[MrCompletely]

"Agency directors call folks new to being needy "the situational poor." They've depleted their savings and retirement accounts and struggle to cling to a lifestyle they no longer can afford."

---

The road to a new job in the technology market is a long one. In Austin, layoffs and pay cuts began in 2001. Wall Street and politicians of both parties claimed then that a recovery was around the bend. It didn’t happen, but the claims continue. What hasn’t been used from savings to weather out the storm has been depleted by losses for many in the stock market. All the while, corporations outsourced $80,000 American jobs to Indians happy to do the same job overseas for $5,000. Wall Street demands corporations to meet the quarterly expectations of the street. Politicians bicker about judicial appointments and redistricting. In the meantime, the jobs that are created (or replaced) are either shipped overseas or performed domestically by H1Bs for lower pay.

Yes, there are many who lived beyond their means, and who should have planned for a “rainy day” that is beginning its third year. Yes, there are many who are still in denial about dropping the country club membership, the private school, and the $800/month lease on the Mercedes. Yes, there are those who struggle to maintain a lifestyle they can’t afford.

Many more have accepted the new reality, however, but find that the options in the new reality are wanting. There is now a 6-year supply of million dollar homes on the local market, and upper end prices have fallen up to 30%. The unemployment rate is now steady, but the new jobs created locally now pay an average weekly salary of $280. The old salaries are an old memory. Many have come to the realization that Washington looks the other way while jobs are exported, and Wall Street doesn’t care as long as street expectations are met. Some corporations are loyal to upper tier management, but not much else.

Why not provide corporations with the tax incentives to keep jobs here? Why are we freeing dividends from taxation so that corporations will be encouraged to fund the dividends on the backs of those who had their jobs exported?

[thoughtomator]

Eventually some limosuine liberal will find a way to tax my paltry paycheck even more in order to subsidize these peoples' delusions.

[Stillwillin]

Yes, there are many who lived beyond their means, and who should have planned for a “rainy day” that is beginning its third year.

This sounds more like the 100 year flood than the a rainy day. I have a friend who is relo-ing to Austin this summer and is coming in with alot of equity cashed out of a DC home sale. He says that the asking price per sq ft has been falling 10% a month since he started looking in March. His retorical question," When does on buy into a downward spiral?"

[FITZ]

There is now a 6-year supply of million dollar homes on the local market, and upper end prices have fallen up to 30%.

They need to start remodeling these homes into apartments. One big house should be able to provide 6-8 apartments that could be rented out. It wouldn't be a good idea to allow these houses be vacant and vandalized.