Closing Arguments: Has Recession Hit Your Home?

The recession has hit me…My husband works in the Bar/restaurant industry and still cannot find another job after being laid off in Sept. 2008 and my company just announced last week that they were cutting pay (mine by 2.5%). I also believe that I will be losing my job in the next few months as my company finalizes a merger deal in the US in June.

The only part of Mr. President’s plan — as far as I was able to discern specific action — that *might* impact me in the short term is credit “loosening” via bank assistance.
That might raise the value of the stock portfolio in my IRA… for when I retire in 25+ years – or if at all!
It won’t help my credit rating unless FICO changes the way it calculates its scores.
It won’t quickly produce a job for me to work. (I’ve been out of work for 1 1/2 years, with nothing on the horizon except back to school – which I have to pay for!)
It won’t make it easier – or even more remotely attainable – really, for me to buy a home.
It won’t reduce my medical bills or medical insurance premiums.
And finally, I doubt it will help me earn a decent, living wage to support myself and my parents in their older age – assuming I am ever hired again!

I do believe the stimulus will work better than nothing, but there is no magic bullet. It will be a long couple of years because a lot of bad debt has to get worked out of the system and the Iraq adventure bill has to come due (a lot of productive hours have been spent pounding sand and going boom). But it is important to keep unemployment down as much as possible. Money is ultimately just paper used to keep score, the wealth of our nation is in the goods we build and services we provide. Every day a person is unemployed is lost wealth we can never recover, so go ahead and print more paper if it gets people working and creating more *wealth* than otherwise.

It will appear to work in the short run 2-3 years but it is an economic disaster for our children and us 10-15 years down the road. So no it absolutely will not work. Bob

We all want a magic “fix” to all of our economic, medical, housing, and joblessnesss problems. Were it only possible!
I cannot see how Obama’s plan is really going to help us, especially in the short term.
My son-in-law, a surveyor with no health ins., is having to alternate work weeks with another employee with a family so that both of the guys will have a job, and that’s when work is available. One 2 week pay period he had only 22 hours of work, and that’s to support a family of 4?
And housing. Many of us took out mortagages on homes when we had money coming in, and not all interest rates are low. What about those of us who could use the help in lowering interest rates and are not behind in payments — because we have to make choices, like which meds to take, and lowering the quality of food we eat, etc.? How are we helped? Cost of living increases regularly, but those of us on a fixed income have a really difficult keeping up with costs.
And insurance. Because of past income, not today’s income, kids cannot get insurance, even through state programs.
I could go on and on…. Money may just be paper, but we the American public seem to depend on the stuff for everyday needs, necessities, not just for frivolities. I’m not talking about w”wealth” as such. I speaking of being able to live in a home, not on the streets.

The Stimulus/Spend and Tax plan is pie in the sky and the President is a liar.

We are self employed, 60 years of age. We have been self-employed for over 30 years. But, now it is difficult; there just isnt any work. We followed all the rules, worked hard, saved money, did not live beyond our means. There are many self employed like us who do not have access to unemployment benefits. Our savings are dwindling. The President’s economic plan will not help: It doesnt address the self employed whose numbers do not show up on the unemployment figures. I looks like just another spending program. I had hoped for something new..some creative and inventive ideas.. just politics as usual. How Disappointing!

“Do you believe President Obama’s plan for economic recovery … will work?
NO! Obama’s plan will only deepen the recession. Despite the rhetoric, what Congress has passed and most of what Obama has proposed is a socialistic spending plan. It is all more focused on social engineering than on “stimulus.”
Print and Spend! Obama and Congress are like drunk shoppers who think they have money because they still have a credit card and blank checks in their pocketbooks.
I don’t think Congress has any idea of what the “proper role of government” should be. The guiding principles proffered by the founders of our great country have been deemed to be “out dated” and “old school.” They just will not work in modern times. So believe the power brokers in Washington. And, the American people are not willing to be weaned from the government feed trough.

No, it’s just another tax and spend package. Print money from thin air? Next will be hyper inflation. Japan has been dealing with a depression for 20 years and we are doing what they did, it didn’t work for them and won’t work for us. Let the chips fall where they may and someone will pick up the pieces sooner than the government ever will. Capitalism is like that, it works. Companies will be bought up and restructered and people will get back to work without Big Government getting BIGGER! We need our manufacturing base back; lower taxes to encourage those businesses to come back to the USA.

I’m a widow, and receive my late husband’s pension — he was in law enforcement. At 58, there are simply no jobs in my area, and the only reason I would look for work is to have medical insurance.
I’ve been on Cobra the three years since my husband died, but it will end next month. However, a little known part of the stimulus plan stipulates that that those 55+ who are under Cobra now (or past 55 and worked at the same place for 10 years) can choose to keep their Cobra until eligible for Medicare.
I’m currently doing everything possible to find out if this part of the stimulus can save my Cobra, since time is of the essence. Even though I pay nearly $500.00 a month for it, I will make the payments — otherwise, I’m going to be another of the thousands without insurance and probably end up a burden on the taxpayers.
So for me personally, yes this part of the stimulus is working (or will work when the insurance companies realize it will be enforced.)

I am not sure exactly how or who the plan will help-Hope for America told me to get a job and pack my bags. If this is what they call help I would say we are all in trouble.

I’m unemployed not by choice. I’m trying to make pens on a lathe to try to bring in some kind of income.
Now I say this. I didn’t go to college like all those politicans, and those big corporate executives did. I served my country during the Viet Nam war.These guys are supposed to have knowledge of running this country or running a big business. Yet their the one’s that put us in this mess to begin with. It wasn’t the blue collar workers. It’s these over educated know it all’s. That don’t seem to have the brains for making any practical decisions,or even using some common sense.
So I figure it this way lets reverse the rolls put them out in to streets and let us take over running the country and big corporations. Then maybe we will get somewhere.
Now here’s another one. The Stimlus package for who. They should have let Fannie Mae and Freddie Mac fall, along with the auto industry. The auto industry,and those so called mortage company’s aren’t putting money in my pocket or anyone else’s pocket. So who is going to buy cars and houses if millions are out of work.
Gas prices keep going up why? Alot of people are unable to buy gas. The govt has known this for a long time. Food is going up,plane fare’s are going up etc. It needs to stop. Before everything shuts down.
Do some of you realize that if we didn’t buy gas for one to two weeks what would happen? That if no one took the airlines either, what would happen? Stay out of those high dollar restaurants. Forget about buying that 52″ TV. That if everyone stayed home for one week and didn’t go to work,what would happen? Maybe sit home watch the news and see the stock market fall. If no one paid their taxes, what would happen? Then maybe the people of this country would finally get someones attention.
Apparently all those college boy’s haven’t figured it out yet. It all comes down to common sense. Which they don’t have, because they didn’t learn it in college. This program isn’t offered. Do you know why? Because the colleges are run by college grads. See that was easy.
I support the troops in Iraq. I just don’t see why we defend a country that doesn’t like us. Other countries don’t want to get in volved in a worthless war. So why do we.This money could go to our homeless,social security,and medical care and to people out of work . Maybe raise the unemployment insurance allotment. Our country needs to come first.It might even help people keep their houses. Thanks for reading this. Your tax dollar wasn’t used to pay for this site.

I was just watching your segment on additional “Billions” of dollars of taxpayers money to AIG!!!! It made me sick to my stomach, I am jobless since December, This was a 80K job, that required me to work a minimum of 12 to 14 hours a day!!!I lost my home to foreclosure last month, and now renting. Total unemployment check goes to rent. One of my sons had to move back home as he and his partner is now unable to afford rent, she has been jobless since July last year. I have a daughter in college and she struggles daily to meet expenses. Now I am unable to help her with housing, tuition, and daily expenses. She also works full time! She is however not “qualified” to get any help to get an education??
And yet billions of dollars of taxpayers money goes to these giants!! What is wrong with this picture??

Many of you bitch and moan about Obama’s plan or losing your jobs. EVERYTHING dies! Including societies, bank accounts and your jobs. It’s how we move forward that defines us. If some of you religious zelots belive “God” is always testing you, then look no further. Lets see if the world unites over this or if we decide to load up on gun ammo.

Don’t blame the President for the economy, blame those average Americans who were/are either too greedy/lazy/stupid to do anything about the corruption they’ve witnessed/participated in at work. “Corporate America” is made of “America Workers” that are responsible for the current collaspe in our economy, they’re solely to blame.
The Government has only failed in the sense that it has never bothered to examine the books of these companies. The government failed to understand how the world’s largest corporations could operate on credit in the midst of expanding negative cashflows. When the Government seriously examines the accounting and business practices of these companies, it will be in a position to protect future citizens.
The idea/belief that companies can operate “out-of-balance” is ridiculous–spending more than they actually earn. Borrrowing money to cover/hide losses. Is’nt Taxpayer money supposed to be protected? Whatever happened to the IRS?
Even more insane is how this behavior was transferred/adopted by a number of ordinary Americans, many facing home forclosures and other losses. The tragic irony is that these Americans will not get bailed out of the messes they’ve created for themselves, while those that caused/will continue cause harm (Financial Companies)remain in a positon to do so.
The fact that those primarily responsible for these problems are still employed and being rewarded with bonuses, is a clear indication that NOTHING will change anytime soon.
thanks