The Battered American Consumer: Even the Upper-Middle Class Is Feeling Economic

[NicholeW.]

The Battered American Consumer: Even the Upper-Middle Class Is Feeling Economic Pain
By Kathleen Connell, Christian Science Monitor. Posted August 20, 2008.


http://www.alternet.org/story/95691/

Bad news continues to batter the American consumer, from negative home equity to weak retail sales and rising claims for unemployment benefits.

One in 3 homeowners who purchased homes since 2003 now owe more than what the property is worth, according to Zillow.com, an Internet service that values more than 80 million homes. The numbers are even more dismal for those who bought in 2006, with 45 percent now experiencing negative home equity.

[tekla]

The financial crisis is getting very bad, but really, it has been bad for years now, and people are only beginning to pay attention.

[cindybc]

It takes a lot to move people who are entrenched into their own little world. As long as they don't see the mess that goes on out there in their own government, let alone the other parts world, everything is hunky dory in their own little back forty. Until the revenuers come by to confiscate their farm tractor along with their years supply of moon shine. Then come back the next day to confiscate granny's dentures. Disregard, just being silly, or am I?

Cindy

[NicholeW.]

The financial crisis is getting very bad, but really, it has been bad for years now, and people are only beginning to pay attention.

Doncha just imagine that, if Exodus is right and all those Ee-gyptian soldiers were riding their chariots across the floor of the Red Sea or the Reed Sea, that they saw those walls of water start to crumble and they still thought -- "If I just push this horse a little faster...?

N~

[tekla]

Tax breaks for chariot owners would have solved that.

[lisagurl]

Bad news continues to batter the American consumer

Consumerism is not the answer. Products need to be of much better quality so the do not need to be replaced. Shorter work weeks could then be a reality. Human life was meant to lived not be worked to death. Less materials would be needed and less waste would be generated.

[NicholeW.]

My goodness, Lisa!! You sound positively green and and darn-near a socialist with those words!!

I totally agree, right down the line!!

Nichole