder.

Another thing - as jobs move overseas or maybe come back when salaries drop, that should affect people's ability to spend as much as they once did. I see again that less money will flow into the economy.

Ugh, it should be interesting if nothing else.

 

[MinnieFlute]

I'm afraid with the new administration it's only going to get worse before it gets better!! Not trying to be a nancy naysayer, but I've felt this way since the elections last November!!

And unfortunately, our previous President was not doing a lot more to help these things. I know the current one is taking the idea and multiplying it, but the "let's throw money (we don't have) at the problem" idea started with him (and others I am sure).

I feel very fortunate to be a teacher (and a traditionally certified one) thus having a relatively secure job, but as I have mentioned in other threads, I'm a band teacher - guess what programs/positions are going to get cut if district budgets get slashed? I am not facing any threats right now, but I am concerned how much longer this is going to last. Not to mention our IRA (can I even call it that in the state it is in?).

Good luck to everyone.

 

[sorul82?]

I feel very fortunate to be a teacher (and a traditionally certified one) thus having a relatively secure job, but as I have mentioned in other threads, I'm a band teacher - guess what programs/positions are going to get cut if district budgets get slashed? I am not facing any threats right now, but I am concerned how much longer this is going to last. Not to mention our IRA (can I even call it that in the state it is in?).

Good luck to everyone.

Many teachers across NC lost their jobs.

 

[princessbride6205]

To the OP - economic viewpoints aside - I understand your vent. It's frustrating not to be able to get ahead.
We have been fortunate that our company "only" did salary freezes this year and DH's job had a 20% hours and pay cut for 2 months. We were still able to pay all our bills, so I consider us lucky in this recession.

Crisi - I liked your point in comparing our current crash to the 20s.

I think we haven't quite hit bottom yet, but I think 2010 will show growth and end the technical "recession."

 

[MinnieFlute]

Many teachers across NC lost their jobs.

Oh, and some districts around here are doing the same thing. One built a GARGANTUAN football stadium with a multi-use facility right next to it, and then had to fire 400+ teachers the following year. Now, they are having some brouhaha with their state funding, but gee, saving $80 million might have helped when state funding fell through.

We have been very lucky. Our districts have not had any such problems yet, but you are so right - you just never know.

 

[sorul82?]

Oh, and some districts around here are doing the same thing. One built a GARGANTUAN football stadium with a multi-use facility right next to it, and then had to fire 400+ teachers the following year. Now, they are having some brouhaha with their state funding, but gee, saving $80 million might have helped when state funding fell through.

We have been very lucky. Our districts have not had any such problems yet, but you are so right - you just never know.

Amazing, isn't it?

 

[crisi]

The comments about things not returning to the way they once were are interesting. If you consider that we overspent (and relied too much on credit); that huge spending is of course part of what helped cause our economy to grow as quickly as it did. We definitely need to spend less, in other words rely less on credit, and our economy shouldn't see the amount of money change hands as it once did.

Is that good or bad? That's a question to ponder.

Another thing - as jobs move overseas or maybe come back when salaries drop, that should affect people's ability to spend as much as they once did. I see again that less money will flow into the economy.

Ugh, it should be interesting if nothing else.

That's good in that slower growth is usually more stable growth. Stable growth is built on things that don't tend to disappear overnight - productivity gains, population growth (particularly middle class population growth).

We had a lot of growth that was made by just moving money from pile to pile. That really isn't growth - and it builds a house of cards.

It does mean that if you got lucky enough (like we did) to ride the 90s and 00s into prosperity - that isn't something you can expect your kids will be able to do. And hopefully, you set some of that aside and didn't figure "I can buy more house than I can afford right now - I've always gotten good raises and bonuses!"

 

[wall*e2008]

That's good in that slower growth is usually more stable growth. Stable growth is built on things that don't tend to disappear overnight - productivity gains, population growth (particularly middle class population growth).

We had a lot of growth that was made by just moving money from pile to pile. That really isn't growth - and it builds a house of cards.

It does mean that if you got lucky enough (like we did) to ride the 90s and 00s into prosperity - that isn't something you can expect your kids will be able to do. And hopefully, you set some of that aside and didn't figure "I can buy more house than I can afford right now - I've always gotten good raises and bonuses!"

 

[speedyf]

I just wanted to kindly refute a couple of points in this post.

I do understand that corporate tax won't bring back jobs for assembly workers. I understand that if you can pay 3 workers in Mexico the same amount that you pay for 1 worker in the US, then it's obvious those jobs won't come back.

The low corporate tax, however, did help Ireland. Check out this article/blog:
http://www.taxfoundation.org/blog/show/626.html

Here is an exerpt:

...........................................................................
Ireland is currently the second richest country in the European Union, with a per capita GDP higher than that of Germany, France and Britain. But in the mid-1980s, the economy was faltering, college graduates were emigrating, and the outlook was bleak:

"We went on a borrowing, spending and taxing spree, and that nearly drove us under," said Deputy Prime Minister Mary Harney. "It was because we nearly went under that we got the courage to change." (Does this sound familiar)

This change included a corporate tax rate cut to 12.5 percent, far below the rest of Europe, which attracted foreign investment. Nine of ten of the world's top pharmaceutical companies and seven of the top ten software designers currently have operations in Ireland.
...............................................................................

So...while I agree that alot of blue collar jobs are probably lost forever and that the corporate tax rate won't bring them back, I also believe that lowering the corporate tax rate would bring in alot of white collar jobs. Companies would be willing to move or locate their headquarters in the U.S. again and we might get some of the companies that moved their HQ out to move back in again.

I also wanted to comment about good jobs right out of high school. I live along the gulf coast in Louisiana and there are a few good paying jobs for kids out of high school. We have boat captains working for us that make between $100k and $200k per year...some of which can't read or write and didn't even finish high school. A kid out of high school can become a deckhand on one of our vessels making around $32k per year to start. He can work his way up to mate and then eventually captain without any other "formal education". I'm the IT/Accounting guy for my company and all these captains make more money than me. Also...the welders and mechanics that work for us repairing the vessels make more money than me as well. This is just a small piece of the amount of work there is in the gulf. Others include working on actual rigs out in the gulf, truck driving for all the supplies and parts for all these drilling rigs and vessels, fabrication of these parts at shipyards and other facilities, etc..etc...

I know this is the exception to the rule...but, I just wanted to post that there are still good jobs out there for HS grads. Also...$100k to $200k might not be alot of money in other parts of the country, but in Louisiana it's a good chunk of money. Of course, these captains will get a rude awakening to find out that they are considered "wealthy" when the new tax for people making $200k or more goes into effect.

Speed

 

[MoniqueU]

Things and policies are even worse then i thought they would be. I didn't support the start of the bailouts by the last administration and what is going on now with the power grabs and socialism should be keeping everyone awake at night. To top it all off i live in Ca where our state legislature a majority with the views of the current administraation have managed to send our state and it's people into destitution. The only people doing ok here are those with illegal status that don't have to pay back any of their medical care, can get a drivers license and all sorts of benefits.
I also heard fror every new job created by the stimulus packages so far the price tag has been 400k a job. GEE that sounds hopeful.

People were too dazzled and naive and still are ImHo to grasp what thr policies really meant/mean for our country and like i said earlier it is worse then i could of dreamed.

 

[polkadotsuitcase]

It will be over at 11:32 a.m. on November 22.

 

[semo233]

For those looking to HELP our country

http://www.usamade.com/

Buy American!

 

[dvcgirl]

For those looking to HELP our country

http://www.usamade.com/

Buy American!

Well, is anything on that list sold at Kohls?.....lol! Seriously, I get your point.

But here's the problem.

DH and I just did some shopping for some summer clothing. They gave us $40 in Kohl's Cash (which DH went out to spend today) and we spent $235 out of pocket last week and another $17 today. Here's what we got for our $252 out of pocket.

Me:

4 pairs of shorts
7 tops (two dressier)
2 bras
a package of 9 pairs of socks

DH:

3 pairs of shorts
5 shirts (two dressier)
a belt
a pair of flip flops

Granted, this is clothing that you get one, two seasons out of it at most. But stuff goes in and out of style so quickly, that's all we need out of it. We're frugal and obviously not fashionistas, so Kohls fits the bill for us .

So, for $250 we 19 items of clothing, a belt, nine pairs of socks, two bras and a pair of flip flops.......

American manufacturers could never come close to those kind of numbers. I just think that the "global economy" debate is over. I won't pay two to three times the amount for an item just because it's made in this country.

 

[wall*e2008]

For those looking to HELP our country

http://www.usamade.com/

Buy American!

Last weekend I bought a US made microwave. I made it a point to buy American and not just the cheapest.

 

[semo233]

I just like to use it as a resource to confirm that there are things still made in America!