The economy is deteriorating and there is plenty of blame to go around. Enough blame to keep the economists, sociologist, and anthropologists teaching about the early years of the 21st century for decades to come. The stock market is more down 3,000+ points since it started free-falling just a few months back. The government is bailing out companies left and right to the tune of billions of dollars. In some areas, such as Cleveland, home prices have dropped as much as 75%. Pension plans are going bankrupt. Grocery prices have increased dramatically. The only relief we have seen of late are fuel prices which have gone down dramatically. The dollar is worth only slightly more than the price of a paperclip. That is just the beginning of America's woes. We have been there, done that, and have the battle wounds to prove it. This is not the first recession this country has been through (although it may be the first that many young Americans have experienced) and it certainly will not be the last. 2009 is not starting off with the right bang. Unemployment rate is forecast to hit perhaps in to the double digits which means another 3.00+ % job loss. Nortel announced bankruptcy today which will significantly shape some metroplex around the country such as Plano Texas and others. There are indications more banks would need to be bail out. 0% interest rate are being talked about as an idea to put some life in to the economy.
In the early 1980's there were times when Americans were laid off, and moms took a minimum wage jobs. People received Government cheese and ate whatever was on sale that week. No one ate out which means restaurants will suffer and will have trickle effects on millions of low wage workers who employed as waiter and waitresses. Even though we are facing mean times, we still have our family to embrace and this will prove to be another social turning point for Americans.