Dear students,
This week's discussion question relates to our conversation in class about the economy and your reading assignment (see the March 20 blog post for the link):
Here is the question:
What aspect of the economy concerns you the most? Why?
Don't forget: You must post your thoughts before class on Tues. March 25.
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20 comments:
The aspect of the economy that has affected me the most, is the cost of living rising, while wages remain the same. For ex. The cost for a gallon of milk used to be at the most $2-2.50, now there going for $4.00 in some grocery stores. It isn't just groceries, but rent, if rent is going up and wages remain the same, how can anyone attempt to live with comfort? Personally, I work 2 full time jobs in order to live the life that I feel I deserve. I do this while attending college. I feel that with the way the economy is going, one has to stay on top of their game, and be prepared for the worst. Especially, when it comes to the future of your finances and livelihood. Gas prises continue to rise as well, making it difficult to travel long distances. Especially, for work and school. Many of my family members are prepared to purchase bicycles, and as funny as that may sound, I'm almost tempted to do the same. Also, even though it has been said that, "this is the buyers market," with many attempts it still seems very difficult for me to purchase a home. Simply because, the houses that I can afford, look like "sugar shacks" the ones I would like to get and assume that I should be able to buy, are still too expensive. Some of these homes have become so overpriced that, what a single person was able to buy 10yrs. ago at about $60,000-$80,00 is now going for $250,00-$350,000 still making the dream hard to achieve.
Every single aspect of the economy concerns me greatly because one way or the other it will trickle down to me. For example, since oil prices are increasing than other products such as groceries, home goods, gas prices etc. will increase as well. Right now what directly affects me the most is the cost of gas. But eventually, when I am ready to purchase a home than that would be my number one concern because when you purchase a home that is when every single aspect of the economy affects you directly. Once a home is purchased, one must make sure that the house is in good shape. By doing so, one must purchase materials that in the past were relatively cheap. Now those same materials such as wood,steel, paint etc. are more expensive than in years past. That is why the economy affects all of us in one way or another.
Though all parts of the economy are important and do concern me, none are affecting me directly right now. It is very unfortunate that so many people are losing their houses because their mortgages have gone up and they can't stay afloat. I, however, do not have a mortgage. If anything, this will cause prices to rent to drop within the next year, which is something that affects me, but not negatively. I realize that different components of the economy are dependent on each other and that this will eventually affect other parts that will have an impact on my life. But for right now, I can't think of anything besides the money I'm dumping into my gas-tank/home furnace.
While reading the article, I sort of grasped a new understanding of the housing market now in America. Also, while reading about that, I began thinking of other ways we are effected by economic decisions on a daily basis. I think the most importance and effect comes along the lines of gas prices and entering our 5th year in Iraq, all the money being put into fund a war that most people disagreed with anyways.
I hate pulling into the gas station and seeing prices constantly increasing then decreasing ando once again increasing. With the war in Iraq, we send more and more people how need more and more equipment. With the housing market going down, I think the article was right in stating that the government itself has to buy into the debit and help fish us out. Something needs to be done before its go late.
Due to the fact that I am Senior in college and about to start my life in the real world, I am worried about all aspects of the economy. Coming out of college, I hope to get a well-paying job but even that is isn't enough these days. It seems as though everything in raising in price. This includes real estate, gasoline, insurance, etc. Living in CT, many of these prices are even higher than those in Rhode Island. I would be lucky to get an apartment back home for anything under $1200. This does not include utilities, groceries, gas, insurance, college loans, etc.
Inflation is really taking America by storm but we are seeing many more people filing for bankruptcy, welfare, etc. The Economy crisis is something that everyone should be aware of and conscious about. Interest rates are going up as well. It seems as though every aspect of the economy is beginning to inflate and this affects everyone. In fact, those who once considered themselfes upper-middle class may now only be middle-class. In my opinion, Real Estate is what worries me the most right now. It's extremely difficult for someone to get an apartment right out of college which is what I plan on doing. I have to consider living with a roommate now in order to split the costs.
What worries me about the economy and our overall situation is that no matter what happens or who becomes our next president it will still take atleast 5-10 years to see the turn around. I saw a graph showing the Unitd State’s debts to other countries and we owe multiple countries trillions of dollars. Just to China it was almost $6 trillion. That’s a lot of zeros. This war is what’s killing our economy. We’re the only country there so we’re paying for everything ourselves. We’re borrowing millions and billions of dollars every week and month to pay for the war. It will take years and years to get us out of this hole. Our dollar’s worth is constantly dropping all over the world. Soon even the “cheap” products we get from China will be more than we can afford because our dollar won’t be worth as much to pay for oversea goods. Compared to the Canadian dollar, U.S. currency used to be worth almost $2 and now it’s down to less than $1.15. I went to Canada 4 years ago and it was about $1.30 exchange rate. What scares me is that not only do we owe a ridiculous amount of money that we don’t have to over a dozen countries but the money we’ll be paying back will be even greater because our money won’t be worth what it was when we borrowed it. I guess it’s the same idea with the housing struggle but with our own currency.
I am not particularly concerned with any aspect of the economy. My parents, however, are concerned with the rapid fluctuation of the stock market. The steady decline in value of many types of stock is having a tremendous impact on my parent's long -term investments, especially those of which pertain to my parents retirement fund. Thus, I am concerned as to whether the economy can bounce back from a recession, so that stockholders like my parents can have a better chance of making investments for the future.
The aspect of the economy that concerns me the most would probably be the housing situation that's going on right now with all the foreclosures. Although it doesn't directly affect me, it has happened to my brother and I see what he's going through. Also another big concern that would more closely affect me would have to do with what we talked about in class with the weakening American dollar in other countries which will mean higher prices that we will have to pay.
The aspect of the economy that bothers me the most is that the way that the dollar has deminished to almost nothing. Everything that you need to buy now is getting outragous from food to cloths. Just like you said in class that nothing is made here in the US and if we made it here it may cost cheaper. We need to stop relying on other countries because its going to bite us in the butt. If we dont do somthing now to boost up the economy in 20 to 50 years we're in trouble. In my personal opinion we heading right into another depression and I dont even think that it's going to take 20 years I think if somthing isn't done fast it's going to be sooner.
Right Now it is the cost of living that bothers me the most. The price of eggs went up $.40 per carton. It was on the news last night. Its a trickle down effect from oil prices sky rocketing. No one wants to pay for oil and so they are experimenting with ethanol. Seeing that corn is used to make ethanol the price has gone up on that too. Farmers use corn in their chicken feed, so ultimately they have no shoice but to raise the price of eggs. Gas prices particularly corncern me because of this trickle down effect. It was at a record breaking high a few weeks ago, $112 a barrel. The weakening American dollar concerns me as well. I just hope this does not snowball into something worse. I feel like the problems in the economy are not going away anytime soon.
this biggest concern I have thats dealing with the economy is the cost of housing marjet & the gas prices rising. They both effect me in a huge way. Especially the the gas prices continuously rising at a rapid pace in the recent weeks. Beacuase I travel a lot for various of reasons & the cost of the gas prices are hurting me financially. The housing markets and the rising of that is also an huge issue. I know a few families that are going thru that issue and on the verge of being homeless. Because the rise of the intrest rates on their homes. Where they signed an adjustable mortage and the intrest rates continually rising where the family income is unable to pat the debts that they put themselves in. Where you have families paying twice the amount of the house cost by the end of their payments because of high intrest rates. But all problems are significantly important in there own rights. those are the two that bothers me
The most disconcerting thing for me personally about the economy is the price of a home. because my parents have always been homeowners, I grew up in an environment where we didn't have to worry about making the rent for the month, or being crammed into a space that we were outgrowing as myself and my 2 siblings got older. Because I grew up in my parent's home, I have always known that I was going to someday own my own home. However, with the prices of homes rising so incredibly high and mortgage rates and interest percentages being what they are, it makes it hard for people young and old to buy their own homes in today's market.
The aspect of the economy that concerns me the most is the rising prices of homes and the struggle to keep a home from forclosure. Three of my friends this year were forced out of their homes as a result of non-payment. The rates were getting too high and its not like their parents were getting raises. I witnessed them rushing to find new housing and manage to move all their belongings in the 20 day time frame the bank gave them. This troubles me because I was told once the bank takes your house back and puts it up for auction, your credit is terribly affected. This makes me worry about buying my own home one day. I'm afraid I won't be able to afford one when my time comes.
Being only a "junior" in college I can't say that any one problem worries me to the point of concern, but that's just because of my situation. Now if I were a fully functional member of the workforce I'd have to say that the dwindling job market would be tops on my list of beefs with the economy. With most jobs being outsourced to other countries America is becoming the ultimate seller’s marker with no financially secure buyers. The housing market being in complete shambles is rather eye opening to the fact that we want what we can't afford and frankly don't need. People were convinced by outsiders of their needs and then lulled into a false sense of financial security. While rising gas prices are a concern I find that there are ways around it. Having recently lost my car I am in the market to buy a moped scooter after being informed of their incredible 70-80 miles per gallon gas rate. I am also confident in America's ability to use technology to "fix" problems, and am sure we will soon produce cars that run on alternative fuel. The main cause to all these problems is in fact the American dream. Banks and car companies force the idea that we all need large luxurious houses and top of the line cars to make us feel better about our selves, but really it’s just so they can fatten their pockets. Yea America!
The aspect of economy that scares me the most is the fact that the value of the u.s. dollar is diminishing. I have heard people talking about it and I have watched videos online of economists discussing it. The country is in serious financial trouble and I can't ever imagine living in a depression like the late 20's. Gas prices are at an all time high and the housing market is crashing. I am afraid of finding out what will happen next. Our generation is just getting out into the real world and dealing with real world issues
The aspect of the economy that concerns me the most is the increasing price of homes. This inflation in the price of homes has taken a drastic increase in the last twenty years. With the way the market is right now there is no way I would be able to afford a home. The price of gas has risen so much in the last couple of years that it has been taking a hit on people's wallets. Another large increase has been the prices of food at the markets. This has left people with tough decisions to make whether they eat that day or use the money to pay for prescriptions.
Having the gas prices continue to go up is a tremendous hurting for our society. Even the prices of oil are continuing to go up. Pretty soon people will not be able to afford either and with this, loss of jobs, and loss of houses come. Also with the lowering of our dollar bill it will cost much more of our governments money to get supplies and merchandise from other countries, with this comes taxes raise and the lowering of salaries around the world. Not as much lowering of salary but salaries that are high now wouldn't be so because everything(merchandise, gas, etc.) would be a lot more expensive. The more expensive the more our families won't be able to afford the simple things in life, like going to the store and getting a gallon of milk for 6-8 DOLLARS!! Which is totally ridiculous. These things affect our society everyday and will continue to do so, until our government does something about it!
My biggest concern would most definately be gas prices. I drive 20 minutes to and from school every day and other various places. I've found myself purchasing gas almost every two days and it is really beginning to put a dent in my debit card. I do live at home with my parents, therefore the housing market is not a huge concern of mine, though I can understand why it is a huge deal for many. Another issue that should worry people of my generation would be social security. There is a large chance that when we are retired, we will have no income that most have now from their social security.
The aspect of the economy that concerns me is, the soreing gas prices. All so, what concerns me is the incresing divide between the have and the have not's. i belive are current economy only serves to increse this divide and needs to be fixed.
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