Report: Most Americans Glum on Financial Progress »
Posted By not2needy 1 year, 2 months ago in Business & FinanceOffering the gloomiest assessment of personal economic progress in close to half a century, a new survey has found that most Americans think they have not made economic progress over the past five years, as their incomes have stagnated and they have increasingly borrowed money to finance their lifestyles.
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not2needy
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I am a Christian, Married, Liberal, and retired social worker. One son. I enjoy my computer, gardening, reading, cooking and having a ...
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not2needy1 year, 2 months ago
FTA:
As many Americans struggle with declining housing values, increasing food and energy prices and growing unemployment after a long period of flat wages, well over half of respondents said they are either losing ground economically or are stuck in the same place, according to the report released today by the Pew Research Center. Only four in 10 said they have moved forward in the past five years -- a record low, Pew says, and far off the record 57 percent who in 1997 said they had moved forward in the previous five years.
Pretty bleak picture.
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dandt16121 year, 2 months ago
Just about everyone was doing better in the 90's. It's really sad to read and hear that people have lost hope of getting ahead and the only thing they can think about IS keeping their head above the water now. I know quite a few people who are barely and I mean barely making it and sadly a few friends who have lost the fight to stay a float. I hope things improve before to long.
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browntiger1 year, 2 months ago
Oh republican economy keeps getting better and better everyday.
You borrow and then spend spend spend, and spend some more. After all it is so important to spend billion/week to patrol streets of Iraq.
Nothing wrong with $4/gal price of gas - it is economy stupid. Rule of supply and demand. It is a perfect republican economy: everything produced in china, all engineering - china, IT - india. US just need fast food workers and CEOs.
And let's face it it will not get better. CEOs making too much money on china. They will get the best government money can buy. Keep voting same old crooks. Heck McCain proposes to cut corporate taxes! Wow in fiscal crisis!
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rdy2rckComment removed: User banned.16 Replies
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texangelwings1 year, 2 months ago
When it costs more to live than people can now earn, it can get depressing. The disparity between the haves and the have-nots is getting wider and was one of the reasons for the great depression of 1929.
Some good comments above, thanks to all!
Thanks not2needy!
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OnionHeadComment removed: User banned.
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Spadecaller1 year, 2 months ago
Those of us who are on a fixed income or who are disabled and receiving SSD, we have been hit real hard. These are hard times. Without a sufficient cost of living increase for many years and with the increased cost of food and gas, we are having tough time keeping food on the table.
Shopping for food has become a depressing task. We have given up eating foods that we used to be able to afford regularly. I'm diabetic and get not eat too many carbohydrates, which tend to cost less.
It is sad to see that we have followed in the footsteps of the former Soviet Union. I used to think about what it cost to buy a piece of fruit in Russia -- back in the 70's and 80's. Now, the cost of an apple or a tomato, a loaf of bread, flour, ... it's insane. It's shameful.
I can't even think about this subject too long because it sickens me. But, thanks for posting a story that needs to be addressed openly. Millions of Americans are hurting financially and the worst has yet to come.
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browntiger1 year, 2 months ago
What do you expect? Dollar lost about half of it's value. EUro was 76cents to 1USD. Now 1EURO to 1.56USD. We have mad man in the whitehouse, who spends like drunken sailor. We are in the fiscal disaster, our trade deals working not in our favor.
Bush response is trade deal with Colombia. Time to pull out of WTO, and nafta. Any future trade agreements should be equally profitable.
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walden31 year, 2 months ago
I agree Spade. I can't believe how much produce is costing these days. I told my wife that we may have to begin cutting down on our purchases of freshies.
If you are able to garden I highly recommend it - you get exercise, it helps to relax, get outside in the fresh air, help the earth and get some homegrown tasties too. It's way easy to grow one or two tomato plants and be careful of zucchinis because they will take over.
BTW everyone is on a fixed income. There are very few who really have the ability to increase their income.
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icono11 year, 2 months ago
Well n2n it seems that this whole mess could get a whole lot worse before it ever gets the least bit better.
& rdy2rck I also know some people on SSI making a good living on the side selling their prescription drugs to 'select individuals' and doing so called 'odd jobs' for certain people.
I respect your sense of God and how to do good for other people in the name of God. Very few people achieve that in their religion.
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not2needy1 year, 2 months ago
It's kinda like the old saying, "I'd have to get better to die".. that's the way our country is looking right now.
Rdy2rck is right on about the SSI. When i was a social worker, i saw many people who were more able to work than i was, but refused to give up the monthly draw. That's a program that needs a complete overhaul!
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walden31 year, 2 months ago
I think this is really the beginning of the end. I don't think it's a simple business cycle that we're being exposed to. I think it's an economic shift that the country won't ever, or at least for many years, recover from.
The 20th century was the American century.
The 21st century - Asia? Europe?
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jumpmaster1 year, 2 months ago
"Seven in 10 survey respondents said they have cable or satellite television as well as two or more cars. Two-thirds reported having high-speed Internet service, and 42 percent said they have a high-definition or flat-screen television, the report said, adding that the typical house is 50 percent larger and nearly twice as expensive now as it was in the mid-1980s"
Cable? Satellite? High speed internet? flat screen tv? 50% larger house?
I did not realize that so many people were living in such inhumane conditions.
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Mcknight0671 year, 2 months ago
This is amazing news. I love it so much. So, thank you for posting it.
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asecretgirl1 year, 2 months ago
I wish there was something we could do to help each other. I do not think that Washington has a clue as to how bad it really is in the real world.
I don't like going to the grocery store or the gas station...not to mention cutting back on eating out!
As great as our country is we the people need to come up with solutions...I don't think Washington can without adding pork to the recipe.
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Harbeas1 year, 2 months ago
I am sure we you have heard the saying that this will be the first generation where the children will be making less than their parents did. This is not the way it should be, so let's make sure that we analyze, very closely, all the candidates for president. I like what V.O.R. says. We should not bother about which party the candidates belong to and vote for the individual who has the vision to turn this situation around.
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joeblowe1 year, 2 months ago
I don't think this is going to come as a "news" item to most people. Sure, I get a bit of a raise every year. So what? This last while the cost of fuel, food, INSURANCE, energy -- have all HANDILY outpaced my salary increases. Why does this happen? Businesses don't want to give away money to employees. We NEED Henry Ford back again. About the only thing in the plus column: When employees don't get salary increases to match or exceed price increases, there is less inflation. If I were getting the 20-40% increase the health insurance companies have been getting lately, imagine how much more my company would have to charge it's customers. Just like the increases due to fuel costs, everything would inflate. Around and around and around it goes until inflation is at 18% and everyone is in a panic.
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HomerJS491 year, 2 months ago
You won't read it in our papers...
Wall Street fears for next Great Depression
By Margareta Pagano, Business Editor The Sunday Independent UK
Sunday, 16 March 2008
Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.
One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed's emergency funding procedure was first used in the Depression and has rarely been used since.
A Goldman Sachs trader in New York said: "Everyone is in a total state of shock, aghast at what is happening. No one wants to talk, let alone deal; we're just standing by waiting. Everyone is nervous about what is going to emerge when trading starts tomorrow."
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HomerJS491 year, 2 months ago
For all you who loved shrub so much all I can say is, FOUR MORE YEARS, FOUR MORE YEARS, FOUR MORE YEARS. In my best sarcastic tone.
Funny, before the last election Shrub said, "We inherited the down turn from the previous administration and acted to fix it". Now which administration did he inherit this recession from?
Hmmmm....
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