Talkback: Are you optimistic?
Are you feeling optimistic or confident? Are you secure in your job and finances, and looking at the current economic climate as an opportunity?
Tell us your story. We want to know why you feel that way, why you believe your job is secure, how you got a solid economic foundation, and what you’re doing to take advantage of the current economy.
You could be contacted by a reporter to be a part of an upcoming article.
THE ECONOMY IS REALLY BAD AND IT’S HARD FOR A FAMILY OF SIX ! ESPECIALLY IF U HAVE A LOT OF BILLS WE CAN HARDLY BUY OUR KIDS CLOTHES AND FOOD ! HERE IN JAX FL THEY HARDLY HAVE JOBS I AM A STAY HOME MOM AND MY HUSBAND MAKES OKAY MONEY ! ( BUT THINGS ARE REALLY HIGH SO THAT DOES NOT HELP SINCE THE ECONOMY IS SO BAD A LOT OF STORES NEED TO LOWER THE PRICES OF FOOD AND CLOTHES A LOT MORE! AND COMPANIES SMALL AND BIG NEED TO HIGHER MORE PEOPLE !
AND THE ENERGY COMPANIES NEED TO LOWER THE ELECTRIC BILL ! I HAVE A SMALL 3 BEDROOM APARTMENT AND MY BILL IS 300.00 A MONTH AND WE TURN OFF THINGS WHEN WE’RE NOT USING THEM AND THROUGH THE WEEK WE ARE ONLY HOME AT NIGHT! SO I DO FEEL THIS ECONOMY GOING DOWN BECAUSE 1 JOB IS NOT ENOUGH AND THE PRICES NEED TO GO DOWN TO MATCH THIS ECONOMY!
I am optimistic for now. I think this is as bad as it will get. I would not be surprised if the unemployment rate drops 2% by fall. The USA has a smart small business and great large corporations. But a lot of this is hinges if President Obama can just concentrate on fixing the money flow, not global warming or heath care, fixes that later.
He needs to lead, cut the income tax for all, reduce the corparate tax to be lower than any place on the planet, exploit or natural resources (oil, natural gas and coal).
Pouring money into construction is a good part of the plan and extending unemployment benefits till this past is good also.
Poring money into a hole is not.
I am optimistic but it may be for some of the wrong reasons. I own a most unusual business: Manhattan Private School Advisors which does nothing but prosper in an economic downturn. This is our second, and business is booming. We counsel parents applying to elite private schools in New York and all over the country. Business is booming because it is so hard to get your child into a top tier private school (or even preschool) in New York and parents are afraid of our public school system, which has been failing our kids for over 30 years and will get worse with budge cuts and teacher layoffs. No matter how successful we are as a firm (we have a near 100% success rate) this aspect of the company I founded and own makes me feel like a wartime profiteer and this is no war of attrition. Our children are our messages to the future. How is it in the wealthiest (even now) country in the world, the quality and outcome of public education has declined every year for the past three decades? And created firms like mine for parents just like me who would give their last dollar to insure that their children get a decent education. Hello private school and before you can even get there, hello Manhattan Private School Advisors to teach parents how to handle the rigorous admissions process — where there can be as many as 30 kids applying to fill a single kindergarten spot in many urban centers around the USA. We need to change this and the only way to do it is to be more forward thinking, inspiring and responsible within the public school system. The private schools will always be “good”: there will always be people with the financial means to support them but they are only 2% or less of the population.
I get exited when I think about all the bargins I will have access to in the markets. Its like a time machine. When was the last time you said “Man I wish I could have bought stock in that company 20 years ago”. Now’s your chance.
I am optimistic beacuse I am relatively young (33) and have a safe job. The real peopel who have to worry are the elderly or those close to retirement. I think all young adults should look at the current economic state as a positive…..invest now while the market is bottoming out. Recessions are cyclical and if you invest now you will reap the benefits down the road. It may sound cruel but it’s a fact of life….for one to prosper another must suffer. Those who don’t take advantage of the situation now will miss out.
I am optimistic. I have a stable job (fortunately) and I don’t have any debt. I live in a budget and have an emergency fund in case something happens. Additionally, my wife is starting a new business – which is pretty exciting.
Regarding the post By Kevin in Chicago on March 1, 2009 – Mathematically you’re correct. Paying off the highest interest rate first is the correct course of action. However, Dave Ramsey teaches people to pay off the lowest debt first for psychological reasons. He believes that the joy of paying off a debt helps you to be re-energized by the process. This makes you more likely to keep attacking the debt.
Either way – getting focused and paying off your debt is one of the best ways to go from pessimistic about the economy to optimistic. You’re more in control of your money and have more freedom to do the things you want to do.
I grew up learning financially irresponsible behavior from my parents, and even five years ago, I had the “I see it I want it NOW” mentality. Since this was a source of irritation with my husband (we were dating at the time) he’s steered me away from that and now, I’m 23 years old and I am a stay at home mom to my two young daughters while my husband works full time to provide for us. I’m grateful to my husband, because without his frugality and practicality, we would not be financially stable.
Now, in the midst of the economical crisis, we’re living very comfortably on one income, and we’re in the process of buying our first home without needing me to supplement it in any way. I can still be a stay at home mom and focus on our daughters and be a major influence in their lives instead of relying on daycare or preschool to care for them.
Because of the new stimulus credit for first time home buyers, we will be able to make minor repairs on our home, replace the furnace with a newer and more energy efficient unit, and reduce our debt to just the mortgage by paying of the remainder of our used car loan. We were also fortunate to buy our home within biking distance to my husband’s work so in good weather he can bike to work and save money that would be otherwise spent on gas. The remaining money will be the start of a rainy day fund.
While the recession is a source of stress for many families, it has enabled us to start living the American Dream (relatively) debt free. The application of frugality, patience and common sense saw us through when the economy was at it’s peak, and now it’s seeing us through when the economy is down. We shouldn’t have good habits only when the going is bad, we should do it ALL the time.
To Loveridges – I’m glad to hear that you’re paying down debt, but your advice to pay down the smallest debt is wrong. The fiscally responsible thing to do is to pay your highest interest rate (adjusted for tax deductibility) first. This is how to get the most bang for your buck.
I am optimistic because this nation has far to many fertile minds, far to many decent hard working citizens and far to much “Grit” to let this economic downturn overtake us. Can it become even more difficult in the future to secure some type of prosperity? That may well be, but I sense a survival instinct coming to the forefront that will guide us through this current mess. This country has been involved in much worse than this, it is only temporary and we will see it through. My hope is that we actually learn something from this finacial fiasco – like put away the hard earned money first (Pay Yourself) and drastically cut down on the obscene excess in material stuff. All things shall pass, this will be but one of them.
Eight years ago, when everyone was bragging about their home values “going up and up” and their inflated 401Ks, I was making it one about $1000/month. At that time, I had no debt, too. I may have some debt now (a few credit cards and student loans), but I always considered my debt manageable, and student loans were a “safer” debt than a mortgage. (When you’re unemployed, you get an unemployment deferment, and are eligible for other “breaks.” And, student loans are canceled upon one’s death, too.) So, fast forward to 2009, and I’m making more money in a cheaper city, but I also decided to work toward a second degree in Respiratory Therapy (community college is the second masters these days.) I feel that people need to reevaluate what they have done for a living, and gain some marketable skills. For the past nine years, I always worked in a tax business. (There will always be taxes.) Now, those skills have expanded to bookkeeping – and there will always be bills to pay for other companies. Yes, I have a knack for science, too, and enjoy the work, so health care is a good option for me. But, I suggest many folks out there now to get the college education, get some marketable skills, and get themselves into a type of living that will be “recession proof” and marketable. Also, be money smart. I never trusted the 401K thing and talked eight years ago when the bottom will fall out of the housing and financial markets. It’s all an illusion – paper profits. You think you had this 401K value, when the only real money you had was your original investment. That’s real dollars. Same with your home equities. It’s all an illusion if you think you have that increased value and take out loans on it. Get into the mode of thinking, “I don’t own my home. The bank owns it” until you pay off that mortgage, and perhaps the whole country would have been in better shape today. I’m confident about my future – I don’t have TV or cable, I conserve energy, I don’t shop for enjoyment and buy what I need and walk out the store, I do maintain my car regularly to “drive it into the ground” going into its 7th year. Stop spending and spend some time at home our outside or in a classroom, and get some needed marketable education, and then you can ride out these times, since they will happen from time to time.
I’m 32 years old, married, and have one daughter and another baby due in August. I feel confident because I’m a police officer for a small department that is in relatively good financial shape and there are 7 police officers with less seniority under me. My wife works for a county that is very fiscally conservative and has stated that no layoffs are necessary. I’m grateful that she works for this county because all of the surrounding counties are laying off, furloughing, or reducing pay. I do all of the things I was taught to do my my parents. I put 20% down on a house that I could afford, I only charge on my credit card what I can pay off each month, I saved an emergency fund of cash, I save 10% of gross earnings in a 401k in addition to our state pensions. I recently added solar panels to my home that I decided to get after the federal tax credit was expanded in Oct. 2008. I just purchased a new vehicle for $3,000 below the invoice price. There are great bargains out there for people that were responsible and thus have good credit and savings to make purchases. I know how painful this economy is to families and children, so I pray for God to take care of these people, but I hope some good comes out of this situation. I think families will become closer without the 300 cable channels, cell phones, and ipods getting in the way. I think we were becoming a nation that coveted possessions rather than our family and friends.
Optimism is a state of mind. I live in Sonoma, Ca, a small wine country town. The happiest people here are the poor vineyard workers. With very little income or “wealth” relative to the rest of the residents, they enjoy life to the fullest. They prioritize their time for family, relatives, and fiesta despite their huge economic disadvantage. So who is richest, those with the larger bank balance or those with the best backyard BBQ? I believe we need to concentrate more on our families and how fortunate we are to live in this country of opportunity – not on the expensive material things that will be become our garbage next year.
I was brought up by parents who taught their children that education and financial security were paramount. It didn’t matter what neighborhood you lived in, how big your house was, or how fancy your car was. What mattered was a secure, good paying job with enough saved for retirement.
They taught me well. My house is completely paid off. Granted, I live in a small house (only 1100 sf) in a small, middle-class, blue collar neighborhood, but I love the neighborhood and I love the house and I plan to live in it for the next 15+ years. My job, though not exciting by most standards, is well paid and secure. I work for a municipally-owned, water utility company in the construction / engineering department. Believe it or not, I have worked with this company for over 25 years, having worked my way up from Customer Clerk to Database Administrator. Since we are rate-based and not required to answer to stock holders for profit margins, we can ride out any downturn when it does happen. My lifestyle is simple, but fullfilling, and I do not purchase anything by credit card that I cannot pay off when the bill comes due. I’ve maxed out my 401K for years, and invest with other firms as well. My only expense (and splurge) is a 2008 Ford Escape that I just absolutely love, and of course those pesky, monthly bills. I find it a little amusing that people are now trying to adopt the kind of lifestyle that I have been living for years – frugal, simple, and monetarily fiscal. Yes, I have lost money in the stock market just like everyone else, but since I still have 15+ years of work left, I am more than confident that I will regain what I’ve lost, and then some.
I know that I sound like I’m bragging – I am not and that is not my point. I know several people who are suffering financially, and at least one has been unemployed since August 2008. My point is that we as citizens of this country have placed our priorities in the wrong places – expensive homes, oversized HDTVs, high-end cars, designer clothing, all at the expense of security and stability. I believe that the economy – and this country – will turn around eventually, and that most will regain their footing. But the days of spend now, worry about the future later, are long gone. And good riddance. Those days put this country in the mess it’s in right now.
My wife and i are very optimistic about our future and the economy. At times I am more so then my wife and with a little encouraging, she is back on track. It is very difficult to stay optimistic when all you hear on the news is how much noey we are shoveling out to try and fix this mess we are in. No one seems to know where half this money is even going. I say stop watching the news it can only be depressing. We have fone through a very hard time and had to come to some very quick decisions and realizations about wherer we are and wherer we want to be. We lost our home to a shiort sale becuse the value of the homes in the area we were living in went down 50 % in only 2 years of owning the house. We sold, momved and are now living in an appartment. We have made a budget to pay off our debit and we do the best that we can to save a little. With 3 very small children it is a cahllange. My wife is a stay at home mom and I am fortunate enough to work from home for not only my full time job, but also my part time job. I look at this as a blessing because although I am working a lot of hours, i can still see my family and spend time with them. We are very positive that we will meet our goals and some day buy another home to raise our children in. We have learned a lot about what is a need and what is a want. We ask this question everytime we purchase something. We pray for us all.
I’m very optimistic! From my view, this is a period of cleaning up and cleaning out. A sort of re-aligning of our thinking to the things we are fortunate enough to have already rather than focusing on what we don’t have and how can I get more (the easy way). For those of us that has always had a job, living from paycheck to paycheck, but living within our means, the only major change has been that consumer products keep getting higher and higher while our paychecks are staying the same. However, a wise person learns to adjust and continue to live within the boundaries of their means. Doing this will keep you in perfect piece regardless to and inspite of!
Praise the lord, I wake up every morning in a country where I am free to practice my religion and believe in God. I can see the sunshine and the amazing creation of God all around me. He has blessed me all of my life, providing for my needs and fulfilling his promises. Even though the equity in my property has declined by more than 6 figures, and my 401K by 10’s of thousands, he is still providing for me each and every day. I spend as much time as I can in his word, and in prayer to him.. thanking him for all these blessings. He has drawn me and all of my family members close to him and this makes me very happy. Times are tough, but I know that God is in control and I will continue to seek him and trust in the Lord with all of my heart, my mind and my spirit… which are all given by him. I pray for our nations leaders and for all people to listen to the word of God and be saved.
First, thank you for posting encouraging stories. We need more of them.
So no, I’m not “confident” when everything seems to be collapsing around us, but as a family, we are doing well and better than many. My husband and I both own small companies. His business is struggling but they are proactively managing cash flow, focusing on products with better margins. As long as they still have options, I think we will get through this.
I own a small IT consulting firm, and we have been hiring and growing – still. Part of this is luck – we are in the field of business intelligence that helps companies make smarter decisions and operate more efficiently – even more necessary in a downturn. The other part is all the common sense things that others have written here – no debt, living within our means, and getting an education even when it seemed too expensive. There were times after paying the tuition check when I would have only a box of pasta to last the week. It was scary at the time, but in hindsight, the education has been my best economic decision.
Regards,
Cindi Howson, BIScorecard
Am I optimistic? Sure. I’ve been fortunate enough to have learned good money management from my parents (hint, hint,) and married someone who also learned the qualities of frugality. We do like to spend money on entertainment (mainly dining out and taking trips,) but we also make it a point to first save at least 15% of our paychecks into savings and contribute to the maximum benefit in retirement accounts, then live off of the rest. Even though my wife is losing her job in May, barring a serious material drop in the value of the US dollar, I feel very comfortable with our situation.
I feel everyone economically will have to take some steps backwards – but we’re not dead – we might have to get reconnected to our families, our neighbors, our community – but that’s not bad – maybe we can learn not to be such consumers – consume, consume consume, – to a point for some that it became a life style – I want more than the Jones – we will survive – it will take time but will only mean anything if we have learned by our mistakes and our history – or will we – it’s up to us to make the difference – it’s a great day
It is all about personal responsibilities and accountability. Just over 1 year ago my wife and I took our finances under control. We told our money where to go, not letting it just disappear. We have paid off $38k in debt and have a 6 month emergency fund with an additional cash savings. We live on one income with a base salary well under six figures. Everything in the economy is not great. However, this is a great opportunity for anyone that has cash on hand to make major purchases. Homes, vehicles, furniture, stocks, etc… A new president is not the solution. We are the solution. You must take control. The peace of being in control of your finances and no longer being “slave to the lender” is great. Wheter you listen to Matt Lauer, Dave Ramsey, a successful retiree, or the Bible they all will tell you four principles:
- Have a budget
- Save for large purchases
- Spend less than you make
- Get out of debt
The Bible adds a couple of more that others tend to often forget…WORK HARD and be a GIVER be GENEROUS.
Optimistic?
About the direction the country is headed? NO! About my current personal economic situation, SURE!
As some others have stated on these comments, the key is to following several simple life rules for becoming financially independent:
1. Get an education and not just any education, but become educated in a career path that is in great demand (teachers, health care, engineering, etc). This was my first step, as I graduated from college 5 years ago with an Engineering degree. Right now, even as the demand for jobs is dropping I am still contacted weekly about job openings in the field of engineering.
2. Live below your means, and if you must take on debt … only take on good debt (home mortgage at a fixed rate, student loans). I purchased my first home 2 years ago and now that I have moved, I rent this property through a medical professional staffing company (gauranteed income every month, no being a landlord).
3. Maintain good credit, and find a significant other who shares the same beliefs as you not only financially, but also in all aspects of life. I am so blessed to have found my soon-to-be wife who also is financially independent and has a stable, professional job in health care.
4. Max out retirement accounts (401k/403b and Roth IRAs)and EDUCATE YOURSELF on the risks associated with all of your investments. Don’t stop investing in your retirement plans just because the economy is struggling – EVERYHING IS ON SALE RIGHT NOW. If you dont want to take a huge risk on individual companies, invest in index funds!
If nothing else, the economy struggling has made my fiance and I re-evaluate our spending habits and budgets and have actually cut back on some of the extras. Do we really have to? No. But by doing so, we now find ourselves in a tough economy with more disposable income that we have had at any point in the last 4 years.
This time should teach all of us the dangers of buying on credit and the importance of always having available liquid assets for the curveballs that life can throw.
I’m a divorced mother, 56, live on the Oregon coast. I put myself in a position that totally relies on me making the best use of my resources. I am an independent counselor, MA., with an office above my garage, and as a “business” it has grown year to year. I consider it my part time job. I worked as a retail clerk for many different stores to supplement my income, and one day, the owner of a game store asked if I would like to buy the store. I thought about it over night and decided to do so. Best move I ever made…. I had always been a saver and had stocks from my divorce. Between that and my high FICO score, I have survived. Best part is- I can’t be laid off. I just have to manage well…..
Yes, I am optimistic.
We still live in the best place in the world. Yes, the USA has some issues (a number of them), and each of them has to addressed one by one.
We are still recovering from an economic hangover from our binge spending on “stuff” that many could not afford. Should mortgage brokers and lenders have been more vigilant in their lending practices? Yes! However, no one held a gun to anyone’s head and told them to buy. Should fraudulent scam artists be punished? Definitely! But, again, no one threatened any investor with bodily harm if they didn’t put their money in the fund.
As an aside, I think that people who commit these types of frauds should be severely punished. No more use of that euphamistic term “White Collar Crime”. These frauds hurt everyone, since we are all interconnected in the world economy.
We, as individuals, have to take a more active role in our own destinies. Watch what you spend. Pay attention to where you invest. Read the fine print. If you don’t understand something, ask the tough questions. If it sounds too good to be true, it probably is.
A little common sense will go a long way to getting the US and world economy righted.
Hang in there! Our parents survived the depression; we will get through this.
Optimistic ??
My name is Phillip Moulton I am 54 yrs old; I in the last 30+ years have done the best that I could.
I purchased a modest home in Portland, Oregon under the Oregon GI Bill in approx. 1978 for 38k.
I have raised “well I think” 4 children to adulthood and influenced many more.
I retired from the Oregon National Guard after 20 years when I developed cancer, I served in Europe for three years in the military, and I have voted every year since I could and studied the candidates. I have taught my children that there are more important things then financial gains and gave them all I could in the hopes that they would have a better life.
I had a savings or checking acct (and a business acct.) with Bank of America even before it was Bank of America in Oregon. (Benj. Franklin Savings and Loan) since the mid 1960’s
I have made mistakes but we all have and I accept them.
I had to refinance my home in the 80’s to pay medical bills due to my Cancer. I felt that the VA Medical system was for those who served in combat and I was not worthy of that benefit. I also refinanced it in the mid-late 90’s due to a broken neck I received. Again they put me back together and were due all I owed them. (Again no health insurance)
I owned my own business for 20 yrs repairing Typewriters, Computers and the like, I did not make a lot but I was honest and when I could no longer support myself and remain honest I closed the business and became employed again.
When I refinanced my home in Portland the second time I was told by the company I refinanced it threw that they would take out my property taxes each month and create an escrow acct. That loan was purchased by Countrywide. As I was self-employed I had to get a “stated income” loan which was a 5 yr Arm. They did not include the property tax escrow acct. and before I knew it I owed I believe $10k in property taxes. In 2006 knowing the 5 yr Arm was going to go up and being informed I owed the State of Oregon a fairly large sum, also feeling I needed to get into a fixed rate I again refinanced it with Countrywide. They charged me nearly $20,000. In “fees” and put I in a 7.6% fixed rate. Again they setup the escrow acct. and insisted I sign a 3 yr. “prepayment” agreement so I would not refi again without taking a 5% hit.
Countrywide never paid the property taxes instead transferred funds from the escrow acct. into an insurance policy after Safeco my Homeowners insurance of over 20 yrs. canceled my policy on my home in Portland for 3 claims. Note; the three claims were 1 theft and two storm damage claims to my cabin in Otis one storm put a tree threw the roof and in 30 days caused the cabin to be uninhabitable due to mold. Which they denied the mold as an issue.
Countrywide kept contacting me in 2007-2008 wanting me again to refi my home as it was appraised at over 300k and I only owed 180k on it. I politely refused.
Since Countrywide never paid the property taxes I knew in August of 2008 that my house payments were going to increase from $1400. a month to $2500 a month and as I work for a great company “Pitney Bowes” I only make $38k a year. And knew I was not going to be able to get a 2nd job to pay the increase so I put my home up for sale and planned on moving to the now moldy beach cabin while it sells. Once it sells I was going to use the proceeds to put down on a 150k or less piece of property away from the city as I felt and still feel that the economy and society will deteriorate and I have a burning desire to go “off-grid” and become self sufficient before that happens.
I had hoped to get 50k out of the home and perhaps use my Federal VA benefits to purchase and create a small farm and build a straw-bale house. I was lucky and found a buyer. My 3 yr “prepayment” penalty was going to lapse in June of 2009 so I petitioned Countrywide to void it as I did have a buyer but at a greatly reduced sale price. They agreed after much documentation and hours on the telephone with dozens of people.
However it never happened….
I put my home of 30 yrs up for sale as I knew I could not keep it going and I have approx. 10k in credit cards with interests now at near 30%. It was time for me to pack up and get out of town before things got worse.
In the early 90’s we purchased a small cabin in Otis that I had hoped someday to retire to as I had no savings, no investments, no rich Uncles, and no retirement plan.
I would like to thank you all.
I now live in my small 1 bedroom cabin (That was paid off in the mid 1990s) with my wife and two cats, in the wettest place in Oregon, 2 air purifiers running 24/7 a dehumidifier running 24/7 on a small lot with no sunshine, no place to grow a garden, one room has no ceiling, floor or walls, the bedroom has a warped wood floor and 4 holes in the ceiling, There are huge gaps under the doors and walls but as there is no foundation there is little I can do. The septic system has nearly failed, Our main source of heat is a very small wood stove, My wife’s asthma has gotten much, much worse as we live near the Pacific Coast and the outside air is way to damp for her.
She is unable to find a job as a transcriptionist due to the economy; I drive 100 miles one way to my assigned territory in Eugene from Otis, My normal day starts at 7 in the morning and ends oft times after 9 in the evening, giving me no time for repairs, The floor in ¾ of the home is unsafe; The front porch will collapse any time, most of this cabin needs to be torn down. The dry rot is so bad there is no support in one corner of our bedroom. The roof is tarped and most of the leaks are slowed. Our belongings are in two storage units I pay rent on. I had a stroke 2 yrs ago and finely accepted the assistance of the VA and have been declared by social security to be disabled. I am still employed and just received a 30 cent raise this year (heck I should go out and celebrate).
Due to all the mold we are fighting to keep at bay my own health has suffered. How my wife can put up with this environment I do not know. I do know that she will stick by me and pray that we find our small modest farm soon, but it is very hard on her so we pray the home in Portland closes soon so we can find that small farm in Eugene.
My home in Portland went threw closing on Monday of this week.
After 30 yrs I will be receiving a check in the amount of $100.40
Gee do you think I can use that for a Down payment.
Phillip Moulton
I think this country is going to be A ok! My family is in the trade show industry, and we haven’t felt more than a 20% drop in revenue so far, and it might get a little worse before it gets better, but if lending starts to activate itself again, most companies know that advertising in all forms eventually pay off. They really want to invest in future prospects, so i say, give them a chance to invest…please don’t take it away! And if you really want to get the middle class to start spending, you have to address the underwater housing market. If the government can take the losses in home values, reset, sustain, and let the investments start growing again, we should start seeing gains in no time, in all aspects. And the Government might just make a profit on it’s investment in the American market.
I feel that I am asking this question for all Californians. How is the Stimulus goiong to help any of us when our Legislators and Governor just signed a budget that increases our State taxes by $950.00 to $1,500.00? Many people are in the same position as us. 100% disabiled and/or out of work.
The slowdown at work (I teach game design online) is giving me the opportunity to finish my doctoral dissertation. That alone is nice, but the real kicker is that my dissertation is a online virtual reality classroom. In the past I’d shopped the idea around and got nowhere. I’m about to put a more polished version into a domain in need of innovation. Given the failing business models of the current vendors, I suspect someone will be much interested now.
Dear CNN,
Yes, I am optimistic. We are still the greatest country in the world and we WILL get through this. I am part owner of a small company in Utah that is in the construction business. We should be in a world of hurt along with the rest of the country’s construction businesses, but we just hired two new employees. Our business has definitely been affected by the current economic crisis but because of wise decisions made from the start of our company in 1993, we have no debt, we pay our bills when they are due, and we provide an excellent product. This has put us in the position of being able to weather the storm when others have been unable to. Yes, the pie is smaller now, but a lot of the highly leveraged competition has been forced out of business so our piece of the pie is larger. I don’t know if our prosperity will last forever, but we are optimistic for the future. There will be an end to this one day… and we expect to still be in business when the good days come back.
This is going one of two ways which neither I control.
Either everything will be fine next year like they’re trying to say OR your money will be no good and you better be growing corn in the back yard.
My suggestion is be ready for both.
We were featured in a CNN Money online edition last year because we were going through a bankruptcy. I am proud to say we have come out of the bankruptcy much wiser about our financial standing, and finally have some money in savings now. My work situation is somewhat tenuous, as the RV industry has been hit very hard by the recession. But, me and my partner are keeping our heads up and trying to save money but also spend some to help stimulate the economy. I am also attending school now to plan for the future. A year ago, I wouldn’t even have thought about school, since we were so far in debt. Now, I can look forward to the future without as much fear because I know that the economy will eventually turn around–it’s just going to take awhile and we will be among those who continue to tighten our belts to make it through. We know we are among the lucky ones.
Overall, I’m pessimistic about the whole thing. I believe things will get much worse, and some level of violence will occur when people run out of options.
Should I lose my job, can’t pay my mortgage, and my house is underwater, I’m going out and buy some 12-guage shells. Then I’ll get down in the basement and it’s “Come and get me copper!!”
I’m optimistic in general, though job loss is a potential reality. I haven’t sacrificed too much yet have saved as I go so I’m OK if I do go jobless for a bit. I want things but don’t need anything. When I couldn’t save cash, I saved vacation days. That means if I lose my job, I’ve got an additional 5 weeks of pay. If I quit, I get a 5-week “bonus” check.
Saving doesn’t have to be a burden if you do it along the way. By putting just a bit away here and there and increasing savings just 1% per year, I now save 24% at 36 years old. Many people are looking at their statements and wondering how their debt got so large. It’s more fun after 5 or 10 years to wonder how your savings got so large.
Debt is like weight gain. One day you look in the mirror and wonder where it all came from. Savings is like exercise. Stick with it and over time, things start to look pretty good.
I want to encourage everybody that despite this challenging time, it’s really a good time to start your own thing.
I’ve been working on my website http://www.tripntale.com on weekends for the past year and the labor has paid off, i’ve seen more traffic everyday.
Very optimistic.I am AMERICAN,we don,t run and hide,we meet challenges head on! dig our heels in and overcome! I believe in our President Obama, and I believe in the AMERICAN people.We need to take stock in AMERICA,and ourselves.Quit buying overseas junk,and insist on AMERICAN MADE! BUY AMERICAN !!!!!
I am not optimistic. I see us becoming a nation of people expecting a handout every time we make poor or reckless judgemnents. The guys who try to do everything the right way get nothing and the irresponsible people get bailed out. What happened to being responible for your actions?
Quit buying overseas junk! BUY AMERICAN! The job you save may be YOUR OWN! GOD BLESS AMERICA,our MILITARY,PRESIDENT OBAMA,and you all! BUY AMERICAN!!!!!!!!!!!!!!!!!!!!!!!!!
My wife and I own a large used DVD, Video Game, and CD distributor. Our business could not be doing better, and for all the right reasons. During the boom times instead of leveraging our business we chose to invest our profits back into the company. We are both young, 41 and 38, and self made millionaires. But, we are highly debt averse, and currently owe only a small mortgage on our primary residence. Everything we own from second homes, to our business we paid for as we built them. Many times people told me it was stupid to not use debt, but is always seemed like a shell game to us.
Thanks to not being caught up in the real estate flipping mode where many people translated irrational housing gains on being genious investors, we laid low. Now we can buy the inventories to help our business thrive. We grew 110% in 2008 to sales of $8.0M, and expect to do $15.0M in 2009.
We offer a huge value to consumers, and more people are choosing economical means of entertainment by buying used. Even better, our entire inventory supply is second use, providing a total green solution.
Thanks to our success, we will be generating revenue and growth the economy needs.
I am confident that we can survive this economic crisis. First, as children of Depression survivors, we did not have debt. The house and cars were paid for. Just paid cash for a kitchen remodel and cruise. Yes, my IRAs are now about 1/2 previous balance, but I am working two part-time jobs, drawing retirement and Social Security. There are things I want, but nothing I need, so I wait. With cash, you can pick up some bargains now.
I have two questions; first my girlfriend is scared to death she may lose her job, has 3 kids in high school, one who will b entering college in the fall, and rents a modest 2 bedroom apt for the four of them. What help can she expect, if any, from the stimulus plan? And the second, I am widowed, want to retire, and trying my best to help her all I can with her expenses. I own my home, but is there any way I can get any credit for what I send to her for help?
I have a question about this stimuius package for first time home buyers. We purchased a home April 4 2008 and at this moment were receving nothing back out of this so called stimulis pack. Whats up, wheres the money. Id be happy with the $ 5.700 and pay it back or even the $8.000 which you dont have to pay back. WHATS THE ANSWER
When is the government going to pay back the money in the stimulas package? If every tax payers cut of the stimulas equals approx $10,000, then that means every taxpayer will need to pay $10,000 extra in the future, true? Sounds like confiscation of personal property, true?
I am very confident that our country will bounce back from this economic catastrophe, if the economy is not micro-managed by carreer politicians. And not to beat a sacred cow, but since congress is so willing to cut costs for education, law enforcement, Homeland Security, GSA, TSA and the Coast Guard, why have they not frozen their own pay at pre crisis levels? Freeze all pay rates for government workers making over $100,000, for the duration of this crisis. When the TARP and Stabilization program money is repaid, resume pay schedules and raises. If they make the rules for everyone else, let them feel some of the effects of their programs. (Not that they will notice much change with their salaries around $180,000/year plus expenses).I believe these congressmen are increasingly detached from the rest of the citizenry because they vote their own salaries, with no requirement for productivity, and will retire with the best retirement conditions of any group in the United States, with little or no personal contributions to their retirement plan. Unlike the not too distant past, when congressmen and presidents did not get nearly their full salary for life after they left office, curent politicians live like third world dictators in very comfortable tax payer supported retirement. That’s a lot of tax dollars for no longer productive(?) government employees.
we,as a country must solve our own domestic problems first before anyone else’s. concentrate to solve the mess we are in-only then,afterwards,we can help others solve theirs.no matter how honorable our intentions are,we need focus right now.HELP AMERICA FIRST BECAUSE NO ONE ELSE WILL.BUY AMERICAN MADE PRODUCTS IS A GOOD STARTING POINT.GOD BLESS THIS GREAT COUNTRY OF OURS.
10,000.00 dollars is not the right figuer when considering bail out america,,iam talking about the 700 trillion bush gave out,and the money obama is now giving out would be far more to the americans than $10,000.00 it would be more like 200,000.00 plus,,then we can bail out our selves,,we need the right person for the right job,,these bailouts are keeping the same people in a job that started all this,,i dont know what else to say,,its our money thier using for all this,so give it to us to bail our selfs out with,this is our country stand up for it,,dont let them keep putting us out of our homes..i got an email the other day from someone wich showed the presdents on the different currency`s and why they where there,,then at the bottom they found one for obama,,he is on the food stamp,welcome to the new america,,home of the brave the free and the deeply bankrupt,,if we cant get him to relize this we will all be in tents and cardboard boxes real soon,,wont be a gas crisis,,we wont have the money for it,,fight back now,,couse tomorrow can and will be too late
I want someone to explain to me how the does the tax payer benefit from the bailout when the banks and other organizations have to pay it back. Do we get a fat tax check back? That has never been fully explained. How does these returns come back to us.
why is it yhat members of congress & senators can get away with not paying their taxes when they are already overpayed plus all of these little perks they get.they make a lot more money than the people they are supposed to be working for.maybe if they payed what they owe we taxpayers wouldnt be in this mess.
Yes, I am feeling optimistic. I want to offer this hope. All things pass. God will take care of you.
Do not lose faith. Something will work out no matter what. Keep on getting out there. Keep on asking for help. Pray, pray some more. Believe. Believe when you don’t. Then believe somemore.
I am glad to see that the president is taking the US citizens needs seriously. We have spent so much of the taxpayers money on wars, given it to the banks,and who knows where else. It is time to take care of the people. How could anyone complain about using the US dollars for the people who live here who are suffering? What good is defending our country if the people in the United States don’t have food and a place to live? Common sense here folks. We need enough to eat and money to take care of our elderly and the sick. People want to work and pay their own way. With the jobs that will come, they can do that. I say YIPPEE
You’ve got to laugh at the stock market.
It is amazing that a bunch of investors are buying stock in this climate. One minute they are complaining about the economy and how the ‘world will end’ if they don’t get a bailout but yet the stocks keep going up. Doesn’t seem like an ‘end-of-the-world’ scenario to me. They know the government will bailout everyone out and that it why they are not concerned.
Wall Street has become a bunch of little kids screaming and kicking to get what they want. “Give us this or we will tank the market until you do”. The American public has become hostage to Wall Street. Stocks are rising because of a stimulus plan…are you kidding me? Are they completely oblivious to the fact that if Americans don’t have jobs, they aren’t going to buy anything…hellllooo?
This country is screwed…just wait till the government starts bailing out companies like Japan has…then there’s no hope. No need to worry about unemployment if the companies continue to receive cash flow. Screw the Americans, as long as companies have money. The companies will keep getting bailouts and we’ll soon be a third-world country like I’ve been forecasting the last five years.
YES, I AM VERY OPTIMISTIC….YOU KNOW WHY? WE HAVE A PRESIDENT THAT KNOWS WHAT IT LIKE…A PRESIDENT THAT CARES AND CAN DO WHAT IS RIGHT… A PRESIDENT THAT IS FOR THE PEOPLE ALL OVER THE WORLD…A PRESIDENT THAT CARES FOR EACH LITTLE BOY AND EACH LITTLE GIRL… A PRESIDENT THAT HAS BEEN SENT FROM HEAVEN TO DO WHAT IS RIGHT BY US ALL…A PRESIDENT THAT CAN SHINE AND STAND TALL…
GOD BLESS
LESS STRESS
GOD HAS SENT US ONE OF HIS BEST….
YES, I DO BELIEVE…
ps.. I am a political junkie and out of respect to OUR PRESIDENT OBAMA.. everyone needs to acknowledge that fact that he is our PRESIDENT AND START CALLING HIM PRESIDENT OBAMA… not Obama or Mr. Obama…. HE IS OUR PRESIDENT OF OUR UNITED STATES OF OUR AMERICA…
I am not sure about being optimistic, but I will say that I am hopeful. With dark clouds on the horizon and an every gloomy economic forecast, sometimes it’s hard to keep perspective. I have family members who lost their homes, others who may be loosing or lost their jobs, and my own home to worry about. I am really hoping to find a buyer before my husband, proudly serving in the Air Force, gets orders to relcate yet again. My biggest fear is that we get orders to go overseas (which is my biggest wish), and we’re still stuck with our home, which has been the case for two years. I see this scenario being repeated with my family and other active duty families.
In addition to the stress of paying both a rent and mortgage payment, I am attempting to ignore the very real possibility that my husband will be heading back to Iraq. With all these worries, one might ask how does one manage to smile?
For starters, I look at our country’s darkest moments, and while our current situation is painful, it does not compare to pain previous generations experienced. We are not experiencing the tent cities, vagrancy, and bread lines of the Great Depression. We are not being given food rations and having to endure black outs. We are not being given lottery tickets which allow to get gas in the car. We are not salvaging, saving, and recycling like our grandparents did during WWII. Our honorable men and women in uniform are volunteering to serve; they are not being selected by draft.
There are people all over the world with no food, no clothing, no shelter, no medicine, and no means of living. My neighbor, recently back from Iraq, spoke of the locals taking the empty watter bottles the personel discarded and making them into shoes with duct tape. They were grateful to have that little protection from the burning Iraqui sands. Sobering, humbling, thoughts.
Sure, times are bad. Yes, I would love to be free of the burden of my home; I would love to have a full-time job in my field. But, rather than focus on the negativity and what I don’t have, I am focusing on what I do. I have time with my husband; I live in a nice rental. I am taking stock of my talents, and I am exploring ways to start sell my own creations. I am also asking myself what can I do to be useful; I researching areas where I could volunteer.
Yes, times are tough, and we may not be at the bottom. But, once we do, the only way is Up! I am hopeful that with innovative thinking, ingenuity, hard work, and perseverence, our country will thrive again. Whenever I am feeling overwhelmed or bogged down, I try to find something to be grateful for. Does this make me optimistic? Maybe- it depends on perspective. Do you think my glass is half-full or half-empty? What are you grateful for today?
I am optimistic. Here’s why?
First, I am single mother of a 16-year-old boy. I don’t receive get child support at all—for the most part since he was born—or, any type of assistance from any government agency. In fact, in this horrid economy, I landed my dream job with a $21K increase in pay. Yes, that’s right an increase in pay!
But there was a risk: No job security and only a three-month contract.
With a lot of hard work, I proved my value and my contract was extended another three months. However, with that said, know that in the four months I have been with my new employer, I have witnessed two layoffs (the most recent in the 30,000 range)—so why am I still optimistic? Well, since joining this resume-building organization, I have received significantly more interest from other employers and headhunters, alike. Basically, the skills and the brand-name employer are highly desirable. And, the reward, if I were to leave for any reason—theirs or mine? A significant jump in pay from where I am, a skip hop and a jump from six figures. Yes, in this economy.
Now, I’m not saying any of this to be cocky. Instead, I’m saying this to give someone hope that there are still great opportunities out there. Here are several other reasons that I have to be optimistic about the future:
1) Have an undying faith in the Power of God.
Having faith in God helps to keep my focus on things outside my own problems, allowing me to focus on others. This serves as a reminder of how blessed I really am.
2) Live below my means.
Basically, if I can’t pay cash for something, it means I don’t need it. Period. For example, my house is filled with second-hand, thrift-store or hand-me down furniture. Additionally, I bought a house well under what I could afford–with 30K built-in equity (in this market). Yes, it was a foreclosure and a steal of a deal. I also have very little non-essential debt (credit cards, etc.).
3) I planned for the future.
I have a decent amount of savings/$401K for the rainy days that always come.
4) I continue to work on improving my skills
I’m always looking for ways to better myself. I read widely on subjects related to my career and industry. I also take courses to get certifications.
5) I make extra money on the side.
I leverage my skills to make extra money on the side.
Basically, I am optimistic because I know that I’ve done everything that I can to prepare for the bad times, so when they come, it won’t hurt as much. But the most important thing that keeps me optimistic is that through my faith I have learned “that troubles don’t last always”. The state of the economy is a temporary. Everything that goes up must come down—eventually. And, thankfully, I had sense enough to prepare for it. However, if I were to lose anything—or, everything—I know that if I got it once, I could get it again with a little hard work and a lot of faith in God. After all, this is still America. God Bless it!
No, I’m not optimistic. Obama has only been in office for 7 days and already talking about a 13% increase for food stamps. What about the rest of us in this country? Being a single mom and never having any help, I resent the fact that I have to pay for people that don’t work. I have seen Welfare people in grocery stores buying expensive items such as steak, shrimp, lobster tails, etc. with their food stamps. Quite frankly I have had it with some of those people getting everything for free courtesy of state taxes that get taken out of my hard earned paycheck. I say, no more money for food stamps or the Welfare program!!!!!!!!!!!
I am a 40 year old widow, with 2 small children, and unemployed. I am about to lose my house. I have tried for many months to get a job, and have not been able to. I applied for Unemployment benefits, have not received a response. I have applied for medicaid, was denied due to my survivor’s benefit income. Furthermore, I applied for cash from the government as a supplement to pay my bills, was also denied. I am about to stay homeless after working in the United States for 25 years non-stop.
Dear Mr.President
I am very optimistic about our country getting on the right track two things I would like to see fixed is the Child Support System it is absouletly terrible there are so many kids doing without because the systems just can’t seem to handle the thousands and thousands of caseloads.They need far more resouces in locating these non-custodian parents for non-paymentsthe data base system need to be connected to all fifty states not just the state you are living in.The support system need to find a way to track if they are working under the table for cash they also should make it where if the non-custodian parents owns any property or have property in someone else’s name to avoid paying child support the child support systems need to automatically be able to place a lein on their homes,or business.
And the second situation is all employers should be required to pay their employees at least 7 sick days per year and Paid time off there are so many whom have to go to work when they are sick because they cannot afford to miss the 8 hours of thier wages.So when they come to work sick everyone else gets sick which means if they are sick enough and have no choice but to call off due to doctor’s orders that is time lost for them as well as the company having to call in another worker to replace the person whom is out sick (more money missed on both sides.)Everyone should get paid sick days and everyone should be entitled to health care benefits which President Barack is doing.We must all continue to Pray for more jobs for everyone and better health care for everyone. Thank You Connie,Cleveland,Ohio
We need to cut capital gains taxes, cut coorporate taxes and cut taxes to people who create jobs. We need Reagan type of Stimulus. The goverment giving away money to everyone and becoming involved in all business is not the answer.
I would be very optimistic if Congress would recess for about one year. Let the president travel the world meeting world leaders for his frist year in office. Then when they meet next year wait another year before doing anything.
Yes. I am a 44 year old military veteran with a professional degree (Juris Doctor). I used the Veteran’s Educational Assistance program to finance my education.
Once educated, I got married (19 years later I am still married)to a beautiful women who also obtained a professional degree. We worked extraordinarily hard in our twenties and lived significantly below our means.
We waited to have children until we were financially able (early 30’s) and my wife retired from her Managing Director position at a major financial institution to stay home and raise our children.
We live in a “McMansion” but it is owned by my wife and I-not rented from the bank like 98% of all other McMansion dwellers. We have, quite frankly, a bit of smug satisfaction regarding our true ownership status.
I despise the obese, whiny victims our public education system produces. Here’s some clues folks-
1) Get a good education. If you can’t afford one, join the military like I did and get Veteran’s benefits.
2) Choose your marriage partner carefully. Enough said.
3) Maintain your health-stop stuffing your face and get active. You WILL feel better and look better. It might just change your attitude.
4) Don’t reproduce out of wedlock/wait until you can afford to have children withut having someone else raise them. This is a hornet’s nest-but guess what who do you think your kids would rahter spend time with a day care operator or you?
5) Live below your means. Most of you are so insecure you feel the need to buy things to mask your sense of personal inadequacy. Guess what-you are broke! How does that make you feel?
Life is fun when you are responsible.
Rant off.
We paid off our home in 2003 (my age at the time was 39). We remain debt free. Our vehicles are purchased with cash and we do not carry balances on our credit cards. We have significant (very low seven figures) liquidity.
I am more pessimistic than I have ever been about the future of our country. Our government leaders are totally disconnected from the people. Our children will most certainly live less well than we have. The amount of debt being taken on for the so-called stimulus program is breathtaking, and not in a good way.
I want to be optimistic, but I don’t see many positives on the horizon. I don’t know how many times people have said it can only get better can’t it??? Some how it always seems to get worse. I don’t think we can undo years or greed in a year or two. Banks must fail, builders must go bust, and financial institutions must go under. Our govt continues to prop up these dying business, putting a band-aid on a gushing wound. The problem is you still eventually bleed out. I feel for all those out of work, but in reality, our government needs to let all these bad businesses go out of business and let other smarter ones survive and new ones start. It would hurt considerably, but until we can hit bottom, we can’t start a recovery. The longer we delay the bottom, the longer the suffering will end up being.
I just filed my income tax for 2008 and the first question was “Did you receive a stimulus Check”?
We were told it would not effect our income tax returns.
What’s up with that??
To Joe G. in AZ. hang in there my brother. Sounds to me your tough enough to weather the storm. Remember we the poor people will always be poor, we can adapt, I worry about all the rich folks, they are loosing their maids and butlers, some even have to sell some of their cars and homes. many of the wealthy are having difficulty feeding and dressing themselves because they never had to do for themselves before.
remember being poor means you are a true American. Your luck will change, have faith.
I am not optimistic at all. In fact, I am losing it.
I have been out of work ten months. The number of jobs to which to apply and subsequent interviews are shrinking by day-by-day. My COBRA runs out in a couple of months. My savings will run out in a few months. All will be lost.
My family is suffering. My home and vehicles are going to hell. Crime in my neighborhood is taking off. The Jehovah Witnesses’ are hovering. Our world has changed so much in one year or so. It is so SURREAL!
This is a spiral down for us. I speak to family out of state and it is much the same for them. I listen to the economic news, all bad.
Obama’s economic program looks like it needs to be converting empty bog boxes into shelters and soup kitchens, and quick. That might be some glimmer hope when time comes for us to be thrown out of our home. Just a safe place, food and somehow some work.
Economic solutuion. This is more complex but I will keep it short.
Every imported item shipped to the U.S. built by a U.S. or foreign company will be taxed a percentage to cover all health insurance for every US citizen from the day they are born until they die. Health care will never be run by goverment. taxpayers will be given a tax break or coupon, whatever it may be to purchase a descent health plan. This will keep the insurance companies and medical care in check as we will choose our own insurance and doctors. Immediately all items or services produced in the U.S. providing american jobs those companies will no longer pay for health care. Furthermore any corporation being foreign or domestic we as a nation will help you locate here employ americans and also avoid the health tax. If its built by U.S. workers you will save the health tax. We will help both foreign and domestic companies to locate or relocate jobs they have taken overseas. The negative cost passed on to consumers inflation. True But we are already paying. No foreign company is paying our health care. Positives are the medical issue for americans is resolved. Everyone will get descent insurance. Of course if you are well off you may purchase over and above for the cadillac insurance. Lets face it we will never be all equal as that is part of our legacy, competition. Next the companies both foreign and domestic will begin to locate here which will begin to fill some empty industrial buildings. Then the industrial real estate begins to recover due to demand, jobs are created, residential real estate begins to recover. How do we do this. I believe the U.S. consumes about half of the goods and services in the world. We have buying power and if you want to sell your goods here as long as they are made here, being by a foreign or domestic company no health care tax. If made overseas you must pay the health care tax. Corporations around the world will locate here we will gain some of our manufacturing back. The U.S. has a very skilled workforce who can do the job. This is complex and explained quickly. I believe it is possible.
Yes! You have to be optimistic about our future. I think certain companies over reacting based on GREED. Why is Microsoft laying off workers when they just made 4 Billion to end their quarter. Why do companies always layoff the workers who make the least? When they could lower executives compensation and bonuses to make a bigger impact. The working class makes this world go around. They don’t spend then it starts to hurt everyone. Don’t just cater to the banks and the rich…It has not worked. Cater to the people for a change. Jobs = Spending and saving = Better economy.
I am not optomistic in the short term, although I have a job that permits me to work at home and would appear to be stable, I certainly am not planning my spending as if I will always have this good job. Anything we don’t absolutely need we don’t buy right now. We sold our second car because we didn’t need it. I have never lived through such tough economic times that I thought two cars were a luxury. I worry about my job daily. I watch prices continue to climb and begin looking for a second job to stay ahead of the pace. I think it will be a tough 3-5 years ahead, and what this new administration does will only exacerbate that timeframe, it cannot shorten it. Very little good economic news is coming out, there is no reason to expect a miracle.
I am a 60 year old American businessman doing business internationally for a quarter of my life. I am financially well-off and consider myself a self-made man. I am writing to you today because I am deeply disturbed about what is happening in the world, not for the sake of my family’s well being but rather out of compassion for people as a whole.
I was born in the Ukraine and immigrated to the US in the 1970s. I built my fortune from nothing. I was taught to make money the old-fashioned way: you have to earn it. And from what I see, although I’m not the smartest man of the world, I have devised a solution to the current crisis.
It took over two hundred years to build the United States of America and about 36 years to destroy it. Why the powerful people of this world want to destroy it, I have no idea. Greed, most probably. Why don’t we analyze the situation not from the 67th floor of the Citi Corp building or from the classrooms of the Wharton School or Princeton University, which my kids graduated from. Not from the office of the Chairman of the Federal Reserve. Why don’t we analyze it from the ground floor of my office in a small Polish town named Krosno.
I have been working in this office almost 12 years, running a very successful manufacturing company, giving jobs directly and indirectly to over 250 people.
Each manufacturing job in my case and most probably in every other case like mine creates 3.5 satellite jobs. Those jobs have disappeared from the US, Western Europe, and as well, at a slower pace, from Central Europe to South East Asia, specifically to China and India.
The reason for exporting jobs is very simple: a much cheaper labor force. Yes, it is cheaper, but at what cost!
People used to come to the US for the reason of getting jobs, getting a roof above their heads, creating families. Those jobs are not there any longer. People who do not earn, cannot afford to pay. So by creating jobs in South-East Asia, we are destroying western economies and western values. Is this what we want to achieve?
Why don’t we apply global trade the other way? Why don’t we, instead of moving merchandise, move capital, people technologies, and commodities. Why don’t we split the world into zones of interest. One zone may be, for example, North America, including Canada, US, Mexico and Central America. On those huge territories special TAX FREE economic zones (SEZ) have to be created. Anybody could invest in those SEZ, anybody in the world, and if someone brings its own workforce into those SEZ, subject to the government of the country hosting SEZ approval, it could. The only things, which could be transported to SEZ, are capital, people, commodities (including food), technology or know-how and unique specialty items (like specialty machinery, planes).
I’m absolutely sure, that ADIDAS could be manufactured in the US and Costa Rica as well as in China and Germany. Kids’ toys could be manufactured in Canada and Mexico, and there’s no reason to bring them from China. The work in the SEZ has to be compensated according to the law of the host country. For example if a Chinese national worker is hired by a Chinese national businessman in Mexico, he has to get paid according to the law of Mexico.
In the same manner Europe needs to be separated from Asia, and Asia should be split into several zones, based on the level of development. In my estimation, within about 20 to 30 years progress will go across the globe this way, and life in China, United States, Mexico, and Singapore will be more or less on the same positive level.
I am a capitalist and an entrepreneur. I believe in lower taxes and no taxes for businesses. Don’t you think if business will pay less or no taxes it will hire more people, and those people will pay more taxes out of their salaries. How do you think USA was built? America was not built by people who read Karl Marx’s “Capital”. I am listening to some very distinguished capitalists who are supporting higher taxes and blaming Ronald Reagan and Margaret Thatcher in the present crisis. It is not exactly right. The problem was created before Reagan. The problem is in drastic transformation of wealth, and creation of disbalance in the world trade.
The world will need three to five years to achieve this. The world will eliminate pollution of the oceans because much fewer ships will travel them.
Don’t you think it is fair to improve people’s lives, but not to ruin them?
The conditions for Chinese workers in China are similar to camp conditions. I’ve been there, I saw it. They are working under a shot-gun, the salary range is from 10 cents an hour to a $1 an hour. Don’t you think we promote slavery by allowing corporations to do that?
Unfortunately, government officials are so occupied with their personalities and so busy doing things wrong that I have no way to reach them and I don’t think they would ever listen to a regular citizen like me.
But I have a hope that they will listen to you.
Thank you very much for your time.
I can not believe we are not getting lots of stories here?
Well count me out, I’m not secure, my job is not secure, and nothing is a safe investment.
I know get Mr. Maddoff’s story, his future is so bright he needs to wear sunglasses in the dark…
Seems only crime pays in today’s US Economy. CNBC interviewed the Pot growers out in California they all seem to making a nice living.
But good honest work, that goes un rewarded in the USA.
I just survived a 10% company layoff and now will take a 10% pay cut. I have no complaint as I still have a job. I would like to see the bailouts stopped as it didn’t help in the 1930’s and is not helping now. Gov’t doesn’t even know how money is being spent. We put a guy in charge of IRS who says tax code too hard for him to understand so he doesn’t pay all his taxes. Here is my solution: TERM LIMITS FOR ALL POLITICIANS – JUST LIKE THE PRESIDENT. ONLY GOV’T MONEY CAN FINANCE CAMPAIGN – NO OUTSIDE CONTRIBTUTIONS. ALL LOBBIST MUST PERFORM THEIR JOBS IN OPEN PUBLIC BEFORE OPEN MEETINGS OR HEARINGS. PAY THOSE ELECTED MORE THAN ADEQUATE SALARY, BUT THEY ARE GONE IN 8YRS. THERE BANK RECORDS WOULD BE AUDITED FOR THE NEXT 20YRS TO INSURE NO GRAFT. THANK THE FOR THEIR SERVICE AND SHOW THEM THE DOOR BE IT DEMOCRATE, REPUBLICAN OR INDEPENDENT OR ???. ONE FINAL ITEM – STOP ALL EARMARKS NOW, I DON’T CARE WHAT IT IS FOR.
Thank you, Mike Utenick
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You people really make me sick ,it has only been 3 years and about 70 emails ,certified letters ,and fedex letters no a single sole was willing to listen .I sent an email to the white house in 2006 i also sent an email to the president office in chicago before he was elected ,i also sent a certified letter and a fedex to the white house no response .If someone had listen to me we wont be here unfortunately we are here and the media is not helping .Instead of wasting time and effort on the problem lets work on the solution and i mean solutions that prevent it from happening again .I saw this mess coming in 2006 i did not make a whole lot of money on the sale of my house but i got out .
If you really want to help please please listen ,this mess has just begun .We have to teach people how to change the way of thinking we also have to be able as a family to be able to agree to disagree .First it is bad but we have life we can beat this if we work in unity it is obvious the government does not have all answers i have some please cnn lets give these people hope it can be done .If you really care lets work together first we need to send positive messages out there enough loom ang gloom .If i saw it then it means i know what i am talking about . Lets help the american people ang give the president some help .The usa finds ways to help everyone how come we cant helf their own people .