RussSpencer's Blog

I am no economist either, but it seems to make perfect sense to me:
-High gas prices trigger less overall money being spent.
-Less money being spent means more layoffs.
-More layoffs bring more foreclosures, and people defaulting on auto, home, and private loans, which explains the Sub-prime mortgage crisis we are in today.

This all started YEARS ago all over the country, but particularly the South. People were buying houses that they couldn't afford, and are now caught like a deer in the headlights, because they can't pay for it! People thought that credit was a GIVEN, and who cares if you got it or lost it. So they went on a spending spree, opening up that Macy's Star card, buying that $300,000 house, getting a new Mercedes-Benz every year with $650 payments, and being locked in their own selfishness. Now we all have to pay for some peoples silly stupidity because they don't know simple laws of credit and economics.

It IS our own fault however, because economic classes should be offered to inner city individuals who do not know what credit is, or how to control spending and finances.

Americans were getting too comfortable about spending, and leaving jobs whenever they want because they don't like simple aspects of it. Well now we NEED those jobs back.

Bottom line- Our country is already upside down in foreign trade deficits, that we have no where to go but down as a country. Until the big oil companies stop increasing gasoline prices out of pure greed, this chain reaction of events will never stop. The American society is so based off of fossil fuels, that

A way out of all of the economic problems is simple....it's called The Fairtax. Get the two books and check out the website. fairtax.org If you can read, and understand what you read then you'll know what millions already do.

As long as we continue to have Draconian Tax liabilities we will continue to see our economy tumble into despair.

I think this economy is past despair, that was last year. Now the ecomony is scared. Companies are laying people off, my company just put us on a raise freeze...indefinitely. I have co-workers that are seeking employment elsewhere, and they are having a very hard time finding something. Other businesses that we work with, are laying people off instead of freezing pay, so I can say is that we are lucky, for right now.

With the high gas prices, only getting higher, the cost of food has risen about 40% of what I used to pay just a few months agao, how can anyone not think that we arent in a recession?
I always thought the real indicator for the economy was the cost of groceries, particularly milk, which is sky high.

The bank rates and fees and compounted interest forces workers to choose between paying the bank or eating. Part of that is living beyond our means, which is our own fault, but all of this is leading us to one rough road and fear it will only get worse from here.

the government can step in and reduce the taxes placed on each gallon of gas...its not the petroleum companies that are making the profits the government is trying to say who is making the money...its the taxes applied by state and federal for each gallon sold....

but the government is making too much money to do that.....and when the politicians are called out about it by their constituents, they twist it around as if they are not imposing the taxes...the companies are making the government tax the fuel.....ya right....

What if everyone purchased stock in the oil companies?
they are making money hand over fist so would it be a win win situation?

This government need to start by prosecuting the lenders that loan money to a couple to move in a quarter million dollar home when they really cannot afford to pay the utilities. is this fraud? is it right to make the honest tax payer pay the bill?