MSNBC: Wall Street draws attention from financial problems Americans already facing in weak economy

[Amerigo Vespucci]

Crisis aside, many face other economic woes
Far from Wall Street, Americans deal with their own financial crises

By Allison Linn
Senior writer
MSNBC
updated 4:33 a.m. PT, Mon., Oct. 6, 2008



http://www.msnbc.msn.com/id/26994330/

Asked about the Wall Street debacle recently, she said: “I’m not worried about that. I’m worried about average living, about real life.”

The crisis on Wall Street has drawn attention away from the financial problems many Americans were already facing because of the weak economy.

Most people are paying more than they were a year ago for nearly all their necessities: food, gas, home heating, even household cleaning products. The jobless rate has been climbing steadily, and home prices continue to weaken.

U.S. businesses also are feeling the fallout as the financial crisis compounds already weak economic conditions. Companies ranging from chicken producer Pilgrim’s Pride to software giant Microsoft have fretted about the economic climate. If businesses see profits drop, that could lead to more job losses and further erode the overall economy, making it harder for everyday Americans to make ends meet this winter.

“We think this is a recession,” said David Wyss, chief economist with Standard and Poor’s.

For Johnson, who is living week-to-week and struggling just to stay above water, it can be frustrating to hear about a multibillion-dollar bailout for an industry whose executives make millions, while she’s worrying about how she’s going to make it to the end of the week with $2 in her bank account.

“It’s really bad, and I’m not on welfare — I couldn’t get it if I wanted,” Johnson said. “I’m working. I’m trying.”

Johnson buys clothes for her family at Goodwill or the consignment store. At the supermarket, she hates having to tell her kids they can’t have even a small treat, like a box of cookies, because she needs to focus on necessities like milk, eggs and oatmeal.

“I am a nervous wreck when I am in that grocery store,” she said.

For some families struggling with soaring costs, there isn’t even money left for the grocery store.

[stillcool]

1. Wow..MSNBC is catching on?

funny how these 'news' people are always the last to know.