Image: FreeDigitalPhotos.net
Who knew that we are where we are in today’s economic catastrophe.
Let’s begin with the Corporate Financial firms making millions & billions while also getting “stimulus packages” to help those corporations from avoiding filing Chapter 11 Bankruptcy. Where did all the stimulus money go? Executive corruption? Trading fraud? Huge excessive executive bonuses and payouts? Money laundering? Who knows where all the money went and if it will ever be paid back?? Did the President not state prior to giving out the stimulus packages that every penny would be accounted for? There is a site kind of stating where the money went at http://www.recovery.gov/Pages/default.aspx but No Break Down do I see which business companies got how much and how it was used. Should I really be surprised? Nope. Who suffers the most? Tax Payers.
Then we have the housing collapse. Value of homes that were overvalued. Mortgages given to those spending well beyond their income and not insuring that the loans would be paid back? So in turn, homes for sale or being foreclosed are at an alarming rate. Home building put on hold and even stopped due to lack of home buyers.Who knew how much of a negative impact would be put on the housing situation due to the negative economic fallout.
Mom and Pop shops, as we know them, and other small businesses in serious trouble. With the economy spending less and watching every penny, these shops as well as others are closing like there is no tomorrow. Every one of us has seen or knows someone who had a business who had to close their doors due to the economy and people just not spending. It is a sad thing to witness driving around and seeing For Sale, Rent or Lease signs on store fronts. Even seeing “Going Out Of Business, Everything Must Go”. Who knows if and when these stores will ever re-open? I’m wondering how the owners of such stores and buildings can survive without having income come in to pay for the real estate taxes and other bills.
The economy today leaves most of us today in awe, job insecurity and wondering if and when things will change for the better. At this point, I don’t think it would matter who will be President as these issue’s will do not have an easy fix. It will take years or maybe even decades to try and get back to some type of normalcy. This is not just for a state or our country alone. This is affecting the Whole World! Some worse of then others. Who knows how things will pane out over the next year or decade or ever!
But we all hope for the best for our retirement, children and our future! May God Help Us All.
This article is a very sensitive article being we “the mom & pop” business had to close down after building my husbands dream. Took about 3 yrs in the making, opened our doors September 2000 , 9/11 occurred following year, we felt the ripple effect within that 1st year. With high taxes, huge overcost , insurances , payroll, etc. how is the mom & pop ever going to get ahead. What’s sad is in the booming 80’s the mom & pop was the way to go! Now franchises our forcing local business owners to call it a day. I don’t get very much involved with politics or follow up on corporate scandals, but I probably should because that is where many of the answers are. Greed, shrewdness & much to many to name has caused our country to be in the state it is in today. To have friends lose their dream homes that they worked so hard for because they can’t make it on 2 moderate salaries is a disgrace. We have friends now packing up & moving out of state , paying 1/10th in taxes then they would in Westchester County. Our school budgets are constantly being cut & our kids are not reaping what they are owed! Some people are forced to work 2nd jobs & hustling to bring in extra cash. Depression is at an all time high because people do not know how to cope in times like these. How very sad that our kids were born in such a terrible economic time. I pray for them at least our country is brought back to some kind of normalcy as you stated! God bless America!