Of course you do……living conditions for most Americans leads to worry…..
There is much that we have to worry about….most important is employment…..we always get the “good” news from the tube but sorry to say, there are a few things that need to be pondered.
While surfing I came across an article written by Dan Froomkin of the Huffington Post and he outlined some things that, if you must worry, then these should be the most important:
No. 1: The middle class may never be the same again
The full effects of the crash of 2007-2008 on the lives of regular Americans has yet to be fully appreciated. For most members of the middle class, their sense of financial well-being was largely based on the size of their 401(k)s and their equity as homeowners. After the collapse of stock prices and with the steep drop in home prices, many may never feel the same way again, or spend their money as confidently.
No. 2: The recovery could take a really long time
Even assuming that we are at the beginning of an enduring recovery, there are many signs that it will be a slow one, and that it could be as long as a decade until most American families return to the standard of living they enjoyed before the crash.
Most notably, unemployment is widely expected to be astronomically high for at least another year or two — remaining around 10 percent through 2010.
No. 3: The recovery could only be temporary
For the past decade or so, the growth of the U.S. economy was primarily fueled by the credit and housing bubbles — which now turn out to have been illusory. So what will spur growth this time? Especially with so many Americans out of work? Where’s the demand going to come from?
Citing, among other things, the likelihood that the U.S. savings rate could go markedly higher in the coming years, Nobel laureate economist Joseph Stiglitz warns that “we are not seeing a recovery of sustained consumption,”and says there is a “significant chance” of a double-dip recesssion for that reason.
No. 4: This time, we don’t have the tools to get out of a recession
The recognized way of dealing with a recession is to lower interest rates in order to stimulate the economy. But the Federal Reserve can’t lower the rate to below zero, so that’s out.
The government can pour vast amounts of money into the economy, either through a stimulus or a massive bailout — or, as the case may be, both.
But next time around, that money might not be there. Not only could the political will be lacking, but there is an upper limit to just how much money the country can borrow and spend at one time without it doing more harm than good.
No. 5: The ‘very serious’ people in Washington are still obsessed about the deficit
In Washington salons and newsrooms, you are not considered a serious person unless you are very, very worried about the deficit. The principle that reducing the deficit is of the greatest urgency (and must come at the cost of entitlements) is for some reason firmly lodged in the halls of power in Washington. An example of just how uncontroversial deficit hawkery is among Washington’s elite was provided by The Washington Post earlier this month when it apparently didn’t think twice about turning over its news columns to an organization funded by Peter G. Peterson, the billionaire investment banker on a crusade to reduce the deficit by looting Social Security.
But deficit hawkery right now is not just ludicrous, it’s dangerous. As New York Times columnist Paul Krugman noted recently, “the calls we’re already hearing for an end to stimulus, for reversing the steps the government and the Federal Reserve took to prop up the economy, will grow even louder.”
No. 6: Whatever is making the stock market go up could go away
The giddiness over the recovering stock market makes it easy to overlook some key questions about its rise. But what exactly has sent the Dow up almost 70 percent since March? Could it be another bubble? And could it burst?
No. 7: The hugely irresponsible financial sector remains unchastened
But the big banks, with their enormous political clout, appear to be managing to duck the re-regulation that seemed inevitable a year ago — and they are now in fact more powerful than ever. The ultimate litmus test is that the banks that are “too big to fail,” rather than being broken up, are now making huge profits — and paying astronomical bonuses — based on the implicit guarantee that the government will pay their debts if they ever face bankruptcy. Indeed, that government backstop gives them every reason to place riskier bets than ever. Even Obama’s latest, much more assertive and populist proposal to limit bank activities does not break up those banks — and faces an uncertain future in our nearly paralyzed legislative branch.
A helluva list and I would agree with him on most of them….there are a wealth of issues to worry about…let the high paid pundits lie to you….IT IS THE ECONOMY. STUPID!
Main Street America does NOT care about all the posturing for political gain…..they want work!
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