Posted on 09/15/2007 2:24:18 PM PDT by AuntB
The new numbers on consumer confidence are out. They show American consumers very confident that the economy is going down the tubes.
Over in Asia and Europe, stocks plunged on fears that Americans may no longer be able to find the second jobs and recklessly borrow the money needed to buy imported stuff. Economists now freely use the "recession" word following the report that American payrolls fell in August, the first monthly decline in four years.
American consumers, in other words, are all dried up. And the discussion has begun on what kind of baloney economy kept them lubricated for so long.......
Of course, some professions thrive in tough economic times. Business should be brisk for bankruptcy lawyers. And we will need auctioneers to help unload foreclosed properties........
Today's "partying," he said, would lead to tomorrow's "hangover."
So here we are: The partygoers have downed a bottle and still they can avoid a hangover.
A recent article on the Motley Fool's British Web site offered "Five Ways to Prepare for a Recession." The prescriptions: Don't make big luxury purchases you can't pay for with cash. Build an emergency fund. Live more frugally. Reduce your debt. Find more work.
All sound advice, but consumers had better act fast — like five years ago.
(Excerpt) Read more at seattletimes.nwsource.com ...
Most people have 401Ks and IRAs. To invest in a savings account at your local bank is FOLLY.
A lot of people are, dragnet. Unfortunately, many more will have to learn the hard way.
I would say more than half of American adults have money in stocks/mutual funds. 46% of all Americans had money in it in 2000. If you just include adults and fast forward 7 more years, I’m sure it’s much higher.
Back it up. Show me your stats. Show me that more Americans have 401Ks and Ira than don't.
Tax relief has spurred economic growth averaging 3% annually. With more than half of all Americans owning stock, many families and retirees will benefit as the changes in capital gains and dividends taxes drop to zero in 2008 for those in the lowest income brackets.
Credit Card (Instant gratification ) driven economy had to end sometime
Here’s some:
42 million employees are saving for retirement through company-sponsored plans; Americans have more than $1.9 trillion invested in 401(k) plans ...
www.psca.org/starting.html
42 million. And there are how many people in this country?
Vacation homes are for good times...
Interesting:
“With more people working long hours, the average median income per household increased. But in order for most households to achieve this, both husband and wife had to work full-time. What’s worse, individual incomes decreased. Women’s earnings dropped 1.2 percent, with the median income at $32,500. Even though men typically make more, they too saw a decrease in earnings.
Robert Greenstein from the Center of Budget and Policy Control commented, “Working Americans in general are kind of treading water, they’re not really making that much progress.”
But those in the workforce making a lot of progress are CEOs. One survey shows they make 364 times more than average workers. Greenstein says these recent numbers show an uneven distribution of economic growth.
“Millions of middle and lower income working families have not gained and have not shared in the benefits of this economic recovery,” he said.
http://news14.com/content/business/586760/census—more-americans-working-full-time/Default.aspx
The sky is falling.
(yawn)
This is the same media that accepted two years of cooked books from the Klintons from 1998 to 2000. The economy had slowed down, which is cyclical. But nobody could admit it then. The dot-com bust just made things worse for Bush.
This time, it's the hot money thrown at the sub-prime mortgage bubble. The libtards just need to make it sound even worse than it is. But at least it involves real houses, and not just vaporware companies that vanish without a trace. There's something of value left over for more reasonable stewards to grow.
It ain't nothin' that a couple of cuts in the prime rate, and maybe a cut in the federal fuel tax can't fix.
This is an interesting thread. I posted as article about Alan Greenspans book that will be out Monday. The Republicans will take a beating this election unless the economy can be turned now and I mean “right now”. Go to post #40.
The census says 57 million Americans own mutual funds ... or 50.3% of the population.
http://www.census.gov/Press-Release/www/releases/archives/miscellaneous/007871.html
That’s incredible!!! That may or may not include their 401Ks and IRAs.
And it doesn’t include people who prefer to buy stocks, bonds and other investment vehicles!!!
Don’t worry about consumers. Commerce will find ways to keep the merchandise moving.
This is pretty interesting on 401 K’s. Very few have enough in them to last a year.
http://moneyning.com/401k/compare-our-401k-balances-with-others-in-america/
Are you suggesting that infants and children must be savings as well? Let's lets go for adults saving. That is high!
So, Lancey, how long would your family last with no income?
They'll be beat like a drum IMO if it's not turned.
You can't improve an economy or a standard of living while at the same time allowing tens of millions of illegal low wage laborers to enter the country.
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