US Offically in Recession

[Vandoura]

http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112

NEW YORK (CNNMoney.com) -- The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy .
The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.
"The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment," said the group's statement. "This series reached a peak in December 2007 and has declined every month since then."
Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year. On Friday, economists are predicting the government will report a loss of another 325,000 jobs for November.

Discuss

 

[Svina]

I just bought a car. The sky is falling.

 

[Tristam Green]

I just got a full-time job.

I'm lucky.

 

[Arctyrael]

I just bought a car.
I have a job.
I'm lucky.

Who didn't think we were in a recession tho, seriously?
We just need to keep on keepin' on. If people have money, they should either be spending it or investing it. If you are working towards saving money, I would still suggest investing, but certainly not spending.

 

[Bustaballs]

I lost my job and had to use all of my savings for a car on food. Now I'm willing to take almost any job out there. =/

 

[Realia]

I have a part time job serving while I'm in school so yay for that. But since I'm a college student that means I have no money, and that part is very true.

 

[Ecks]

Hmm.
I have a job (aka. career).
I have a semi new car. >_> (bought in 2007)
I make good money for a single guy.
I can pay my bills and usually have a little left over to blow on myself.
Saving money... not so much right now. ><;

I consider myself fortunate and lucky.

Of course I know it's not like that everywhere. Lots of people are hurting for money, I'm just glad I'm not one of them.

 

[Falsey]

whats the point of saving money anyway? you could walk out in front of a bus tomorrow and die, or whatever could happen to you. saving money is for chumps, live in the moment.

 

[Tyrath]

whats the point of saving money anyway? you could walk out in front of a bus tomorrow and die, or whatever could happen to you. saving money is for chumps, live in the moment.

Tell that to my dads boss who hoards his $100 million and barely spends on anything. D;

 

[Tristam Green]

whats the point of saving money anyway? you could walk out in front of a bus tomorrow and die, or whatever could happen to you. saving money is for chumps, live in the moment.

To pay for the funeral when you walk out in front of a bus tomorrow and die.

 

[Arctyrael]

To pay for the funeral when you walk out in front of a bus tomorrow and die.

Is true

 

[Ryuoho]

whats the point of saving money anyway? you could walk out in front of a bus tomorrow and die, or whatever could happen to you. saving money is for chumps, live in the moment.

Because I plan on living 'till retirment. Living in the moment has nothing to do with saving your money or not.

 

[Falsey]

Because I plan on living 'till retirment. Living in the moment has nothing to do with saving your money or not.

i planned to join nasa when i grew up, things kinda didnt work out.

also the funeral thing, thats what life insurance is for.

 

[Mirewen]

I feel bad for all the WaMu people who just lost all of their jobs because they're duplicate positions of the company that bought them.

Funny to think less than a year ago, every store I walked by had a "Help Wanted" sign in it and where I worked was basically hiring anyone (kind of a pisser because 3 years prior is was hard as hell to get the job).

 

[Vandoura]

Bad mortage practice by banks and $4.50+/gal fual help drag down the economy, and housing price was waaaaaay too expenive before the stocks start to collapse.

 

[Sneakypants]

Because I plan on living 'till retirment. Living in the moment has nothing to do with saving your money or not.

I agree with that mindset. And a little planning goes a long way.
Post retirement, as much as you think you're "promised" certain things like social security, pensions, investments doing well, etc., you just aren't. You can only depend on yourself to make your own financial freedom happen, but it's nice to think that those closest to you would also gain some financial freedom should you get hit by a bus or otherwise die in 50 years...Or tomorrow. Yeah, it sneaks up on you. Doing nothing about it is sweet, eh?

 

[Trippyhippy]

I mentioned the "Official Recession" to one of my friends and his response made me sad.

He said "All that shit that Clinton did to our economy is finally catching up to us. It wouldn't be like this if he didn't sell the country to the Chineese."

Um.... what?

 

[Tristam Green]

Loads of people erroneously think that Clinton "sold us to the Chinese".

If anything, I'd re-educate him in the corporate whoring of us to India, Mexico, etc. etc.

 

[Sharpe]

We've had to cut VAT by 2.5% to try and stop us free-falling. Gordon Brown still claims we're in an ace position to ride it out. Someone should explain basic economics to him as he doesn't seem to have a clue.

 

[Skaw]

I mentioned the "Official Recession" to one of my friends and his response made me sad.

He said "All that shit that Clinton did to our economy is finally catching up to us. It wouldn't be like this if he didn't sell the country to the Chineese."

Um.... what?

Maybe you should explain to him what happens when you have multiple wars going on, cut taxes, and have a stagnant minimum wage for over a decade while the cost of living just kept climbing while shipping jobs overseas!

It doesn't lay on one single branch of our government, much less one administration. The entire body is to blame.