Posted by MarkB_MI on March 28, 2015 at 03:46:54 from (70.194.2.125):
In Reply to: Our Economy posted by John in La on March 27, 2015 at 06:41:36:
>Stock market is falling do [sic] to economy news.
Huh? The Dow and S&P are about three percent off of their all-time highs. And they both peaked within the past month. And that "bad" economic news? That was the Fed hinting it will raise interest rates in the near future due to the IMPROVING economy.
>Even posters on this site talk about how bad times are in their area due to job loss.
Not here in Michigan. Unemployment last month was the lowest it's been in 14 years.
Thousand-dollar tires aren't indicative of anything, other than there are folks willing to buy them. And cell phones are no longer an expensive novelty but rather a necessity of modern-day life. As is an internet connection.
It is true, however, that this country has a serious problem with its savings rate. Historically low interest rates and easy credit are part of the problem, as is the trend of people having "McJobs" rather than long-term employment. Most of our parents had an aversion to credit, and consumer credit was difficult to get up through the mid-eighties. Now the typical scenario is for young adults to run up a bunch of bills before they have a chance to learn how to manage credit.
Farmers who made it through Dust Bowl and Great Depression didn't do it because they were somehow superior to folks today. They survived in their soddies because they had no other options.
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