Now there is talk of another recession.....

[HIU8]

Ok, I know I'm a child of the 70's and 80's. I had a nice childhood. I never wanted for anything. I was also taught to work hard and earn what I got. However, I never really experienced what it was like to either feel like you have nothing, or actually have nothing. and, I know my parents had HUGE credit card bills b/c my father worked for his parents who dictated his salary according to what they thought we should have (Note: per my parents, we were not allowed to share with my grandparents when we got stuff like clothes, a bike (used or new) etc... b/c they would decrease my father's salary. We knew this, but never really understood why as kids.).

Now, I am really feeling it. I mean really feeling it. We have the basics (basics for 2010 not for 1980) and nothing more. I have been married 7 years and we have taken 1 vacation in that time--1 vacation (other than visiting parents). I don't have a cleaning person; we gave up the lawn service; dry cleaning is now minimal; I don't buy anything new for myself and my kids wear either consignment clothes or stuff on DEEP discount (which I am ok with--I am a big bargain shopper).

I just heard today that we may go into another recession soon and I now feel totally squeezed and like we will never be able to move from our house to a better location with better schools. I'm completely stressed out now.

OH, and I do work pt out of my house while my kids are in camp/school. We could not afford me to work FT b/c I don't earn enough to cover daycare for 2 kids (DH's salary goes for everything else).

[wencit]

I just heard today that we may go into another recession soon and I now feel totally squeezed and like we will never be able to move from our house to a better location with better schools. I'm completely stressed out now. I have not heard that yet (about another recession), but ugh, now my stomach is literally churning just thinking about it! I hear you on feeling squeezed. We had a very nice chunk of savings in the bank when I quit my job a few years ago to become a SAHM. DH lost his job in the summer of 2008 and was unemployed for 17 months. In that time, our savings took a huge hit. We're now trying to recover from that, and another recession would be a big blow.

I hope and pray that that doesn't happen! Not just for us, but for the millions of Americans who have been hit hard by this economic downturn.

[carolinamama]

I am so hoping and praying that we don't go into one, but I guess I won't be totally shocked. It is so scary for our family personally (and many others) as DH is in the construction industry and unemployment is already at 30% for them. DH has a job for now, but we've been through several layoff scares so who knows what will come.

[lmh2402]

yes, i felt ill when i read this

http://www.nytimes.com/2010/06/28/opinion/28krugman.html?src=me&ref=homepage

i keep wondering what the hell happened. growing up, i never even THOUGHT about my dad losing his job. everything was just...stable.

but i honestly don't think it will ever be that way again. my DH has lost his job three times since 2007

scary stuff

[Fairy]

We're still in the recession, and they're now actually talking depression.

[Tondi G]

How can there be another recession? We are still in this one....

[bubbaray]

My sense is that the media hype on this issue is because of the G8/G20. The US did not succeed on having the G8 agree to further stimulus -- Harper (a former economist) won out with his deficit reduction plan. It was portrayed here as a huge loss for Obama internationally. Maybe his people are having the US media spin it more currently for that reason?

I don't see the issue as having changed much otherwise from last week, KWIM? Things are just tight all around and probably more so in certain geographic areas.

[kijip]

It's time like these that I am really thankful having grown up with very, very little. Sure it was not much fun, but I know how to live well while poor and even a modest bit more than that seems like an awesome thing to me.

I am feeling very secure just now but it mostly could all be gone tomorrow and I know that we would find a way through or just find ways to be happy with very little. My job is secure, as is my husband's and we live below our means without debt. The lack of debt helps. My family as a child at one point lived in a camper van and at another point in a motel. So while it would suck to lose our house, if that were to happen, a 1 bedroom apartment would still seem nice to me. A camper van would not seem like the end of the world to me.

I agree that this would not be a new recession, but a continuation or worsening of an already deep recession.

[Ceepa]

It's time like these that I am really thankful having grown up with very, very little. Sure it was not much fun, but I know how to live well while poor and even a modest bit more than that seems like an awesome thing to me.

I am feeling very secure just now but it mostly could all be gone tomorrow and I know that we would find a way through or just find ways to be happy with very little. My job is secure, as is my husband's and we live below our means without debt. The lack of debt helps. My family as a child at one point lived in a camper van and at another point in a motel. So while it would suck to lose our house, if that were to happen, a 1 bedroom apartment would still seem nice to me. A camper van would not seem like the end of the world to me.

My upbringing also had a profound effect on my perspective.

[HIU8]

On the radio today they kept using the term double dip recession--not that I know what that means yet.

[Twoboos]

I heard a bit about this this morning, I think on GMA. (ABC, George Stephanopolus? spelling, I know)

Double dip would be when it comes up a little/slight recovery then goes back down.

The people he had on said it might not be a double dip or another recession. We're not even out of the first one yet, as a PP said. There are unemployment numbers about to come out that people are waiting on.

One of the experts had a little advice on how your investments should be at this time. Sorry, I don't know her name or what she said - DDs were in the foreground, LOL! You may be able to google the segment, though.

They also said, don't panic yet. Yah, cuz that's easy.

[ThreeofUs]

A camper van would not seem like the end of the world to me.


:yeahthat:

In fact, I think it would be liberating.

[infomama]

Check this out. http://www.youtube.com/user/DepressionCooking