Study documents struggles families have faced during the recession

Jun 13, 2012 Read more: www.modbee.com 33
Wages down, poverty up

A survey of U.S. family finances released by the Federal Reserve on Monday documents in painful detail just how deeply the recession and its aftermath has been felt in family budgets across the United States.

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Since: May 11

Location hidden

#1 Jun 13, 2012
My family was one of them. We faced months of unemployment. We went through a period of rough
financial struggles due to a family emergency, but we fortunately came through it all OK.

I will say this. We survived because we didn't live above our means. I think this is a problem in America. Yes, we do have an out-of-balance economy and the middle class has suffered the most, but I also think the middle class is the one with the champagne taste on a beer budget.

They bought houses that were too big and costly. Bought cars every two or three years. Had the latest gadgets. Too expensive vacations. Kids in private schools. Got into massive credit card debt. Saved nothing.

The economy during Bush's reign was a bubble. All you had to do was look at it to realize it couldn't keep going. For the rich, it was a boom...for everyone else it turned out to be a bust.

Now it's time to come back to reality. Modest home, modest lifestyles. Live within your means. If you have buy everything on a credit card, you can't afford it. Bad times are just around the corner again. Everyone should prepare themselves for what's looming ahead.
CHECK SIX

North Port, FL

#2 Jun 13, 2012
CHANGE YA CAN BELIEVE IN!...YES WE CAN MOVING FORWARD!....Some change,and its NO we CANNOT!..Stuck in OBAMA'S DITCH!!

ITS THE ECONOMY STUPID!!
America Is Not The Same

Pompano Beach, FL

#3 Jun 13, 2012
America Is Not The Same

Pompano Beach, FL

#4 Jun 13, 2012
5 Trillion ADDED Debt under Odumbo.
Highest add by ANY president in history
S&P downgraded the US First time in history because of ODUMBO"S SPENDING and NO BALANCE BUDGET And don't intend to have a balance budget

Economy good under Republican control
Economy tanks under Democrats
A PROVE FACT!!
lolol

Santa Fe, NM

#5 Jun 13, 2012
and listening to the admin speeches 'the private sector is doing fine' oblama, we should all be better off and have nice jobs. only nice jobs the last 3 1/2 yrs is oblamas gov, union and public sector campaign contributers that he funnelled billions into with his stimulus money, correction my grandkids stimulus money. can't wait to see him hitchhiking back to chitown in november.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#6 Jun 13, 2012
America Is Not The Same wrote:
5 Trillion ADDED Debt under Odumbo.
Highest add by ANY president in history
S&P downgraded the US First time in history because of ODUMBO"S SPENDING and NO BALANCE BUDGET And don't intend to have a balance budget
Economy good under Republican control
Economy tanks under Democrats
A PROVE FACT!!
The debt you refer to was run up by GW Bush.
Obama is office when the bills came due.

The Obama "spending" you refer to was actuall investment to stave off economic depression, and push back the Great Bush Recession.

If the tea-bagger congress would govern instead of foot-drag, wed be done with this recession.

Since: Jun 12

Atlanta, GA

#7 Jun 13, 2012
America Is Not The Same wrote:
5 Trillion ADDED Debt under Odumbo.
Highest add by ANY president in history
S&P downgraded the US First time in history because of ODUMBO"S SPENDING and NO BALANCE BUDGET And don't intend to have a balance budget
Economy good under Republican control
Economy tanks under Democrats
A PROVE FACT!!
Economy tanked the summer of 2008. Maybe you were too young to remember.
Obama 2012

San Diego, CA

#8 Jun 13, 2012
CONS will con u wrote:
<quoted text>
Economy tanked the summer of 2008. Maybe you were too young to remember.
Exactly! The economy went down the chitter when Bush and those Republican fools were in at the helm!!

“i hope we can change this!”

Since: Aug 08

usa

#9 Jun 13, 2012
Obama 2012 wrote:
<quoted text> Exactly! The economy went down the chitter when Bush and those Republican fools were in at the helm!!
idiot on parade...

the democrats controlled congress and the purse strings in 2008...they had for 2 years.
oh, my...coincides with the economy falling off a cliff, huh.
but, don't let actual fact get in your way...it hasn't yet!

“i hope we can change this!”

Since: Aug 08

usa

#10 Jun 13, 2012
Mr_Bill wrote:
<quoted text>
The debt you refer to was run up by GW Bush.
Obama is office when the bills came due.
The Obama "spending" you refer to was actuall investment to stave off economic depression, and push back the Great Bush Recession.
If the tea-bagger congress would govern instead of foot-drag, wed be done with this recession.
how do you stay SO fcking clueless, bill?

Since: May 11

Location hidden

#11 Jun 13, 2012
carey529 wrote:
<quoted text>
idiot on parade...
the democrats controlled congress and the purse strings in 2008...they had for 2 years.
oh, my...coincides with the economy falling off a cliff, huh.
but, don't let actual fact get in your way...it hasn't yet!
Republicans are controlling Congress now so why aren't things better? Got an excuse for THAT?

Since: Mar 11

Location hidden

#12 Jun 13, 2012
PayThat CEO wrote:
<quoted text>
Republicans are controlling Congress now so why aren't things better? Got an excuse for THAT?
Republicans control 1/2 of Congress. The Republican House has submitted budgets in a timely manner. The Democrat Senate hasn't submitted one in four years. Perhaps that helps your curiosity.

I am amazed at the fact so many Americans fail to grasp simple civics.

Add to that the unrelenting printing of worthless dollars resulting inflation, the insane borrowing to support crony investment schemes, and uncertain tax regulations forcing businesses to sit on capital, then the present situation becomes the obvious result.

Since: Mar 11

Location hidden

#13 Jun 13, 2012
PayThat CEO wrote:
My family was one of them. We faced months of unemployment. We went through a period of rough
financial struggles due to a family emergency, but we fortunately came through it all OK.
I will say this. We survived because we didn't live above our means. I think this is a problem in America. Yes, we do have an out-of-balance economy and the middle class has suffered the most, but I also think the middle class is the one with the champagne taste on a beer budget.
They bought houses that were too big and costly. Bought cars every two or three years. Had the latest gadgets. Too expensive vacations. Kids in private schools. Got into massive credit card debt. Saved nothing.
The economy during Bush's reign was a bubble. All you had to do was look at it to realize it couldn't keep going. For the rich, it was a boom...for everyone else it turned out to be a bust.
Now it's time to come back to reality. Modest home, modest lifestyles. Live within your means. If you have buy everything on a credit card, you can't afford it. Bad times are just around the corner again. Everyone should prepare themselves for what's looming ahead.
I'm with ya on those who lived excessively then cried to the government to bail them out. Folks who worked for me refied their homes into oblivion to pay for the clothes, vacations, cars and amenities that were clearly beyond their pay grades. When I attempted to counsel some of them, I was met with disbelief as they knew the good times would just keep rolling.

I have a cousin who is whining about the possible loss of obamacare right now, because she "needs" coverage. This is the same cousin who bought a house, car, and time share during the same year that she went on a Mediterranean cruise. She loves her LV and Kate Spades, and wouldn't think of buying anything other than Jimmy Choo, Louboutin, and Manolos. But when it comes to insurance, she thinks the rest of the folks who live at or below our means, should pick up her tab.

Me, I'm ticked off every time I hit the market and see the Yopait that was on sale 10 for $4 two years ago now going 10 for $7 on sale, or when cherries are "on sale" for 4.50 a pound. I'm likewise ticked when I see an abysmal failure by MSM to cover the stories of the recession in a factual manner.
Cat74

Barrington, IL

#14 Jun 13, 2012
There is no doubt President Obama inherited a mess in 2009. However, he made everything worse, and he is leaving Romney a really bad situation. With a Republican House, and Senate the new President should be able to begin making our lives better. Cut taxes, reduce the size of Government. Put those layabouts on welfare to work if they want to eat. There are always changes when a new Administration comes in.
Telmark

Chico, CA

#15 Jun 13, 2012
So, our government sees fit to spend more of our tax dollars documenting what most of us income tax paying citizens have known for since 2007/8/9.

How (not so) surprising.

Next they'll be releasing a study that documents how the sun rises in the east...

Meanwhile, many (if not most) long time steady Democrat/Obama supporters have suffered little, if any, from this recession due to the fact they've received free section 8 housing, food stamp cards, health and day care, low or no cost energy, and various other public assistance benefits for many years (if not decades).

The bottom line (for us income tax payers) is that those who "vote for a living" have little (or no) chance of loosing their livelihoods. Let's also remember that many of these long time public assistance funded people and/or families have, in fact, received additional benefit payments during this recession.

Since: May 12

Murfreesboro, TN

#16 Jun 13, 2012
I'm putting this out as a discussion point. Has anyone ever considered that this recession may have some positive points to it? We had become an over consuming society, the majority living beyond their means. Growth can only go on so long and situations cannot be expected to improve continuously. At some point there has to be a reset. I am not speaking of a rich/poor distinction, but the attitude that people have to have it better than people in the past. If that mentality is unchecked, people have unreal expectations. Nothing contiues to get better and better. Just because your parents had a certain lifestyle doesn't mean you are entitled to the same or better lifestyle.
Halito

Winnemucca, NV

#17 Jun 13, 2012
Well maybe its time to read the book...Eat THE WEEDS...abd Survival into the 21st Century....
Halito

Winnemucca, NV

#18 Jun 13, 2012
And the frickin candy at the dollar store shrunk...
Halito

Winnemucca, NV

#19 Jun 13, 2012
is that the non profit chocolate conservation program?
Halito

Winnemucca, NV

#20 Jun 13, 2012
I'll have to get my charge it to Hersheys Phone out....

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