A young person's take on the current economic status

First of all, let me start out by saying that I am still trying to figure out economics, the overall economy and how it works, etc. So take this with a grain of salt. I am using observation more so than facts and figures.

I hear today that the economy is horrible. As a matter of fact, I hear we are in an economic crisis. Granted, those with certain mortgages (Fanny Mae, Freddy Mac) aren't boding too well currently (wonder why) but overall, as for an everyday citizen, I don't think the economy is as bad as the left is making it. Oh, don't get me wrong-I'm sure it could use a lot of fixing up. But do I think we are going into a recession? No.

My reasoning? Well, I'll start with my own dear family. We are considered to be lower middle-class. My parents make a combined salary of about 90k/yr. We live in a middle class town, and the part I live in a lower-middle class as it is by city area. I live right on the border of my town. I live in New Jersey.
I am not embellishing on the following; everything I state is fact. I'll even take pictures/videos of everything if you need proof.

When I was 8, my parents and I had to move because the house we were in was falling apart. So, we finally found a house. Most things blearily pass code, it is small, and deals had to be made just so we could live here. And luckily my parents' good judgment turned down Fanny Mae.
I use to have to get my clothes at Bradlee's (it is closed now, but it was like a Wal-Mart) and my moms friend cut our hair, I couldn't really get anything too flashy.
We didn't have a computer until I was 10, and internet when I was 12. We had one computer that my uncle had given us. We had 1 car, it was a 94 chevvy corsica. We also had basic cable, which was the first time in my life we did...and at that we had 1 TV

Let's fast forward to now. My parents helped me redo my room, which included ripping up the carpet, all the layers of wall paper, new curtains and furniture, etc. I have redone my room 2 times in the passed 3 years. We have digital cable, and 4 TV sets. I have 3 types of gaming system, whereas before I had none at all. We have 3 computers, one for each of us..and 3 laptops. We all have cellphones, as well as a landline. All 3 of us have cars. My mom has a yr 2006 elantra, my dad has a 2007 toyota tacoma, and I just got a 2005 saturn ion. If you want to count my sister, she has traded in her last 2 cars for upgrades and currently has a 2007 honda civic Si.
If you want to take this further, my aunts and uncles have all done upgrades to their homes, and got new pools. They kids also shop at the mall regularly including myself, and everyone from age 9 has their own cellphone iny my extended family.

Take it to school: My one guy friend who is 19 has a 2006 Eclipse. A girl I graduated with has a 2007 corvet. I have only seen ONE "cluncker" in my school parking lot. Everyone I know has new cars, or fairly new. If not, then they are decent. A lot are sports cars, or bizzar colors.

Let's move on to cell phones. I personally have a Juke which is part MP3 player and part cell phone. All cellphones my friends and family have include text messaging, picture messaging, and calling (obviously) Half phones I have seen also include video and internet access. A good portion of my friends either own Blackberries or iPhones.
And on to Apple: Everyone owns AT LEAST 1 iPod. Some get upgrades, or have their main iPods as well as shuffles to take out running with them. Everyone uses itunes, which is not a free music service (as in winmx, kazza, limewire) Everyone I know owns at least 1 or 2 pets.

Kids shop at malls, pants run up to about $40-50 normally. A shirt could go from $20-40 and shoes from $30-90. Jewelry can cost anywhere from $10-40 unless you want to get into the real nice stuff.
Also, piercings are becoming more in demand, and body jewlery is more pricey. My lip rings usually cost at least $18. The piercing itself also costs money. My lip was about $45, bellybutton $52, and ears (being to most common and cheapest) were about $30 or 40. My friend's nose piercing cost her about $45. Unless you want to do it yourself; then you will need disinfectant spray. Bactine costs about $6. With piercings also come tattoos. I know 3 people that had tattoos by the age of 17. These things vary on cost . It depends on place you get it done, to location of tattoo, size, and color. Black and white ones are cheaper than color. My friend recently got a 1.5in. tattoo of 2 hearts on her wrist. They were simple black outlines. It cost her $90. You see more and more body art on younger people today.

Sunglasses can go up to $100 alone, especially if you like designer. Also if you look around, many girls are getting their nails done, both toes and fingers. I go to a fairly inexpensive place and it costs me about $35 to get a pedicure alone.

To get my hair done (dyes, highlights, colors bleaching) is at least $90. Unless you want to go with the cheaper box dyes (anyone who gets crazy colors usually end up going to salons anyway, they bleach their hair first) it costs about $20 for those. Many people, girls especially, I know get their hair done twice a year. This is just coloring alone.

Everyone owns a gaming system. At least teenagers. Xbox, wii, and PS3 are in popular demand. Hand-helds include PSP, which is about $199 at my local Wal-Mart. This is the price after it has been out for 4 years. At least 15 people I know own a PSP.
Personally, as I am not a gamer, I am still in the stone ages with a PS2, gamboy color, and gameboy advance.

My "poor" (they make less than my parents; i don't judge people by "rich" or "poor" status, please do not be offended if you fit this category) friends lives in reasonably sized homes (some bigger than mine), have at least 1 computer with internet connection, one has a PSP, at least 2 vehicles, more than one pet, beds for everyone and a healthy supply of food. They have clothes, they style their hair. Hair products cost anywhere from $6-30 depending on brand, store, and use.

Also, because Americans are "fat" we assume that people buy fast food often, which can cost at least $5. I buy lunch every day from either a local deli or burgerking, and it usually runs me about $8. Add this to grocery food costs. My family is a family of 3, none of us are obese and we eat what we buy. 1-2 times a month my mother and I go "big" grocery shopping. It costs us roughly $250. Even in Trenton, which is a pretty low-class area, no one is starving. Food places are everywhere...you can get a McDonalds burger for $1.07 on the dollar menu.


So what is my point? Well, I have but one question: Knowing that this all came from a lower-middle class to upper middle class area in a highly dense state, can you really say we are in a recession and on our way to a depression, or are Americans just becoming that greedy?

WOW, young and SMART, no, let me change that - WISE.
You just keep adding "why I REALLY love this person" points with every post you make.
Your background isn't that far off from my own.
Look up the technical definition of recession. While the dems were stating "we're in a recession", the economic facts disputed that. It requires something like 2 quarters of non-growth in a row. We didn't have that, and I don't think even now that we do. Technically, NOT a recession.
McCain was correct to a point - the fundamentals (and I am NOT referring to the workers!) were sound. However, things need to change to keep it that way. The naked short selling was killing us and leading to all of these bubbles that MUST eventually burst.
For those who aren't in debt to their eyeballs and using the equity in their homes to live, there's no mortgage crisis. It's a crisis to those who should NOT be allowed to get loans for homes they simple can't afford to begin with.
Am I hurting? No, absolutely not! I do what I want, well, I'd love to own an AMX, but really, 10 years ago I was farther away and doing worse. 10 years ago, I'd not have driven from Iowa to PA to pickup an Eagle wagon. I'd not have bought another eagle in CA and had it shipped here. 10 years ago, I was WORSE off - REALLY.
I now am actually putting more into retirement accounts than I could even 8 years ago. I'm doing better than my parents.
OK, those folks that NBC news showed who were going to lose their homes to foreclosure - did you see their driveways and yards?? YIKES! They were doing better than I! Well, no - they had more "stuff". They didn't need that NEW SUV,that NEW BBQ I saw by the house, and probably owned twice as much home as they REALLY needed. They were living beyond their means - something my dear grandparents warned us about - drilled into our heads as we grew up (thanks, Grandma, too bad I never thanked you while you were alive to appreciate it)
The ones complaining - I'd love to tour their homes, yards and garages..... cell phones, Starbucks $3.00 coffee in one hand, iPod hanging from their ears, plasma flat screen TV. Yup, America is really suffering alright. Before you complain, how about re-evaluating your purchases, and selling off what you REALLY don't need, and stop spending $100 for a single pair of designer jeans for your spoiled brat liberal kids.

BRAVO and AMEN on your post. I tell ya, there IS hope for the future, and this young lady is it! You, girl ARE AMERICA.

SweetNightmare - Bill pretty much hit it on the head, alot of Americans tend to live beyond their means, and combine that w/ an almost scary level of ignorance, and we end up where we are. Many people bought homes interest only, making $2k payments every month they could barely afford, then they go and splurge on Ipods, bling, designer clothes, all that they really shouldn't be able to afford, but they put it on credit cards and figure they'll just pay the minimum payments. Well that Interest only matures, they now have to pay $6k a month when they were barely making the $2k, and their minimum payments on their credit cards are getting to become more then they can afford to pay. All because people don't want to take responsibility for their own actions and irresponsibly spend money, they really don't have. Now I simplified it, but this is basically why there were so many foreclosures.

There is definitely economic slowdown, but the whole, recession going on depression thing is just more liberal fear propoganda to try and scare people into a panic so they will be more likely to follow the far left, because any rational thinking person knows better. They tried the same thing in '04 on a much lower scale, all of my professors were trying to convince us that if we voted Bush in again we'd have a draft and all the men would go off to war. I called it then, and I'm calling it now, Bull****!

I've thought about this a lot. I've come to the conclusion that Robin Hood - Bleeding Heart liberals pass 'feel good' legislation. They sell the 'tax the rich' garbage & promise the poor & middle class houses, free goodies & anything under the sun to get votes.

The society is turning into wanting government to 'take care of me', irresponsible, mean folks who are prodded to punish the rest of society who have strived to better themselves by working hard & being responsible.

Congress passed laws demanding that the lenders lower their standards so that the poor unfortunates - who won't try to make it on their own, can own a house. These people were given loans they could not possibly afford - & worse - crooked investors jumped on the band wagon to buy & flip property to make a killing. This is how this fiasco started.

Congress & most of the people who make our laws have never held a job or run a business. They have no idea of how their laws affect normal Americans. They pass laws to get votes, while exempting themselves from doing what they demand of us. They pad their pensions for very little service time, have the best health insurance & even make their own pay raises. These are the people who we send to represent US!!

We need to clean out that power of corruption in Washington. The constitution gives them specific things they are responsible for & stealing from the average hard worker, small business & those who have gained wealth honestly is not what the constitution grants them the power to do.

Our economy can be put back on solid ground by the right people in Washington & we have to hold their feet to the fire to eliminate all the waste & corruption that is so prevalent now. Taxes need to be low so that it does not take two people or two jobs to support a family. This is what the politicians have as their ally in order to keep people too busy tryng to support their families so they have no time to pay attention to what the slimeballs are doing!!

This election could spell doom or prosperity for America's future. It may be the most important election in our life time.

Hi SweetNightmare,

It was great reading your post. I can understand how you feel. Most of the people who are alive today never witnessed the Great Depression and things have been relatively good up to now. So it must be unthinkable for some of us to imagine any kind of economic catastrophe on the horizon. But I would be very careful now.

Go ahead and spend and have fun, but try to pay for everything in cash or by debit card, and not with credit cards or loans, then you should be in good shape. Take it from me, I learned the hard way and accumulated a lot of credit card debt. A good rule of thumb is, if you can't afford to pay cash for it, then don't buy it! Try to use good sound judgement in uncertain times like these. You seem to have a good head for numbers, so use it and be well.