Recession Affecting This American Family
Maybe Not Technically, but in Reality? Yes, Yes, Yes!
By Lucinda Gunnin, published Mar 17, 2008
Published Content: 206 Total Views: 143,919 Favorited By: 27 CPs
Technically, by the officially economic measurements, we are not yet in a recession. To officially be a recession, the economy must show two consecutive quarters of negative growth in the economy. In the last measured quarter, the final 3 months of 2007, when adjusted for inflation the United States economy grew at a fraction of one percent, but it grew.
So officially, we cannot be in a recession until at least July.
But like most Americans, I have to respectfully disagree with the official economic standpoint. According to RealtyTrac, a California-based real estate information service, foreclosures were up 75 percent in 2007 over 2006. And, they continue to be happening at astronomical rates.
On a personal level, my husband and I are still working, but his father had spent 17 years at Maytag when they closed. Now, at 57, he has gone back to college to get a degree in auto mechanics. My in-laws are doing okay because of a state training program for displaced workers and the two years of unemployment that they were given when the plant closed, but they will certainly attest to the reality of a recession.
Five hundred miles away, my mother still has her job with a rubber company in Michigan, but she'll be happy to tell you about the recession there and estimated 70,000 jobs lost in Michigan last year. The nation as a whole might just be entering the recession, but Michigan's been there for awhile.
Meanwhile, back in Illinois, I watch the things that the state is doing and wonder how anyone could dispute the idea that we are in a recession. The state is once again months and months behind on their bill payments, they haven't had a capital construction bill get funded in a decade, and there is talk of leasing out the state lottery to private firms in hopes of making a profit to help support the state's budget. That capital construction bill is funding that the local school districts need to build new schools.
Recession Affecting This American Family
Location:
USA
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