posted on Jun, 28 2009 @ 11:21 AM
I know of NO ONE in my rather affluent rural community who has not suffered a SUBSTANTIAL loss in their income over the past say year or so...
For those who are self-employed:it's becoming more expensive to farm/ranch that the market will cover and the property taxes are escalating
rapidly...if THIS sector is "saving",it's to cover the taxes so they can hold on to their land.Trust me,I know some who have defaulted and lost
their property this year.
Those I know who still are employed elsewhere: they ALL have had either reductions to their 401K's,benefits slashed,and insurance premiums increase
if they are in a "pool" situation.Hours are cut back as are positions resulting in a bigger work load and more stress.
The retired vets I know have also had their pensions reduced and medical benefits "changed".God forbid they die,their wives are left with VERY
little that they have been promised and are fairly destitute if this is their only source of income.
Those retired like myself have taken "hits" on just about every investment,are dealing with substantially increased premiums for for private health
care every six months,and ae simply trying to keep a bead on it all so we'll know when to TOTALLY bail out of everything in hopes we'll have a bit
left to keep living on.
I had two business credit cards (no balances,have had for @ 10 years...) close my acounts with ONE WEEK NOTICE,most likely to avoid a run-up of
balances by people.They told me that the "defaults" on these small-biz cards were simply too high and that the "trust" which backed them had no
more money in it.I had to make a mad-scramble to cover auto-pays and such and although I NEVER carry a balance,pay in full each month,I had had a
tough time even with outstanding credit coming up with cards even close to what these offered.
I live west of San Antonio which was just vote the #1 city the "Economic Recession has not affected."
Do I believe these numbers...no,of course not.IF anyone is "saving" it's because we're all becoming more desperate and scared that the chit is
going ot hit the fan SOON.