Since "they" officially declared that we are now in a recession, and have been since December of 2007, should I feel optimistic that it's only going to last another 6 months, like the last recession in 1990? Who the heck knows.
I'm sure you have heard lots of stories about people who are losing their jobs, their homes, or have had to take a cut in pay. We have not been unaffected, and while pay goes down, health care costs especially, as well as other necessary costs of living, are going up.
A lot of people think the new President is going to solve everything. He made a lot of campaign promises that will be tough, if not impossible to keep, concerning the economy.
I wonder if the last recession in 1990 didn't last long enough to "adjust" the economy. It seems like for years, the cost of everything, including homes, is way over priced. I couldn't believe when we bought our new home almost 2 years ago, what little we got for our money. Just take a look at your deed records (available online usually) and see what the house sold for. Ours changed hands only a couple times over the past 30 years, but the sale price(s) increased dramatically over that time period. It's ridiculous. EVERYTHING seems out of whack ~ the ratio of what people earn versus the basic costs of what they must spend to "live."
The economy crisis is definitely effecting my immediate family members greatly with one sister having lost a job due to "re-organization," and the guys who are in the construction business (including my husband), are seeing work dry up, committed jobs canceled, and greater competition in bidding and securing new work.
How is the economy crisis effecting you, and what do you think is going to happen? Will it get worse before it gets better?