Posted by Mike (WA) on August 31, 2010 at 09:17:04 from (69.10.196.7):
In Reply to: The Economy posted by dej(jed) on August 30, 2010 at 18:50:06:
I think the problem is far broader than anyone in high places will admit. There simply isn't enough work to be done in the US to keep everybody employed.
This goes back 15 years or so- we started letting manufacturing go overseas, because it boosted corporate profits to do so (corporation boards of directors are evaluated like baseball managers- "so what have you done for me lately?" No look to the future). Things were propped up for awhile by the real estate boom, making everybody think they were rich, and buying stuff they didn't need, just because they could.
Now that we're "in the ditch", people are seeing that they can get by with a lot less (and don't want to spend because they don't know what tomorrow will bring). Hence, the flat consumer demand, and no one buying real estate (which is complicated by the fact that lenders are now looking for excuses not to loan, fearing a further downslide in borrower's ability to pay).
The stimulus package only created jobs for as long as the guvment was paying the freight, but it did re-set a lot of workers' unemployment benefits, so they can now go for another 99 weeks (or is it 120 now? can't keep track).
Meanwhile, more and more folks go on the dole, but as Maggy Thatcher said, "The problem with socialism is that eventually you run out of other peoples money."
My situation may be kind of typical of those who are still working- I turned 62 about 2 weeks ago- Mrs. and I had accumulated some real estate over the years (but not too much in the way of retirement savings), and we planned to sell it and live off the profits. That's all in the tank now, and we're not going to fire-sale it. So we'll keep working, hoping that in 3 or 4 more years, things will be better. If not, we'll just have to hunker down and live on very little. Obviously, we're in no hurry to start that program, so will continue to work (both jobs are pretty secure- knock on wood).
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