Comments for Report: Most Americans Glum on Financial Progress »
Posted By not2needy 1 year, 8 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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not2needy1 year, 8 months ago
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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, 8 months ago
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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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not2needy1 year, 8 months ago
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Yes, it's sad, and i know a lot of people who are in the same shape.
I am so glad my husband and i planned for our retirement, but if something happened to one or the other of us right now, i don't know if the one left could hang on with the way things are!
Scary times we are living in right now.
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JackofallChems1 year, 8 months ago
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This mess has been in the making since around 1970, when China started their currency manipulation gambit and they started getting support from the US presidency (Nixon & Clinton, to name a couple - Nixon for recognizing red China instead of Taiwan as a legitimate trading partner, Clinton for selling off missile technology). It accelerated in 1984 when France attacked and took over the only profitable export center in the US - the US chemical industry (through it's so-called national champions). And furthermore, the dollar has been artifically propped up for over a decade to make sure that when our currency crash came it would be too abrupt for us (the middle class especially) to adapt to economically through retraining and increased investment. In addition, the school system in the US was under attack from the early 1900s in an attempt to make socialism appealing to the citizenry through miseducation (artificial ignorance). Had enough yet, or should I ask in 2 years?
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UnusualSuspect1 year, 8 months ago
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My one disagreement with the article is that I think our children will have it worse than we did. With diminishing oil reserves, energy costs will continue to rise. I don't see us going any faster into alternative energy sources very soon, which will hurt them in the long run.
The US is continuing to overreach itself, and it won't get better with passing time. These wars in Iraq and Afghanistan, and fighting terrorism are taking their toll on us financially. Our children will be paying dearly for our mistakes. It's too bad.
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browntiger1 year, 8 months ago
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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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djrevelky1 year, 8 months ago
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It's not a Republican economy, it's an economy from ALL of the crooks in China.
It started when Clinton started giving the Chinese money and technology while passing NAFTA letting all of our corporations go to Mexico. We just started seeing the results of it during Bush.
All of our economic problems started in 1996 under a Democratic President with a Republican Congress. They continued in 2000 with a Republican President and a Republican Congress. They still continue now with a Republican President and a Democrat congress. Next year, when Barry is president and has a Democratic Congress they will still continue.
Anyone who thinks that anyone currently in Washington is going to fix the economy overnight and undue 16 consectutive years of bad economic policy is a serious sheep.
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rdy2rckComment removed: Hard Banned16 Replies
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texangelwings1 year, 8 months ago
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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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not2needy1 year, 8 months ago
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not2needy1 year, 8 months ago
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aceofspades11 year, 8 months ago
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Can anyone believe that CAT7 thought it was a good idea to neg me telling tex that it was good to see her.
N2N CAT7 has this need to neg anyone who says something sensible or nice
We have had our differences on other threads, but on this one I agree fully with anything you have said
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rdy2rckComment removed: Hard Banned
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Spadecaller1 year, 8 months ago
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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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not2needy1 year, 8 months ago
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browntiger1 year, 8 months ago
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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, 8 months ago
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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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nostalgia1 year, 8 months ago
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This explains part of the problem with the spiraling cost of fresh fruit and vegetables:
My Forbidden Fruits (and Vegetables)
As a small organic vegetable producer in southern Minnesota, I know this because my efforts to expand production to meet regional demand have been severely hampered by the Agriculture Department's commodity farm program. As I've looked into the politics behind those restrictions, I've come to understand that this is precisely the outcome that the program's backers in California and Florida have in mind: they want to snuff out the local competition before it even gets started.
Last year, knowing that my own 100 acres wouldn't be enough to meet demand, I rented 25 acres on two nearby corn farms. I plowed under the alfalfa hay that was established there, and planted watermelons, tomatoes and vegetables for natural-food stores and a community-supported agriculture program.
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nostalgia1 year, 8 months ago
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All went well until early July. That's when the two landowners discovered that there was a problem with the local office of the Farm Service Administration, the Agriculture Department branch that runs the commodity farm program, and it was going to be expensive to fix.
The commodity farm program effectively forbids farmers who usually grow corn or the other four federally subsidized commodity crops (soybeans, rice, wheat and cotton) from trying fruit and vegetables. Because my watermelons and tomatoes had been planted on "corn base" acres, the Farm Service said, my landlords were out of compliance with the commodity program.
http://www.nytimes.com/2008/03/01/opinion/01hed...
Just another example of why centralized planning doesn't work
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icono11 year, 8 months ago
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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, 8 months ago
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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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Ryan8111 year, 8 months ago
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walden31 year, 8 months ago
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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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djrevelky1 year, 8 months ago
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The 21st Century belongs to India I think.
There are a lot of factors that are going into the US having less money though, and most of them involve China and India actually developing an economy while Russia finally managed to stabilize its.
It's basic economics. There is only a finite amount of money and resources in the world, when new competition arrives the pool of money and resources gets smaller. China and India have developed their own industries, they do not need America for anything. That is a source of money that we lost. China and India flood other markets and create competition. The more competitors there are, the less profit everyone is going to make.
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nostalgia1 year, 8 months ago
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"China and India have developed their own industries, they do not need America for anything."
They need America for HB1 visas - this program allows American companies and universities to hire foreign scientists, engineers and programmers. Unfortunately, H-1B law lacks adequate safeguards to protect US workers from being displaced and is abused to provide cheap labor. Although requirements say employers must pay the "prevailing wage," numerous loopholes mean there is little real-world wage protection for either US citizens or the H-1B guest workers. Moreover, employers almost never have to certify that no qualified U.S. workers are available before hiring an H-1B. Certification is nearly an automatic rubber stamp.
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jumpmaster1 year, 8 months ago
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"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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not2needy1 year, 8 months ago
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Having these things is no good to them if they are in constant fear of losing them! ALSO, as long as they pay for their luxuries and had the money to afford these things why is it a concern for anyone? I don't think hard working people should be expected to go back to black and white tv's, dial up internet, and walking because of our govt.
I don't know about where you live, but here, all the new subdivions that are going up the houses are HUGE! Why is that?
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jumpmaster1 year, 8 months ago
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I agree. People should be able to buy whatever they can AFFORD. I just get tired of people who buy unecessary things that they cannot afford and do it on credit, then whine about it. People spend extraordinary amounts of money on depreciating assets instead of investing in themselves or in their retirements and they just cannot understand why they cannot get ahead. Hmmmm.
Why are the houses huge? Because the consumer demands huge houses.
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paweenthas1 year, 8 months ago
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Very interesting, Thanks
http://band-titanium-wedding.blogspot.com
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asecretgirl1 year, 8 months ago
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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, 8 months ago
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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, 8 months ago
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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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