Tough times ahead
Time to come together
We all have to learn financial responsibility and to live within our means. This is not rocket science, this is reality. Many working families today are trying their best to make ends meet and maintain hope in a time of great uncertainty. It is very alarming that our economy has been on the downside now for several years and our leadership in Washington can not seem to come together to address this very serious issue of a failing economy and the prospect of more job losses. On top of that the politicians elected to office are trying to pass a bill put together in a rush manner to forestall an unfavorable debt downgrade that would have a devastating affect on a very fragile economy that is teetering on complete collapse. How is it that a once regarded super power is now facing a complete financial meltdown that will not only affect us and our futures but our childrens' futures and their childrens' futures.
It is a big mess what is going on in this country today and our leaders don't seem to know which way is up. It seems our leadership has been spending more than they have been earning for decades and are now finally realizing that this can not continue if we as a nation are going to be able to turn things around and get back on our feet and put our citizens back to work. They have to make some very tough decisions that will affect all of us and our future generations. If you were to poll many Americans today on life now as we know it in our country you would find that many are struggling and unable to keep pace with their bills and these are the ones who are working luckily. It seems we have been led to believe that we could rely on Washington and our elected officials in making prudent and wise decisions that would enhance our lives. Instead we are realizing that we have been lied to and are now seeing the country really falling to its knees based on our poor leadership. What is it like for those who are unemployed? Many are sadly facing the prospect of foreclosure because they can not pay their monthly mortgage and their prospects of finding employment is less than promising because it seems another company has succumbed to this economic crisis and has joined the ranks of laying off thousands of people.
I can not tell you how frustrating it is to wake up and literally hear the same bad economic news day in and day out. It is like everyday is Ground Hogs Day. One painful lesson we all learn in a down economy is the monies we saved for down the road is not nearly as robust as it once was having shed its value over time. We put faith and hope in the long term expecting that time will be on our side and our life's savings will benefit by more ups than downs. It is a bitter pill to swallow as you look at the money you put away for your hopeful retirement being lost to the economic decline that is hitting the stock market and its investors very hard. In the span of a week when this debt crisis has been brought to the world's attention the stock market responded by shedding billions in what was once called savings and is now just lost dreams. It is heartbreaking to see such financial chaos and uncertainty occurring with no end in sight. To me it seems the markets have been facing uncertainty since 2000/2001 and has been up and down through the decade experiencing so much volatility gaining, losing, gaining and now losing again. What does this do to our confidence and why is it that this down period seems to never end? How long will we have to endure these difficult times? Are we now experiencing another depression? It seems the promise for a bright future is now just a distant dream and most of us feel we will have to work until our dying days.
Another contributing factor to this economic crisis was the apparent ease people had in obtaining a mortgage with no income checks. Many who envisioned the American dream of owning a house have soon realized that it was short lived and now just a pipe dream and a living nightmare. As a result of these foreclosures many banks have gone under and it seems the FDIC have conducted many forced closings. Debt is a major concern in Washington today and many households also have their own debts they need to contend with. It seems the use of credit cards have become way too easy to use and rely on but it is taking a strangle hold on all who use them with prospective interest rates as high as 35% with an average between 18% and 26%. The best advice I can offer is to pay your credit card balances off immediately and cut them up but one and only use it sparingly.
Now we have to wait and see what direction our leaders will go and how this will impact on the economy and on our lives. Are we going to pay more in taxes? What will our personal share or our children's share of this trillion dollar deficit be that in all honesty has never seemingly benefited us at all. How does a country who is supposedly run by respected and well educated individuals seem to lose its way and have so much dissension among its parties? I just don't understand how in good conscience our leaders can be so irresponsible with their choices, raising the debt limit, spending and in making proper decisions. I just don't believe that our seniors may not receive their social security check or our brave soldiers who are so far away from their families asked to serve their country may not be receiving their paycheck. This to me is outrageous and I would put on the table that our esteemed leaders go without their paychecks. How will that play out?
It also has been a global problem and many country economies are failing and experiencing high unemployment. It seems like a domino chain where one economy is failing and falling as another one does shortly thereafter. The impact is felt domestically as well as internationally. When our economy is sputtering it seems that it will affect other parts of the world and the markets certainly feel the pressures and respond with big losses and declines in value. We all have to exercise wise choices and be proactive in our own personal choices and hopefully elect leadership that will make a difference and exercise responsibility in helping to find solutions to these ongoing problems that never seem to go away.
My responsibility is to do my best for my family, work hard to make a decent living and protect my special needs son and teach him to have hope and confidence in his life. I can't solve our country's problem or the world's problems but hopefully I can do my best to weather these sad and difficult times and provide for my family and manage to keep our home and find some happiness in a very depressing time in our lives. I don't remember when we had last heard positive economic news but I know it's been quite a while ago and that to me is very disturbing. We all need to ask our leaders to come together, act responsibly and stop this dissension and work together to save our country and develop our work force and help all those who are down on their luck. We have to join together and have unity during these uncertain times and put everyone back to work so they can once again have a life and provide for their families and once again smile.
Edward D. Iannielli III
Economic Apocalypse 2011
US Economic Collapse
- Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits Center on Budget and
Non-partisan research and policy institute working on federal and state fiscal policies and public programs that affect low- and moderate-income Americans
Rebuilding the US Economy
- Charting the American Debt Crisis - Graphic - NYTimes.com
America has a long history of raising the debt limit to accommodate spending. A look at some of the issues in the debate over the nations debt.