Study documents struggles families have faced during the recession

Jun 13, 2012 Full story: 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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Halito

Winnemucca, NV

#21 Jun 13, 2012
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Halito

Winnemucca, NV

#22 Jun 13, 2012
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John papa Day

Fishers, IN

#23 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.
U bitter with Bush or Reagan! and the West coast?!;)
John papa Day

Fishers, IN

#24 Jun 13, 2012
Halito wrote:
is that the non profit chocolate conservation program?
U is #2 in topix Bhi to Topixybot!!! you dun't blame on things...just hav fun with the Classs!;) yo u cun bee work for Harry Reid too get some Bill dooone;-000

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#25 Jun 14, 2012
John papa Day wrote:
<quoted text>
U bitter with Bush or Reagan! and the West coast?!;)
Yes, a bit with Bush. He cost me 1/3 of my retirement fund. It did not dissapear, but rather it went into the pockets of his pals, and his pal's pals.

Reagan was a moron, and only borrowd and spent.
Bush did much worse, emptied the Treasury, and saddled us with the huge debt Obama has been struggling with.

Under Reagan, everyone did well, except our grandchildren.
Under Bush, everyone did so poorly they stopped thinking about having grandchildren.

And I love the West Coast, especially the coast above San Diego.
Telmark

Chico, CA

#26 Jun 14, 2012
Bush didn't cost the likes of you anything Mr_Bill.

What cost you was your inability to realize that the economy started to tank a full year into a Democrat majority in the House and Senate. This economic downturn was, of course, largely instigated by the disastrous effects of the 1990s Carter/Clinton CRA initiated "give a home loan to financially illiterate people who often had bad or nonexistent credit histories, no money to put down on a house, no (or low paying) jobs, and no money to put down on a house".

Another problem was that the Dems, from 2007 through 2010, made a priority of wasting time on "Obama Care" rather than concentrating on the rapidly collapsing economy.

This, and likelihood that you banked on Obama's dreamy promise of "Hope and Change", cost people like you a big chunk of your retirement fund.

Meanwhile, you might feel better knowing that our politicians (of both parties) have, most likely, lost little or nothing during this recession. You sure don't see them cutting back on their exotic vacations, golf outings, and lobster dinners now do you?

Hopefully, the above facts will make it easier for you to deal with the "change" that you probably voted for in the last Presidential election.

Oh well, maybe things will go better for you in your next life...

Since: May 11

Location hidden

#27 Jun 15, 2012
Aprilvue wrote:
<quoted text>
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.
Inflation IS a fact of life. My mother paid ten cents for a loaf of bread that I now pay nearly $3.00 for. I remember filling my car up with gas at about .58 a gallon. I remember when the price of an average house went over 100k. I thought people were nuts to buy them.

None of THIS is the government's fault. We live in and adore our capitalistic society. If you want cherries bad enough, you'll pay the going price. Personally, I don't need cherries that badly.

Two things make people spend money without thinking.

1. Attitude. People believe they deserve what it is they are buying. They may not be able to afford it, but they justify the cost by telling themselves they deserve it. "I work hard...I deserve a Lexus." I work hard...hell, I deserve a Porsche, but that doesn't mean I can afford one.

2. Credit. This has been the ruination of the average personal economy in this country. Neither of my parents ever owned a credit card in their lives. Everything they ever bought, with the exception of their house and ONE new car, they saved up for and paid cash. There was no instant gratification. By saving up they new the value of money. They thought long and hard before they spent it. If it was out of their price range they just didn't buy it.

Now we have millions of families living on credit. Everything from the gas in the car to the groceries goes on a credit card, the balance carried over from month to month. Anyone who lives like that is living beyond their means. But this may harken back to #1 - Attitude. They think they deserve more than they can afford.

It's time people get a reality check and come back down to earth. Yes, it's harder coming down than going up, but the fact is THIS is NOW reality. It has nothing to do with who is president...it just has to do with a busted economic bubble that too many people thought was going to last. It didn't. Now, let's move on. Learn to save, learn to be thrifty, learn to get by. It's OK to NOT rich. It's OK to be working class. It's OK to not live in a McMansion or drive a less expensive car. It's time to stop pretending we are all wealthy or that we can all be wealthy. It's OK (and a lot less stressful) to be a regular person.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#28 Jun 15, 2012
Telmark wrote:
Bush didn't cost the likes of you anything Mr_Bill.
What cost you was your inability to realize that the economy started to tank a full year into a Democrat majority in the House and Senate. This economic downturn was, of course, largely instigated by the disastrous effects of the 1990s Carter/Clinton CRA initiated "give a home loan to financially illiterate people who often had bad or nonexistent credit histories, no money to put down on a house, no (or low paying) jobs, and no money to put down on a house".
Another problem was that the Dems, from 2007 through 2010, made a priority of wasting time on "Obama Care" rather than concentrating on the rapidly collapsing economy.
This, and likelihood that you banked on Obama's dreamy promise of "Hope and Change", cost people like you a big chunk of your retirement fund.
Meanwhile, you might feel better knowing that our politicians (of both parties) have, most likely, lost little or nothing during this recession. You sure don't see them cutting back on their exotic vacations, golf outings, and lobster dinners now do you?
Hopefully, the above facts will make it easier for you to deal with the "change" that you probably voted for in the last Presidential election.
Oh well, maybe things will go better for you in your next life...
WRONG and wrong.

Bush changed the rules, refused rto enforce regulations, alloed such fiascos as MCI & Enron.
You remember like a sieve; but I was there.

And, what you call "Obama care" is actually GOP care.
Obama Care, please remember, is built around a SINGLE PAYER OPTION.

The GOP gave us the present half-baked system by refusing to govern.

Since: May 11

Location hidden

#29 Jun 15, 2012
Telmark wrote:
Bush didn't cost the likes of you anything Mr_Bill.
What cost you was your inability to realize that the economy started to tank a full year into a Democrat majority in the House and Senate. This economic downturn was, of course, largely instigated by the disastrous effects of the 1990s Carter/Clinton CRA initiated "give a home loan to financially illiterate people who often had bad or nonexistent credit histories, no money to put down on a house, no (or low paying) jobs, and no money to put down on a house".
Another problem was that the Dems, from 2007 through 2010, made a priority of wasting time on "Obama Care" rather than concentrating on the rapidly collapsing economy.
This, and likelihood that you banked on Obama's dreamy promise of "Hope and Change", cost people like you a big chunk of your retirement fund.
Meanwhile, you might feel better knowing that our politicians (of both parties) have, most likely, lost little or nothing during this recession. You sure don't see them cutting back on their exotic vacations, golf outings, and lobster dinners now do you?
Hopefully, the above facts will make it easier for you to deal with the "change" that you probably voted for in the last Presidential election.
Oh well, maybe things will go better for you in your next life...
The economy began to tank 6 years into one of the longest and most expensive wars in American history. Billions upon billions of dollars sucked right out of the pockets of American taxpayers - used to bolster the DOD and its overpaid contracting companies that made record profits (and still are) for their services to the war effort.

You're full sh*t blaming the economy downfall on Democrats. While Bush sat with his thumb up his ass, Wall Street was buying up billions, if not trillions, of dollars of worthless loans that would default as soon as the ink dried on the AAA rating stamp. He was actually told, literally TOLD to his face, that this could have a catastrophic affect on the economy, but he turned a blind eye.

I've read enough research on this period of history to write a book about. The economic collapse was due to many things happening at the same time - ALL of them under Bush's watch. We had billions of dollars going to war. Billions of dollars being scammed through the housing industry. Millions of jobs being offshored. Millions of companies downsizing. Millions of illegal immigrants flooding the country for what jobs were left.

And in the summer of 2008 it all came crashing down. And it has yet to recover because it was such a devastating blow that it has been said it may take ten or more years for us to see real signs of improvement. It's been rumored that this may have been the beginning of the end of our economic reign of superiority in the world. We may never fully recover, and at best, all we can hope for is that we don't slide any deeper.

If you, for one minute, think Romney is the answer you need to think again. Struggling families isn't something he's familiar with or even cares about. Elect him and you might as well prepare yourself because I think the struggle will continue tenfold.
JDC

El Paso, TX

#30 Jun 15, 2012
PayThat CEO wrote:
<quoted text>
Republicans are controlling Congress now so why aren't things better? Got an excuse for THAT?
The Republican Congress, as you call it .. even though the Republicans control the House, while Democrats remain in control of the Senate. Keep in mind that the Republicans in the House have passed not one, not two but twenty-seven bipartisan jobs bills. Twenty-seven! Those bills are currently languishing in the Democrat-controlled Senate.

Since: May 11

Location hidden

#31 Jun 15, 2012
JDC wrote:
<quoted text>
The Republican Congress, as you call it .. even though the Republicans control the House, while Democrats remain in control of the Senate. Keep in mind that the Republicans in the House have passed not one, not two but twenty-seven bipartisan jobs bills. Twenty-seven! Those bills are currently languishing in the Democrat-controlled Senate.
Non are "jobs bills" They are all tax breaks for businesses.

Since: Mar 11

Location hidden

#32 Jun 15, 2012
PayThat CEO wrote:
<quoted text>
Inflation IS a fact of life. My mother paid ten cents for a loaf of bread that I now pay nearly $3.00 for. I remember filling my car up with gas at about .58 a gallon. I remember when the price of an average house went over 100k. I thought people were nuts to buy them.
None of THIS is the government's fault. We live in and adore our capitalistic society. If you want cherries bad enough, you'll pay the going price. Personally, I don't need cherries that badly.
Two things make people spend money without thinking.
When the government starts printing money and indebiting us 40 cents on the dollar, I get to blame it for inflation. I use grocery store prices because it's something everyone can relate to. My yogurt remained stable for years, then in one year up 10 cents a carton and the next year another 20 cents. On a 6 oz, 40 cent carton to 70 cents is not expected price raise, it's a sign of runaway inflation. Generally, prices rise as incomes do. Unfortunately under this administration, household wealth of the middle class plummeted, and despite his pledge to have it fixed "in three years", it ain't.

I bought a small sirloin steak for my son last night, I couldn't bring myself to spend the sale price of 10 bucks a pound for rib eye. Three years ago, on my virtually unchanged income, I wouldn't have had to think twice about it.

As I said, I live at or below my means. And I do blame the government for the present skyrocketing inflation at the grocery store. You may not agree, but that's the beauty of free speech.
JDC

El Paso, TX

#33 Jun 15, 2012
PayThat CEO wrote:
<quoted text>
Non are "jobs bills" They are all tax breaks for businesses.
Good point, why would a business even consider hiring anyone if they received a tax break.

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