Sorry, Mr. President, the economy is not fine, and your flippant attitude toward it is a clear reflection of how out of touch you are with the American people. Last week in a White House press briefing, President Obama said “the private sector is doing fine,” while calling for more federal aid for Governors and mayors.
You know, because throwing piles of other people’s money into public pension holes will fix the problem. Not.
Anyway. About this ‘just fine’ economy thing. How can the economy be fine when for the first time since the Federal Reserve began calculating net worth figures in 1952, people are both earning and worth less than they were four years ago? Adjusted for inflation, the average American was better off in 2008 than they are today.
Everyone knows someone that’s unemployed, or families that have decided to change lifestyles to become single-income households with an at-home parent. Employment among young people is at an unprecedented high, which sucks when 20-somethings hold an average debt of $45,000 each.
Even for the lucky ones holding onto their jobs, the standard of living has gone down as wages have shrunk and prices have gone up. I find myself saying things like, “I remember when eggs were only $2 a dozen,” and I’m only 29, for Pete’s sake. I shouldn’t be old enough to be so nostalgic about cheap eggs.
The cost of gas? Forget about it. It costs $100 or so every time I fill up my tank, and instead of opening Keystone or drilling ANWR to increase our energy supply and lower the cost, President Obama has told me to check my tire pressure and change my oil regularly. Or just buy a more fuel-efficient car. I know the president isn’t exactly used to paying for stuff anymore, but not everyone can go out and buy new car at the drop of a hat.
Speaking things I can’t do to reduce costs right now is refinance our condo. Even though we put 20% down on it in 2005, we’re now tens of thousands of dollars upside down on it. Sure, it would be easy to foreclose, walk away, rent for three years and maybe buy again in the future, but instead we pay our mortgage every month, and will continue to do so. Because responsibility.
Unfortunately, we can’t take advantage of historically low interest rates right now because Bank of America owns our home loan instead of Freddie Mac or Sallie Mae. Because the government can’t ‘guarantee’ our mortgage, the bank has to actually make a risk assessment. Since we’re upside down, and the housing market doesn’t show any tangible signs of turning around, it would be a poor financial decision for Bank of America to issue us a new loan. No hard feelings, I understand that it’s totally more important to invest $50 billion in the unproven, unprofitable green energy business than in homeowners that have never missed a payment and want an easier way to repay their loan.
So no, President Obama, the private sector economy is not doing just fine. Reality says otherwise.
This post is part of a weekly conversation with our Moms Matter 2012 political bloggers. To see the original question and see what all the bloggers had to say, read How Has the Economy Affected You?
Image via Images_of_Money/Flickr
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Comments 58
My husband was laid off in 2009, but because we planned and had savings, we survived 7 months unemployment. I am now unemployed, by choice, taking care of our baby son and going to nursing school in the fall.
All while living on less than $50k a year. Maybe you need to learn how to spend wisely.
I hate to see some of my friends struggling to get by and then think to my self I'm so glad I went to college and now have a job that pays great and don't have to really budget or watch my spending...I'm not getting rich by any means, but making $80K and plus my B/F makes over $100K... the economy isn't an issue for us...........Just wish everyone could be as fortunate as we are.
I think people are missing the point. Like Jenny, I have a Tahoe. I bought it used 9 years ago used. It costs me $80 to fill up. My husband has had at least 4 cuts in pay and our family plywood manufacturing business hit a brick wall when all this s**t hit the fan. We were living well within our means. We've lost close to $100,000 a year and drained our retirement to keep our small business going AND to keep 40 other people employed. We went from 90 employees to 40 in the last 3 years. Last month our workers voted for another cut in pay and a loss of benefits to keep 7 people from being laid off. What in the world do you think people are supposed to do and then that arrogant jerk goes on national TV and says “the private sector is doing fine?”
Seriously? He's got to go. He hasn't a clue to how things work. He said he'd do it all "in one term" and now he's saying he needs more time. We don't have more time. We're on our last leg now.
If you look at the CORPORATE private sector, yeah, it is doing fine. Profits are sky rocketing while the little guy suffers. Look at wall street, they aren't suffering, but the average Joe is. My husband makes HALF of what he did a few years ago. But do state and local governments need help? Hell yes. When teachers are being laid off by the hundreds, police forces are being cut, mostly because of stupid tax cut policies to the rich, there is an issue. When corporations and the wealthy are given "tax incentives" without there being any thought to where the difference in Revenue is coming from, that's where we run into issues. You don't dig your way out of debt by cutting your income, you do it by raising your income and cutting your spending. That's what the government seems to have lost, except the only places many want to cut is aid to the poor who are already suffering from the poor decisions that lead to the financial melt down in the first place. People LOVE to say its the fault of the poor, but guess what, all the folks I know who are suffering never owned a house to default on to begin with, they just couldn't afford their rent when they lost their jobs because other peoples poor financial management.
And the gas thing? Again? You must be so grateful to the President these days, as the cost of gas (that you've blamed him for in article after article) has come down again. If he's at fault for the rise in prices, he must be responsible for them decreasing right? Thank you Mr President for listening to Jenny! Just stop with the woe is me, I bought a giant car and I can't understand why it costs so much to drive. Do what you people on the right shout about so often and take some responsibility for your choices!