Saturday, September 20, 2014

How is the Economy in Your Area?

Unemployment went up in NC for the month of August.  Is this a sign of the future?  Will the economy ever return to pre recession times?  I'm not so sure that will ever happen.  I've read and watched reports that claim that the unemployment rate is actually quite higher because many have simply given up looking for work and they've fallen off of the rolls.

Yesterday I read an online article that claims that next year is going to be very very bad for the US economy.  Now maybe these people are just fear mongers or maybe they are stupid but I sure hope they are wrong.  Knowing this makes me want to cut back more/spend less and save more.

Now let's assume this article is correct.    Would you continue to put extra funds to pay off debt or pay the minimum and put the extra funds in savings?  I'm leaning towards putting the extra in savings.  I think the Dave Ramsey way is an excellent way of paying off debt however if you only have $1000 saved up and then BAM the bottom falls out from under you.  Well that $1000 will not last very long.  What do people do?  What would you do?

Do you think the economy will get worst next year?  Do you think it will get better?  Are you in the position that no matter what the economy does.........you will be okay?  If so you are indeed blessed and smart because you saved instead of spent when flush with funds.  You delayed purchases until you had the cash to pay for them.  You didn't buy the best most expensive cars/furniture or homes.  In stead you put your common sense to work for you.

It's daunting to think it could get worse.  I pray it doesn't.

2 comments:

  1. I think a lot depends on where you live and the skills people in your area have along with their personal habits. A few heavy industries will be coming to AL. So, there will be more jobs for skilled and semi-skilled labor. Predictably, there will not be as many women hired. And, only a few parts of the state will be helped. Many of the people here have low skill levels and are not high school graduates. The latest numbers on that were as high as 34% in some counties. We lost long-time garment factories and satellite industries with NAFTA. Some of those people had worked in the same industry on the same machine for 25+ years and were too old to start over and build skills and earning potential. There are only so many WM door greeter jobs available. We have a new one coming to our town of 16,000 and county of 60,000. It is tough for people here. I am on 100% disability and count not stand for one hour for a job. Being highly-educated did not favor me. I had to drive 50 miles most of the last 35 years to find a job as did many people in this town who were educated or highly skilled. A chemist friend now lives near DC and works for the government. He is paid three times what he could find here. . As far as an overall recovery of the economy, that won't happen until our industries are brought back so we don't use foreign labor and only a few Americans profit.

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  2. The American economy is political. We have two more years of this madness till Obama is gone. Then, if we are lucky enough to get a Republican business savvy president, it may take another two to three years to see any improvement. If that doesn't happen, I am sorry to say, our economy will continue to falter. Wherever you are in life right now, if you can hold onto it for the next five years (or for the rest of your life) consider yourself a success. Otherwise, it's just more of the decline.
    My husband and I are living on half of what we earned in the 'before time" (2008-2009). After many job layoffs we retired and called it a day. Social security and a small pension tide us through. Shame is, if we can hold on like this, I'd consider us extremely lucky. How's that for a great future?

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