It has made me re-balance my portfolio. I am shorting stocks and bonds while taking a long position in cans of vienna sausage and shotgun shells.

Ed Reed
Port Aransas, TX

I am a real estate agent and we know where that business is at right now. As much as i like the fact the interest rates for mortgages are coming down slowly, i do not like the fact that the interest rate on investments/savings accounts are also declining. the price of gas is horrible, with a new oil heater in my house i have already spent double of what i did last year. the price of food continues to climb and we certainly need to eat !!! And is there an end in sight??? the bush tax incentive is a rude kick in the butt. I do not have credit card debt,nor do i have a car payment, utilities and my mortgage payment are it. according to a article in the new york times a couple of weeks ago, i am considered wealthy!!!! because i have no credit card debt. well i have news for them, I am a middle class working woman who now has to watch every penny she spends. Hopefully a change in the administration will help!!! the present administration does not even recognize , admit the severity of this problem. Maybe they would like to come live with me for awhile!!!!

Jack,

The growing bad news about the economy is affecting my family’s daily life. Every thing out there is becoming unnecessarily expensive. We practically have to ration every thing from food to the usage of our cars because of the exorbitant gas prices. Even with the joint income between my wife and I, we are strained at the end of every month. Our energy bill has gone up, the water bill has gone up - everything is just going up. Come to think of it, we don’t buy milk anymore - at $5.00 or so for a gallon, that is just too much. We are just managing to get buy as middle class Americans. Maybe, by the stroke of luck, or better, a miracle, we hope to hit the jack pot someday so that whether the country is in a recession or not, we will always have more than enough to get by and also enough to help others. If this current trend continues, I will not be surprised to see a mass migration of Americans to other countries where their currencies are much greener and stronger than the dollar. Thanks to the war, we Americans are drowning in the nasty, bitter quagmire of absolute despondency. Its a lamentable state. Is this still the American Dream? This dream has turned into a real nightmare for many middle class Americans. May God help us in these times. May God bless and help America through these hard times.

The “news” isn’t affecting me at all – I try not to listen. But the fastest and largest price increases I have ever seen at the grocery store and the pump definitely does affect me and not in a good way. I hope the same people who bailed out Bear Stearns bail me out when I need it. That’s “when,” not “if.”

As a senior citizen living on a fixed income, it matters. I have a son living with me and that helps but we are both feeling the strain. He is retired from the Navy and also has a fixed income.

It makes me mad as ell to learn that Bear Stearns’ collapse was precipitated by the failure of Carlyle Capital, an arm of the Carlyle Group, the worlds largest private investment firm, whose principle investors include George H W Bush, former Brittish Prime Minister John Major, James Baker III, and of course the bin Laden family; this just 10 months after Carlyle Capital made millions off it’s Initial Public Offering. So now, we, the taxpayers get to bail out the greedy failed investments of the super powerful and superrich former world leaders and the bin Ladens. Isn’t the free market working great?

Bert
Iowa City, Iowa

Hey Jack,
My husband can answer the phone at 3:00 a.m. That’s when he gets up to pur more wood on the fire so that the house is warm for the kids in the morning. We can’t afford to pay $3.65 a gallon for heating oil! We are lucky to have a woodburning stove - a lot of people don’t and they are really cold!

Holy crapola! It is scaring the heck out of me. We don’t go anywhere, or do anything. We pay our bills, buy gas, groceries, that’s it in a nutshell. We have never lived beyond our means. We get movies from the library for entertainment. and our computer is still dialup. We do not have a cell phone, and only have basic cable tv. IMO, Hillary wins hands down with the economic situation. Listening to the other 2 candidates after listening to her is the difference between night and day! She is articulate, knowledgeable, mature, intelligent. I go with Hillary here.

Mary from Florida

No money to pay bills, because my gas costs tripled. Wife lost job, due to cutbacks. I will have to borrow money to go broke. Thanks a lot bush and cheney for your lies and illegal wars.

In the almost eight years of the Bush administration, my 401K retirement fund has decreased by over $40,000 despite the fact I contribute regularly.

When will the Republicans admit that trickle down economics doesn’t work, and in fact, causes severe damage?

The whole world is seeing it, why can’t they?

It has caused me to change how I get my economic information. I used to read the newspaper, subscribe to business magazines, and watch the news channels, but the bad news depressed me. Now I only listen to President Bush and inflation is non-existant, the economy is strong, we have turned the corner and the future looks bright. Why would anyone want to live in the real world, when Bushland is so much better.

Jack,

as a 62 year old retiree on a fixed income I am most afraid of inflation.

my grandfather and grandmother immigrated from Germany in the early 1920’s and lived through that country’s hyperinflation where their money became worthless. I see the same thing setting up here in America right now. I fear a future “reevaluation” of the US dollar that will rob me of the savings I worked so hard for over my lifetime.

if that happens my retirement income will go out the window and it will either be “welcome to WalMart” or “do you want fries with that order” for me.

I’ve had to cut my Wal Mart trips down to one a day. Now I sit home and watch my buddies (Wolf, Jack, Lou, Anderson, and Larry) on CNN.
Hopefully cable costs aren’t tied to oil costs?

I eat less, I haven’t gone out for entertainment in quite some time, I don’t do any unnecessary driving, I stay away from places like Wal-mart and Target. Worst of all Jack….I am now starting to ration toilet paper.

Given the condition of my husband’s company, he took a buyout. He finally found a job, though it’s a long commute (given home values, this isn’t a good time to sell the house). Others have not been so lucky.

Jack, it is not the growing bad news about the economy it is the reality of what has already happened. I no longer have disposal income it has been wiped out with increased utilities, gas prices and the cost of food. Each month as I think they have gotten as high as they can. Each month they get higher. It has been 4 years that my income has remained the same.

The question should be how has the economy already affected you and not how the growing news is affecting daily life.

So far other than things costing more Jack it has not but my Father who is 72 is having problems due to the increase in cost of just living and soon will become a part of my household due to his inability to maintain his own home in light of the increasing costs of living alone.

I am very fortunate to live in a well to do town, home to Dow Chemical. Even during the depression we weren’t affected. The higher gas prices do have me staying home more & cuttng back just to be on the safe side until things get better.

Tammie
Midland, MI

I’m sitting tight and watching the markets. I haven’t booked a summer vacation as yet and maybe won’t. I’m not going out shopping like crazy for nonessentials. I am deeply concerned about our economy and Alan Greenspan’s remarks yesterday resound in my mind. My heart aches for all of the people out there that are really in bad financial shape. I am worried about WHAT this country is going to offer my grandchildren. The American Dream has turned into a Nightmare.

Jack, I am retired living on Social Security, and savings in cash accounts. I took all of my money out of stocks and invested in savings accounts that were getting 5 to 6% interest. Now that the interest rates have been lowered so much, my secure income has shrunk considerably. Oh well, at least It wasn’t invested in Bear Stearns. I still have all of the original money!! Chicago, IL

The soaring gas & food prices are severely crippling our community. I have seen two neighbors lose their homes to foreclosures. I now stress over keeping up with my gas bill which monthly comes out to $500! The government is sending out these IRS Checks, which we qualify for, however since we owe back taxes from last year they are just going to keep our check and pay themselves back first! (I called the IRS and asked if they would keep my stimulus check since they already kept this years tax refund and was told YES) How can I help stimulate the economy or get that extra boost that my family desperatley needs, if they are just going to keep my IRS stimulus check and then turn around and tax me on something I never received next year anyway!??

Living on a fixed income is not fun. Higher fuel costs leading into higher heating costs for our home, prices at the pump, costs in consumable goods, delivery costs, medical care, etc. The loss of jobs in the first two months of this year is unacceptable and Bush has the grapes to call himself a “Confident Fella”. His economic policies smell a lot like “Putting Perfume On A Pig”.

Jack
Cost of gas and food are hurting us. I am retired my wife still works, with the cost of gas and all the goods we purchase skyrocketing I am looking for work. So much for the “golden years “

Jack, it’s not just the bad news about the economy affecting my life, it’s the economy itself. I’m a 100% combat disabled veteran, on a fixed income and receiving a pittance, for my disability like all vets. With the price of gas driving up the cost, of everything else, I’ve hit rock bottom. I’ve been forced to sell my truck , small trailer and cancel all vacation plans. God help a working family, with a couple of children, to support. The President’s insistence, on an idiotic free trade policy and the consistant outsourcing, of millions, of American jobs has devastated our economy. I compare our economy, to the Titanic moments, after it hit the iceberg. We’re sinking the the Administration doesn’t know it.

It sure makes it differcult to buy food and gas. To think the Bush Adminstration just sits there and does practically nothing while the average person suffers is terrible. George W. Bush and his wrongheaded economic policies are the source of the problem. We seriously need to start getting tough on executives who outsource jobs, put an end to corporate greed and punish CEOs who profit at the expense of their workers. So far, the government has turned an blind eye to these sheganians and we need to crack down on this stuff big time. Sylvania Ohio.

The economy is affecting me in various ways. At the gas pumps it’s caused me to look closely at how much travel is necessary, before I never considered that. In the markets we’ve followed a budgeted food list more than ever before.

We’re not able to save as much as we were saving before and the unexpected little expenses that come up are really challenging, because your money is not going as far as it did. If I had to put it in perspective for me, I would say it’s hard to game plan against this economy, because there is no stablization so therefore your constantly having to make adjustments to your budget.

It doesn’t. I am in life for the long haul. Markets and economies go up and down. If you don’t live just at or just beyond your means like most do then this too shall pass. Lots of people are complaining for poor decisions they made in the past. Learn from them and move on. No one made those decisions for you except yourself. You have to take responsibility for your own actions and stop blaming the government and everyone else.

Jack:

Do you care?

Ron K. San Diego

That’s simple….EATING…….DRIVING……….HEALTH……………HEATING
HOME………HAVING A HOME……..let’s make this easy…EVERYTHING!!!!

You know, I hadn’t thought much about the economy at all until I went to fill up on last Thursday and saw that gas was at a record high here in Kentucky, at 3.35/gallon for unleaded. I’m a college student on a more than limited income. And now we’re being told by the state leaders that budget cuts will be coming from our university, essentially raising tuition and eliminating funding for scholarships and financial aid. Where am I going to get the money for college next year? I’ve come from a middle class family that has been hit hard by the recession and we simply cannot afford it. I may have to look into dropping out of college in the fall and getting a full-time job to help pay for bills. This is not the American dream I thought I’d be living at age 20.

Jessica
Lexington, KY

As long as the cuts the federal reserve implements only benifit the credit card companies and mortgage lenders, middle america will continue to suffer. For most americans with mortgages, the fed might as well just send their rebate check to the mortgae lenders, thats where it will go anyway. Just cut out the middle man.

As a middle class American, living pay check to pay check is getting increasingly difficult. I purchased a house this past year and fortunately I have a good fixed rate. But filling my gas tank, buying groceries and other necessary goods is very difficult. Every week it gets harder to stretch the weakening dollar. I went to Canada for a weekend in February, and for the first time in my LIFE I received less American dollars then Canadian for my exchange. I was almost embarassed!
Rochester, NY

The shaky economy in the United States has sent our Canadian dollar soaring. Canadians are flocking to the United States to holiday and spend money.
Sadly, the U.S. is suffering by losing their homes at a record rate and their children are facing problems that could affect them for years.
The Bush administration is spinning that there is a slight problem in the country, but don’t worry, things will get better..
Try telling that to the people who have been booted out of their homes and are living in tent cities…
It will take years for them to recover from a greedy administration.

We’re a single income family that has managed to survive the housing shake-up. Our big fear is that one round of lay-offs will leave us indefinitely unemployed or underemployed. You can’t pay a mortgage with even 3 part-time jobs.

Jack;
Well, let’s see…..gasoline has gone from $.98 a gallon to bumping $4.00…milk has gone from $1.29 a gallon to $4+, likewise heating, electric, & water for your home, clothing, that we get from SriLanka, China, etc., electronics…likewise….well it’s like the email I received; when you get your “Stimulus-Check,” make sure you spend it to help America! BUY BEER!….it’s the only thing we can get that MAY still be made in this country!
Chuck OH

Jack - I am fortunate to have a job. The sadness comes when Senior Citizens that are on a fixed income are unable to adjust to the weak economy. The next president needs to have concern for the American people, young and old.

As with Gigi in Alabama, I am a senior citizen. I have seen the price of my groceries skyrocket and I live alone. I cannot imagine what this does for families. I do not drive alot, therefore, I don’t purchase gasoline that often but here in California we are close to $4.00 per gallon and I do not think I can cut back any further (grocery store, doctor visits). My children and grandchildren are the ones that are suffering from the greed of corporate America and what do our so-called representatives in Congress do? - they go on vacation. Perhaps that is a good thing. At least while away they cannot spend our money on pork and earmarks. (Wait - maybe they can. They are a crafty lot)

We are doing just fine Jack. We did not use our home equity like an ATM, and we drive only when necessary. We have fuel-saving vehicles, and we recycle glass, plastic, paper, and metals. We shop near home, and wait to buy large items until we know if we can pay them off in time. We are doing our part, so I fail to see why others cannot. Its a slump, and will recover itself as usual. I feel sorry for those of you who are losing their homes. But it dosen’t mean I want to pay for your mistakes.

i keep hearing the media telling me how much money i should hold back for bad times, well the bad times started 2 years ago when gas hit $3.30 a gallon. there is nothing to put back. most people i know maxed out their credit cards months ago just on food and living expenses. were not headed for a recession were headed for a full blown depression, and everyone is gonna lose on this one!

I always took our government for granted that things would go well for the country. For the first time, I am responding to blogs like this… and voting

I really want to answer your question, Jack but I’m so depressed I think I’ll go lay down and take a nap.
In seven years of the Bush Administration we have gone from a surplus to being the biggest debtor nation in the world. How did this happen?

My husband and I are retired and on a fixed income. Our health insurance cost $1019.20 cents a month. Our grocery bill has doubled. Our fuel bill for a fill up was $2079 almost double for last year. To fill up the car is more than double. We saved all our lives,put two kids through college, saved a nice nest egg. Then just as we were getting ready to retire Bush was elected Pres. and the bottom dropped of everything. I guess I’m in the same boat as every one else in the U.S.Trying to keep our head above water.
Carol Scio, Oh,

Jack,

A lot of us have been feeling the decline for a very long time already. Some areas of the coiuntry never came out of the last recession. And some industries that were supposed to be secure got outsourced.

Watching an interview on CNN this afternoon with Atlaqnta man-in-the-street types, I was struck by the optimism I saw. No one I know has any faith in the future unless we fix things right, right away.

The impact is not just on the cutback in food and gas and heat. It’s also a terrible sense of failure and depression. We’re too old to make up for the last several years. We face only more cutbacks and no chance to remedy the situation before we’re forced to stop working. We’ve done everything we were supposed to do, and we don’t have any hope. That may be the worst impact of all.

Patricia
Massachusetts

Poorly.

Adversely to say the least. I see the FEd is apparently going to cut intrest rates again. I am waiting for the intrest rate to go negative to secure my future.

I’m a college student living on a fixed income. I think I’ll be okay but I am starting to worry about what I’ll do after I graduate next year. Every time I hear more bad news about the economy, it proves that we should have listened to ron paul.

The value of the dollar is decreasing on a daily basis, the cost of gasoline and diesel fuel are going up on a daily basis. Simple math will tell you that you are going to be in a worse position with every passing day. As diesel fuel increases on average of 17 cents per gallon each week, this means that everything we see, touch, and feel will cost more. And, since EVERYTHING is transported by a diesel truck at one time or another, there is no way to avoid cost increases. Simply cutting back and foregoing non-essentials has given way to desperation for many. I have heard nothing positive that will counter the downward spiral. And yet, nobody has a plan. We have seen nothing but untimely reactions to the situation which have not helped and, quite possibly, are contributing to the problem.

At 60 and single, relocating from Ca to New England, bankruptcy, going from a $22 an hour job in CA to $15, I finally managed to buy a modest mobile home, something I could afford. But now with rising fuel, food and other costs it is very scary and depressing. I am in good health and support myself but how long will that sustain me with what is going on.

Well let’s see…. I don’t own a car, so I don’t have to find gas money. I don’t own a home, so I don’t have to worry about a loan or a mortgage. But, I do live on fixed in come & I have seen my grocery bill go up by 25 to 30%. Now I wouldn’t mind if I knew that money was going to the farmer or the grocery retail worker. But, it not. When it’s all said & done, the extra money I’m paying is going to the oil companies.
By the way Jack, I’ve been watching the NASA channel lately, because I am getting tired of the bad news in Iraq, the bad news in economy, & the political campaigns. But, none of that’s your fault.
Patricia
Palmdale, Ca.

Ah! Finally something news worthy, Jack. This is only the beginning! People can’t afford to pay for gas to get to a minimum wage job, Do the math! And this after Bush didn’t want to raise the minimum wage!!!! This Administration has written checks it can’t keep. They lay-offs have just begun and the Banks are getting bailed out, not the people. How is it that the top 1% get to fail at everything and get paid to do it. What the Fed is doing is meaningless to the average American. And the Tax Rebates are the biggest lies going. Do you realized that if you were smart like all the Financial Analysts have been preaching and bumped up your W-4s so to reduce your returns and place that money in stocks, you’re screwed twice! The stocks are tanking and next year you may owe taxes instead of getting a small return!

IT’S NOT A TAX BREAK, it’s a loan on next years taxes! Only the Banks that screwed up get bailed out!

How nervous are we, I highly suggest you start squirreling money away under your mattress! Can you really trust Banks? ( I have a story about Bank employees buying new cars, it’ll scare the hell out of you how finacically stupid they are!) America is suffering and now that all the Home equity lines are cancelled due to the mortgage meltdown and home prices getting lower by the day. The American people are in trouble and it starts at the top!

The econmy hasn’t hit my family as hard as many others - yet, but we still feel it: Ridiculous gas prices, ridiculous grocery prices, etc..

I just pray that the majority of Americans use common sense in November and vote AGAINST 4 more years of pathetic, failed, and stupid economic policies.

Get it? No McBush!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Other than I can’t eat, sleep, am depressed, irritable, am freezing because of the high cost of heating oil, hearing the president intimate that in the long run everything will be alright (if I live to be in the long run), can’t go and take a litle drive in my car because gas costs too much, I guess you could say “it’s making my life miserable”!

I quit my job two years ago to seek a job in my field rather than some minimium wage job. I have an associates degree in business and sadly in the wealthiest country in the world Istill haven’t found a job. I think if it keeps on it will discourage recent and future high school graduates from going to college because they will think it’s a waste of time. I hope the next president does a better job, so that I can finally find a job and get on with my lide like every other americian because I struggle living on my disability supplement..

Jack-

I’m kind of glad I took a loan against my 401k last December. I am paying back 8% interest to my 401k which is probably far better than what it would be doing right now than if I had not taken a loan.

What really scares me is energy prices. I live in the Arizona dessert and electricty costs are already high. Compound that with other necessities like food and gas, which are also getting really high (and summer isn’t even here yet), I’m hurting. I just hope our economy doesn’t dictate even higher energy costs. If so, we might be living in a house with no air conditioning when it’s 120F outside.

Due to the decline of sales at work,my amount of hours are being cut every week. I can barely afford the rising gas prices to get there. My dad gets laid off only months after hes hired due to jobs lost overseas. I now pay for everything myself, and not even out of school yet. Im running out of money before I get it.

Jack

About the economy, its tough for all Americans. I don’t know much
about the Financial world, but I always hear about people making
over $ 250,000 dollars a year in a lot of political speaches. If you make that much, the economy might be tough on you, but with me
getting $1388. a month from Social Security will effect my life more.

It’s going to be the death of the service-sector Jack. A lot of restaurants will be closing done as people scale back of dining out while overhead goes up. I’m not sure what all these waiters and cooks will do, because retail sales will choke for the same reason. Time for a new industry. Green power anyone?

My car is about to rot on the parking lot (I now catch the bus), I know where all the thrift-stores are in my neighborhood (can’t afford anything new), I cashed my 401k (Can’t afford to have anything extra taken from my paycheck)…, and I’m now contemplating bugging my neighbors for some “bonding time” just so I can watch the Cafferty file/Wolf Blitzer after I disconnect my cable. Am I affected enough? Only time will tell.

Due to the decline of sales at work,my amount of hours are being cut every week. I can barely afford the rising gas prices to get there. My dad gets laid off only months after hes hired due to jobs lost overseas. I now pay for everything myself, and not even out of school yet. Im running out of money before I get it.

Being retired, my focus is on nest egg preservation. I am verifying that it is 100% government insured and if not, then adjusting.

After reading about the Bear Stearns debacle, I have come to the conclusion that we are about to go through times, I have not experienced before. I don’t think a depression is in store, but the only inflation right now is in medical, food and energy.

I fear, that at some point those prices will start falling and we will be in a deflationary cycle and by then the fed will be near zero, with nothing left to ignite the economy.

Harry
Carlisle, Ky

If this government wanted to do something that would help the economy, they would get this country off of oil. It has changed everything. Why are we waiting until 2020 to get cars with high gas mileage? They have had that in Europe for a lot of years. We have the technology now to do it in the next couple of years. The middle and poorer classes of people are the ones who suffer. Wages down and prices high. Jobs gone. Recipe for disaster!

The economy is dead. George Bush will not acknowledge the fact due to his arrogance. I work and I go to College at the same time and I don’t even know how to pay my tuitions for the spring semester because I have to pay half last January. What an abomination George Bush is?

Except for prices being somewhat higher for goods, the economy has not had much adverse effect on me. I was lucky enough to get rid of all my investments in the stock market in early January and put it all in CD’s. The fact that I have a variable HELOC has helped lower my payments on the interest quite a bit. I know I will have to revert to a fixed rate when the rates start to climb again but until then all is well in Rome NY.

Bob

I used to get out and do a little bit of traveling but now since I am on a fixed income the joy of my day is being able to get out and hit the over priced grocery store. I swear I go on a Monday and by Wednesday the prices are already jacked up. When will we get a break? And don’t tell me when I am laid in the bone yard

I am struggling the same as everyone. The high price of gas, food and everything can be traced to two things. We are not drilling for oil in this country so we have to buy it on the open market and interest rates have been down for way too long. When Bernanke raised rates to shore up the dollar, mortgage rates went up causing the foreclosure problem we face today. Every thing in the world is priced in American dollars and when investors can’t get a decent return on the dollar, it becomes worth less and the cost of every import around the world costs more. Interest rates must come up. Perhaps when Bernanke raised rates, he should have done it at a slower pace.

I went into the local market this morning. Steve, the guy who runs the place was talking to me about how his son just graduated from college and can’t find a job. I could see the pain in his eyes thinking about his son’s future.

For me, it means I don’t buy anything for a while, a long while.
It’s a good lesson on need verses desire.

Jack, I am blogging more.

Lets see the neighbor on one side lost his job .The neighbor on the other side lost his house.We all pay almost $4 a gallon for gas so Exxon can get another proffit record year . The war in Iraq is going so badly we dont even talk about it anymore .And the dollar overseas is becoming worth about as much as toilet paper .Dose that about cover it Jack ??

I’m a real estate broker so you can do the math. These days the definition of a Realtor is “an unemployed person with a real estate license!”

Jack, I dread to wake up each morning because of the present state of things and the dire predictions that it would get worse. I never knew that a time will come in American when the choice would be between food and gas in the car to go out and buy food, because I thought both choices were complimentary. It only reminds me not to take anything for granted. I only wish I could become a bear and sleep through all of this.

Next month I will become part of what I believe will become a growing phenomenon in this country, the multi generational household. The kids and Grandkids will soon be moving back home in droves as energy and food prices put them over the edge on their mortgages and car payments. For them this economy has taken away their hope. For me this economy has taken away the hopes I had for them.

I am concerned about the rising number of housing foreclosures! This brings down the value of homes and the resultant property tax base is reduced! This affects schools,police,fire departments.mental health services etc.Which in turn affects the employment rate! So yes we are in a recession in spite of what the Bush Administration says!

Jack, Im a recently retired steelworker with medical problems that forced me to retire early, all my children are now married and all but one have children of there own. So my wife and I are mainly concerned about there future as well as our six children.We are doing ok with our fixed income our main concern is our children and the raising of our Grandchildren we feel thats what family is for to help out when we can.

Every week I go to the grocery store and see how the prices have risen. Then I go to the gas station and feel like I have to take out a mortgage to fill my tank. I have a very ill husband and even though we are now receiving help, the co pays add up. We live on social security from month to month with nothing left to show for it and no light at the end of the tunnel. I feel guilty if I turn on the heat or A/C but have to keep my husband comfortable so he does not get pneumonia. This is our life under the Bush economy.

Jack, Bush has been responsible for our economic woes while he turned his back at home and preferred to look overseas. What worries me worries me most is that in spite of our poor economy, the infighting between Obama and Clinton might be paving ther way for another Republican Presidential victory, leading McCain to the White House.

I have a twenty-plus year background in marketing, and have been looking for a job for months — with no success. I think of my struggle to find work a direct result of our poor economy and the Bush administration’s inability to manage it whatsoever.

My rent was increased last November so on top of that we have to deal with rising gas and food prices. Every penny of my paycheck is gone before I even get it. If I have to buy personal things or cleaning supplies, then a bill doesn’t get paid. Groceries are becoming a luxury. I haven’t been able to buy fresh produce in months. I use to shop at a major big box store but now I shop at dollar stores as now the big box stores are too expensive. I wish Bush would send me a pair of rose colored glasses like his so I can see the fairy tale world he sees.

Hey Jack. We don’t have it quite as bad here - or so we’re told but I’m not so naieve as to believe that what’s happening south of the border won’t affect us. We may not see the rate of forcloseures that you are experiencing right now but as your economy begins to shrink more and consumer spending drops, that will have a direct impact on jobs up here in Canada too. I fully expect to see alot more stories like “Delta Airlines” today over the next few months at the very least. I really feel that someone is and has been holding back on what’s really happening but the guys who are paid to look death in the face and not flinch…are flinching….NOT GOOD!

I earn a portion of my monthly living from interest income. At three percent interest, less taxes on the gain, I lose 3 to 4 percent of the buying power of my dollar every year. The government, being in debt, in deficit, and at war has little choice now but to inflate away the value of our dollar assets to pay for their ill advised decisions. It’s no wonder Americans have a zero savings rate.

I have a very bright son who wil be graduating highschool next year. I have been telling him all his life to get good grades so that he can go to college. He currently has a 4.3 G.P.A. and I am afraid we don’t have the money to get him accomplish that goal.

well since my husband came back from Iraq after serving this country as a translator and they didn’t take care of him medically and sent him back to ohio sick and with no job its hard just to make a meal or take a trip to the market or doctors appointment without thinking what the hell did we do? nice to know the top 400 did so nice in this country since the war started and nice to know all you think we doing just a great job in the region but their are other countries besides us fighting the inflation of this tradget. my bills are high here but i can not help but feel for my mother in law who is jordanian fighting inflation to who could feed herself and 8 children for 100 dollars back in 2002 now needs almost 500 dollars to do it. and their king does the same as our president is clue less of how much a gallon of gas is. wake up gigi and i just fighting to find our medication not to fly to the island for a vacation. my heart bleeds with you but will never bleed for this country again we did this and until we fix it we will be dammed

Thanks for asking Jack..My wife & I, are 75 yrs.old and have done nothing but lose money in the stock market..Thousands, to be more specific..
We took it all out from our so called advisor( A name brand) and put it into bank c.d.’s.In order to live on.. Now, Bernake,in order to show himself off, has decided as usual, to lower interest rates.. I have never seen much of a advantage in this, as you might or not agree..
All we know is this,Us and other people have decided to save our money in a safe? place.. but His cuts have drastically put us in pearl,as with other people we know..
We can’t do a thing about it,I know..but at least he might know what he is doing wrong with you reading this letter.. thank you..

You mean besides recent disorders in eating, sleeping, anxiety, and bedroom performance. Not too much.

The Fed isn’t helping… I know it’s an election year, but there only making it worse. Low rates devalue the dollar, increase the costs of commodities (oil) and benefit the rich and the financial company that, due to their greed, share alot of the blame for this whole mess. The President continues to be in fantasy land. I’ll be glad to see him gone. I’m sure he’ll blame everyone but himself.

I own a computer repair center, and business is brisk. From a service standpoint, I’ve found that when the economy is weak, my customers would rather have their systems repaired as opposed to replacing. I’ve been in business 19 years and have seen the ups and downs of the economy. My business has always been steady, but I see a big increase in repairs when times are tough.

Columbus Ohio

I am a middle-class single mom with two kids and am cutting back everything I can. We are always cold because we can barely afford the heat, so we keep it as low as possible: The kids wear sweaters all the time. Also, no more eating out, movies, or brand name supermarket foods. Finally, no more after-school activities because I can’t afford the fees, equipment and gas to taxi the kids around.

Meanwhile, George Bush is “unaware” that gas is approaching $4.00 a gallon.

I am (as are many other middle class americans) angry about the growing divide between the haves and have-nots. I have zero level of confidence that a new president, regardless of the party, will engage in any meaningful economic reforms that benefit the middle and lower class because they are too busy paying back political favors to their rich supporters.

The Fed isn’t helping… I know it’s an election year, but they’re only making it worse. Low rates devalue the dollar, increase the costs of commodities (oil) and benefit the rich and the financial company that, due to their greed, share alot of the blame for this whole mess. The President continues to be in fantasy land. I’ll be glad to see him gone. I’m sure he’ll blame everyone but himself.

Once we have a change in Adminstration then the Economy will be better, so long as we are under the Bush Adminstration the average American will suffer

I think the economy will start to get better in about ten months and four days from now. I know I’ll feel better then.

Put simply Jack, I had no money before this all started and I still have just as much now, as then. But hey, I look forward to having even less by the time this administration leaves the roost. Only one way to look and that’s up from the bottom of this hole.

Married with 2 children (one in college, the other an at-home handicapped adult) and my mother living with us. I am self-employed, and my husband has a good job with a small privately-owned company. My husband began taking his lunch to work everyday (a few months ago) to try to offset higher gas and food prices (he has a 60-mile roundtrip commute). We plan our errand trips better in order to conserve gas, we keep our thermostats turned down in winter and up in summer, and turn off heat/a/c whenever possible. We have postponed some renovation work on our home, as well as some other “wants”. We are trying to control our spending in order to protect our savings, even as we watch our nestegg shrink due to falling home prices and the falling stock market. Health care costs and the thought of my husband’s employer possibly going out of business are major concerns.

Funny how the Republicans tout the free market, yet they always bail out their own. Media keeps harping on the sub-prime mortgages as the cause, not true. Wall Street and our banks have been gambling money away and the bill has come due. They have come up with all of these fancy terms in order to make things sound more legit then they are - it has been a club and the price of admission was a degree at Princeton, Harvard etc. Get your degree, then go out a leverage a billion dollar real estate deal , hedge fund, take your pick with no money down from your college buddies..
If things go south, Feds will bail you out and leave the average joe without their retirement fund.
I find it funny we are talking about a recession. There is nothing that has happened that has not been talked about in alternative news for the last few years. Forget recession, say good bye to the dollar. Every day the dollar hits a new low, so what does the fed do, they print billions more to “bail” out the bankers. By October you may as well use a dollar to wipe your bottom.
Get chickens, plant a garden and get out of the city because 08 will make the great depression look like a walk in the park. Biggest difference - back then they did not have home equity loans, credit cards etc, PLUS, they used our manufacturing base to pull us out. Too bad we do not manufacture anything anymore.
Invest in the Euro and get used to a much lower lifestyle. Brought to you by a generation of apathetic americans and a crooked government

I am a 61-year-old male who was just laid off in a restructuring. I need to work to pay off my mortgage and am scrambling to find a new job. My biggest concerns are the drop in the stock market (affects my retirement account which I may need sooner than I wished) and the employment outlook.

It has forced me to revert to the Triumph Bonneville. It’s a little early, but I have no other choice. The only trips I now make are to the gas station to have enough fuel to reach the grocery store.

Jack, I think it funny that the fed has yet again cut intrest rate, it’s not going to work it’s going to drive up prices, first. Also the banks are not going to lend money to us people that are having a tough time, they don’t care if we fail, they will make money either way. If we lose our house we make money, we keep paying our high intrest to them the make money, if we let them forclose they make money two ways we get stuck with the bill, and they sell the property, and guess what they make money. So we might as well cut interest rates and drive up inflation and screw the little guy a little more. See Bush and Cheney figure out how to kill America, and its the only thing they have truely been effective at. Buy on contract at a fixed rate and save every penny, depression here we come. Stay away from the Banks.

How about a movement to get the idiot in charge of the federal reserve fired and have him live on fixed income at 1% rate. Oh by the way disolve his pension also and put it to national debt.

Jack after bush and now the silly season of this years primary I am packing my bags as we speak…..moving out of this country ASAP!! going where the euro rules!

It may be a challenge for us, but nothing compared to those that are less fortunate. We will go to the store tomorrow and buy some canned goods to take to the food pantry, maybe $10 dollars or so. How about everyone who reads this doing the same thing and feel good because we helped someone. I was taught that this is why we are here, to help each other. It’s the little things that can and do make a big difference.

It’s hitting my parents hard. We use to pay $180 at the grocery, we pay $240 now, even with one less person to feed. Gas is a killer. The economy sucks right now plain and simple.

Brett Milam
Cincinnati, Ohio

The reverse-Robinhood administration achieves another spectacular success funneling taxpayer dollars to the poor millionaires and billionaires who have to sell their second and third vacation homes to make ends meet. Aren’t those the real victims here? Who cares about the rest of us schlubs?

Personally, I’ll probably weather this recession fine, barring disaster, but the ticking economic bomb is down to one second for a lot of households and I think we’ll see some Bush-villes popping up in the next 12 months. At least winter is ending soon….

Jack

My wife keeps asking me what are we going on vacation this year and all I can say is “can we really afford it”. We both have great jobs but we have two kids to put through college and food and gas costs continue to rise. I am a baby boomer and sadly the style of life my parents toiled for is gone. I don’t even want to think about the quality of life my children will have.

Matt from Rockford

The economy started affecting me in 1990. That’s when de-regulation from the Carter and Reagan years began to kick in. I was tied up in a sub-prime loan in 1990. Although there is a feeling that we should blame the consumer…I don’t think that is the whole picture. I took my loan papers on my house to a law university, hoping to find an answer to correct what I had gotten myself into. The law students along with the State Attorney General, who used to teach there, COULD NOT understand the contract I had signed. They finally concluded that the mortgage company could do what they wanted.
So, if law students and a Attorney General can’t understand what I signed…how was I supposed to.
Anyway…to answer the question…I just cut back on everything; trips to the shopping mall, trips to the store to see what they had that was new, buying luxary items like sodas, cereals, new clothes. I adjusted my diet to the basic foods and have since given up on additional items like ice cream and other extras like that. Also, I ‘ve had my car for 156 years and have just put off buying a new car. I now rent since mortgage rates have just gotten worse since 1990.

My husband and I have good, middle-class incomes and aren’t struggling…yet. We’re fortunate to have a low, fixed mortgage rate and only one car payment; but the cost of gasoline and weekly groceries has climbed so high within the last month (a combined $200+ difference) that I have started canceling unnecessary memberships.

I’m a 22-year old college student at a prestigious institution and am graduating this year. I just tried to get a small loan from my lender and they shut down their student loans on Monday. They only offer loans to my parents. This is the same with many similar lenders. Now I’m scrambling to figure out how to pay for the rest of my tuition without increasing my parent’s financial burden.

Meanwhile, my relatives in Spain can get their college education for free.

Sparks NV
well it is getting rough. gas is right about 3.47 a gallon. milk right about the same. i am trying to adjust by going shopping only one time each week. buying bulk foods, and whole chickens ( i cut my own ). scrimping on kids cloathes and supplies. looking more towards thrift stores and goods. what i see is a huge class devide while some people are still filling up there ultra big SUV’s and complaining about the cost of gas on the way to another nice dinner out at the claimjumper. while others are faced with parking the car in the driveway and waiting for better times for gas and a meal at Mcdonalds for the kids.
how did things get so top heavy. can you say GREED by so many in a elevated position to help others. no they helped themselves and their families to expensive trips and cars. way to go! they should have been creating jobs not pacifying there spoiled kids.

I just hope the price of shoes doesn’t spike like the price of gasoline or I’ll really be in trouble.

Two weeks ago a dozen of plain donuts at Walmart costed me $2.50. Yesterday I went to Walmart and the same doezen costed $3.33.

we are doing without all the extras and trying to get by. we were for a while hopeful a new president would help this BUSH MESS, but our hope is beginning to fade. we dont have much of a choice and little hope left. come on democrats….get your party together……we need an organized party .

I lost my job this past month due to the down turn in the housing market and at 55 it is looking very grim as to when I might land on my feet…The only good news is that I’m willing to hand out the smiley faces at the big gray box store if I hace too…

Yup- we’re headed for a correction. But come on folks- blaming your government and administration for this is just silly. Sure, the current trend of government bailing out failed mortgages and failed businesses is delaying the inevitable. But the underlying problem is that Americans are over-spent, over-borrowed and under-saved. We’ve all adopted the habit of financing a lifestyle today with money that we haven’t yet earned- and for what? Just to keep up with the Joneses? Is the American dream truly a single-family dwelling, two car-garage, a fenced-in yard, and all the amenities we can think of? Other cultures achieve far greater levels of contentment with far less. The spending habits of those in office simply reflect those of our citizens. I say it’s about time we’re due for a change. Materialism is not the end-all be-all.

Jack:

You can watch the news and, if you get depressed, turn it off to escape. It’s a little different when you need to go to the store for food or the gas station for gas to get back & forth to work, if you’re still lucky enough to have a job; that doesn’t go away. Maybe the government should use some of OUR tax money to help out the working class in America instead of the ultra-rich investors who made a bad investment bet. Nobody has reimbursed me for my bad stock investments!

Bob R.
Tampa Bay, Florida

I would have retired 5 years ago if a Democrat was in the White House. You know if there is a Republican in the White House, the economy only works for the super rich. I wonder how many Republican caused economic disasters it’s going to take before this country studies history and gets a clue. Of course many of us are working 2 or more jobs and really don’t have the time.

I’m concerned that we continue to dig an enormous credit hole. Lenders are providing ready cash to borrowers who don’t manage their finances very well but they use loaned money to ‘keep the economy moving’ (or so they’re told). Then the bottom falls out, interest rates rise and borrowers can’t pay on their debt. Soon we’ll be a debtor nation, owing money to everyone with no real equity (as it’s all been sold). So what is next? Mortgaged securities and gold at $4000.00 an ounce?

This is the second Bush-Cheney recession. The first was caused by the Dot-Com bubble, and this one is caused by the housing bubble. Recessions happen.

Having said that, I think Bush has shown time and time again that he doesn’t give a &#%$! about the middle class. We’re the ones hurting the most, and also the ones getting the shaft.

I’d rather go through a recession with either Obama or Clinton than to have a strong economy with either Bush or McCain.

I am combining my driving trips and turning down social events if they are too far away to conserve gasoline. I am very, very carefully watching my grocery bill and food intake. When I go to the mall, I have my stops planned, only buy what I came to purchase, and walk quickly back to my car avoiding the temptation to hit the sales or browse in any other shops. I live pay check to pay check with a little savings set aside for a rainy day. The company where I work has not given raises or cost of living increases to its employees in 2 and 1/2 years. Yet everything else keeps going up - cable, food, gas, health insurance premiums (we were notfied today at work), etc. It makes it very difficult to make ends meet every month. I am cautious now and will remain so. There will be no over the top consumer spending on my end. I am living lean and mean and will remain so until I see better times ahead. I only hope that I keep my job.

It’s simple! The federal reserve is trying to force liquidity, that is printing money out of thin air, into investment banks to prop up the stock markets at our expense. That -IS- inflation, and that is why gas is at $3.30+ a gallon. We need to make it known that government should not steal our wealth neither through taxes nor inflation! As for me, yeah, things have been rough. I was jobless for two months, and thankfully I had a bit of money saved up for a rainy day to keep me going.

I bought my first house when I moved to Illinois for graduate school almost two years ago. It seemed like a good idea at the time, but the only equity I have is in this house, and I’m worried that I’ll actually lose money when graduate and sell it. As a graduate student, I’m on a fixed income, so I’ve seen living expenses (especially energy and food costs) rise as my income remains the same. I’m concerned I’ll be left with nothing but a degree when I leave.

As a first time home buyer, I hope the housing market continues to fall to more affordable and realistic prices.

And I am particularly surprised that Hillary has not mentioned the economy more in her speeches when that is on everyone’s mind. Not simply the housing market, Bear Stearns debacle, etc., but the fact we were in one of the best economies the world has seen in recent memory during her and Bill’s time in the Whitehouse.

Dear Jack -

I love you for even asking.

My list is extensive…I will start with something basic…food.

My husband and I have cut back our weekly grocery intake as far as we can. The amount of food that $30 used to buy even 2 years ago currently costs upwards of $80. We hardly buy meat. If I weren’t 5 months pregnant, we probably would buy less dairy.

It is frustrating to have been doing the right thing (cutting back on needless spending and trying to add to our savings) and to systematically have even more taken from you. You can’t get blood out of a stone. We have had to put GROCERIES on CREDIT CARDS which I swore I would never do. It is absolutely demoralizing.

Then we are told that it is our patriotic duty to go buy more crap from China. Seriously? Bite me.

I know it is our choice to bring a child into this world. I just get so angry thinking about what the idiots in Washington are leaving for our child to inherit.

I am angry and more apprehensive every day during a time that I am supposed to keep stress to a minimum. That is how the economy is affecting my life.

Thanks for letting me vent.

I am not going to worry until they come for my guns. Then I’ll worry about running out of amunition.

The banks & financial institutions get lower interest rates. Oh, great. The interest rate on my credit card went up.

Almost on the verge of retirement I have tried to put as much as I can in my 401K. Guess what, - 401K is going way down.

The average middle class American will not survive George W. Bush’s last year. But wait, the oil companies and, I’m sure, the banks, will, AND HOW!!!.

Trickle down - my ass.

Oh yeah - I can’t wait for the Iraqi Parliament to take another vacation for themselves while our boys and our money keep getting sent there. Way to Go, George!!!!!

No affect at all. The economy is experiencing some problems but it appears the market itself with help from the administration is adequately addressing the issues. Ironically, over the last few weeks there seems to be more people shopping and buying at our local mall. The only sign of a slow down are the previously overcompensated and now unemployed real estate brokers, mortgage brokers and builders.

poorly….thanks mr bush, you can smile, the gas prices just keep making you richer and richer

Why is it that no-one mentions the costs of the war that our president and his co-horts have thrust upon the country? It is now approaching 3 trillion dollars. The money has to come from somewhere, whether from spurious currency or increased taxation, the choice seems to lie with the country’s politicians whose primary concern is re-election.
Is it possible to propose that there should be strict term limits placed upon all elected officials and that politicians should be banned from being lobbiests? In this manner we might be able to restore some sense of obligation to our electoral process instead of the feeding frenzy on public funds that goes on in Washington.

Jack,

As usual the Fed (government) is all concerned about “helping” big banks get out of their mess of their own making by doing things that will only hurt middle and low income Americans. What i mean is that by cutting rates the dollar’s value drops, inflation goes up and “big” wins again for their greed and MAXIMUM profit first over clients needs and society in general.

Brian in Iowa

The economy is heading into a recession. That’s bad news for most people in our country including some of the very rich. Unfortunately, it affects the poor and “so-called” middle class the most. The greedy corporations have sold out our economy to the lowest bidder. What else would we expect? What are these greedy corporations going to do when our country starts fighting over water instead of oil? Global warming is real, and it affects everybody on this earth. The rising cost of oil affects everyone’s daily life. The war in Iraq is directly related to our country’s economic problems. The next question should be “When will our politicians stop feeding the corporate greed, so we “lower class people” can continue to buy those cheaper Chinese products from Walmart?

I feel sort of bad about saying this, given that most people seem to be worried about feeding their kids and keeping the heat on, but the main effect this economy is having on me is this: I’m all of a sudden worried about quitting my job. Normally if I’m not enjoying a job I just resign and find a better one, but now I’m in alarmist mode, and don’t feel comfortable walking without an offer for something better on the table. De-pressing.

Hi Jack. Let’s see… I’m hardly driving at all. My freezer is near empty. I’m searching the house up and down for stuff to sell on ebay. I’m scared to death… is the great depression of 2008? I have to blame it ALL on our current administration and the amount of money being put into that sinkhole - Iraq.

We need to prosecute the Bush/Cheney clan. Who is going to have the guts to stand up to those thieves?

As a retired citizen - poorly. This country has been operating under a group of people that are out to make themself rich at the expense of the American people.
Hillary has been stating for some time that this country’s economy was going down the tubes. You and the media were to busying trying to make the election about race and gender that you forgot to hear what was being said. The candiates are trying their best to stay on the issues but the media has a problem with hearing therfore one is watching the FEDs.

For sure at the gas pumps. In addition, cost of food. My property taxes are skyrocketing. My cost of living has skyrocketed while my salary stays the same. Want to make a sign for our President who thinks are just in a slowdown “It’s the economy stupid”.
Never elect a Texas Oilman President.

I left a solid job with a large retailer’s corporate offices in Minneapolis, MN to follow my partner to San Francisco, CA… I’m worried, anxious and downright scared for our financial future. The cost of living here was going to be a shock, but now with all of the rising costs of gas, groceries, etc. Ouch. We’re a couple in our late-twenties/early-thirties with little debt and healthy savings. We had carefully calculated that we have enough in liquid assets not to bottom out. I just hope the job outlook doesn’t get worse. We’ll be okay (but not great) if we can go back to a two-income household.

On another note, with all of this financial uncertainty, can’t even begin to think about a mortgage and the housing market. Is that a blessing in disguise?

Jack, thanks for your daily dose of level headed opinions on CNN. You say much of what Americans say everyday to themselves about life in general, WE AGREE! I am 58, making it in a paid off home with only monthly bills, but it still feels like I’m having my pocket picked everyday, and can’t help but to feel extremely bad for those in worse situations at our age. It’s a tough fight that used to be every few months, then monthly struggles, and now week to week and day to day, with gasoline, food. My divorsed daughter with two children asked if she could move home yesterday. What is a family to do? I think we are just seeing the tip of the ice berg and are in for a long, tough time. Hang on Jack, we’ll be carrying on from the rear and will not give up on our dreams.

As a stay-home mom, the economy is of great concern. Gas prices are shocking. I have to shop at more than one grocery stores for affordability. I’m looking at getting a job. My husband’s work benefits are decreasing. Our school just had to cut $16 million from its budget. For the first time in ten years, our home worth less than the previous year. This is not the end of our economy problems that our government would like for us to believe.

So, can we now stop talking about Barack Obama’s pastor or Paris Hilton and get back to hearing more about the economy on the news?

With both my wife and I working, we are barely making enough to stay afloat, and we have a fixed rate mortgage. We could afford it then, but now the price of everything else is going up. I am middle class and feel the pinch every day. When I drive my oldest to school, we drive past two gas stations, my wallet hurts when I look at the prices. When I drop her off, I am off to work, and I pass another four gas stations, and I cringe. I never thought that choosing the career of a teacher would be a huge mistake, but thankfully, the job requires me to take 24 credits in my first six years of teaching (I am in year five). Why thankfully, it forces me to obtain my Master’s (more pay) and my undergrad loans are being defered until I get out of college. If I had to pay that bill, we would be losing money every month instead of staying with our noses just above the water.

You can add me to the list of people impacted by the economy and housing collapse - I’ve worked in the mortgage industry for nearly 20 years and am one of the 63,000 people that lost their job last month..

I see inflation at a much higher rate than reported by our government (a trip to the grocery store will tell you that) and energy prices are out of control. I am now tightly controlling my spending, driving much less to save on gas costs and eliminating weekend getaways. I am bracing for a long, deep recession and hoping to come out on the other side in one piece.

Whenever I hear bad news about the economy I call my 91 year old mother who was raised in the great depression. I always feel better after hearing her stories of growing up in the 30’s. SInce most of the news today is bad I find myself talking to her everyday. So the bad econmy is great for me because I get to talk to my mother more often.

This economic mess should not be a surprise to anyone who was a wage earner during the “Reaganomics” years. It seems like economic policy is eerily similar and the rich, fat cats that created it will again be bailed out on the backs of the working class.

I’m also a college senior- I’m fortunate enough to have a job lined up after school, but I’m very concerned for the majority of my class, most of whom do not have jobs yet. I attend a top undergrad business school and still see a large portion of my classmates having trouble finding work. And now even the elite students who have jobs lined up at the I-banks are having trouble sleeping at night because of the Bear Stearns collapse. I know I lack perspective on the labor market because I’m so young, and I’m sure things have been much worse than they are for my class, but it’s still disheartening to see so many smart talented minds will likely struggle to secure solid jobs for the next year or so.

Isn’t it about time we release the gasoline reserves we supposedly have? How much worse do things have to get? Bush, his cronies, his wepons of mass destruction will go down as the most destructive enity that has ever happened to this country. Thank you corporate, republi