Even Economy Cheerleaders are beginning to talk about Recession

[Mike03]

Until very recently, it was verboten to say the R word major media outlets. But now--at least with respect to the radio stations I listen to--it is being tossed around with abandon.

Recession in 2008. I suppose this would be the result of diminished growth, layoffs, outsourcing, the collapse of personal buying power, the collapse of the U.S. Dollar as a world currency, the adjustment of mortgages that will occur in early 2008, bankruptcies, foreclosures, and inflation--which, I might add, is being shamefully, criminally underestimated (or just plain statistically "cooked") by the government economists.

Do you feel the fear too?
Are you cutting your discretionary spending, if you are lucky enough to have discretionary spending?
What are your plans for the holiday season, in terms of buying and gift-giving?
Have you donated to as many charities as you have in the past?

How can the United States economists tell us with a straight face that inflation is three or so percent, when it's obvious from our bills that it is at least into the double digits for this year??

Does it piss you off that the major media outlets, especially and including the business channels on both cable, satellite radio and AM radio, have misled so many people for that past three years about how healthy the US economy has been?

It is a frightening time.

How are you dealing or coping?
How are you adjusting your spending, saving or investment strategies?

[Warpy]

1. Recession is a fact for 80% of us and has been for some time

Those rosy GDP numbers can't cover the fact that the majority of us are being squeezed between inflation and stagnant wages and/or disappearing jobs just as our net worth in our houses is starting to evaporate.

The only question is whether or not the MSM will admit this until there is a Democrat to blame for it all.

[tech3149]

2. My so-called discretionary spending has been curtailed for 5 years.

I made my decision not long after 11 Sept, 2001 based on a painful personal situation and a hatred of the business mentality that's been growing over the last few decades. The real deal-clincher was 19 March, 2003. I vowed then not to work for pay until this misadministration was history. If it weren't for my enjoyment of alcohol, that wouldn't be a problem. The $6K in dental and medical expenses might have taken a bite out of my butt, but I can deal with that. My biggest concerns these days are my 86 y/o parents and my landlord trying to get out from under mortgage debt that might force him to sell out from under me. I need to be with my parents to make sure they don't suffer any hardship in the shit-storm we're bound to face. I also don't want to give away the $25-30K is physical assets that are near and dear to me, but also the fruits of my labor for the past few decades.
I've been adjusting since 2001 and many more are doing the same thing. Once I move back to my parent's, things will be much better. I'll be able to plan and plant the garden to make sure we have enough to eat and can make a few bucks. The money I've got in retirement investment's and stocks will keep the homestead in good shape until my brothers and sisters can help keep things going.

[Liberal_in_LA]

3. I concentrate on keep my overhead low.