IT Jobs: Feldstein: ‘About as Bad an Expansion as I’ve Ever Seen’

powerfool

Feldstein: ‘About as Bad an Expansion as I’ve Ever Seen’ - Real Time Economics - WSJ

Well, it appears that there is more thought about a double-dip recession. I know that the Administration's economists have stated that it was unlikely, but they also said that the national unemployment rate would not go about 8% if Obama's early initiatives were passed (which they were).

Feldstein is a Harvard economist.

What preparations have you made? I have been aggressively paying down outstanding debts, trying to get myself down to just my mortgage and student loans and I am one month away from that goal. Also, I am planning to save three months worth of expenses in cash in a savings account (I have three months worth of expenses covered with my accrued PTO, in the event that I lose my job). Next step is going to be to further reduce my ongoing expenses. I have some home improvement projects scheduled: A modest outdoor kitchen so I don't heat the inside of my house in the summer (a gas grill, hooked to my natural gas line, with a stove burner or two), plant a couple of trees to shade my windows from the evening sun in the summer, switch to an on-demand tankless water heater, investigate a wood-pellet or log auxiliary furnace, small radiant heating installs downstairs. After that, maybe one of those emergency food kits, a garden for frequently eaten vegetables, and hunting for decent game (deer or elk).

Beyond that, finish my master's degree and continue personal development. Also, supporting my wife's completion of nursing school, as a second income will greatly improve my personal situation.

Long-term, I may go for more fuel efficient cars, but I will not go with a hybrid unless I can get 80+ mpg based on current cost premiums. A plug-in hybrid or electric only vehicle won't make sense unless the ranges can be improved 70+ miles and more options to charge away from home are available. I will be going with diesel options (Volkswagen, Audi, BMW, Mercedes, and even the latest Chevy Cruze)... but most likely the 2012 VW Passat TDI. You get best fuel economy available for the cost, and you have the flexibility of utilizing bio-diesel, if available or you can produce it yourself. Plus it doesn't compromise on comfort.

eserfeliz

powerfool wrote: »

Feldstein: ‘About as Bad an Expansion as I’ve Ever Seen’ - Real Time Economics - WSJ

Well, it appears that there is more thought about a double-dip recession. I know that the Administration's economists have stated that it was unlikely, but they also said that the national unemployment rate would not go about 8% if Obama's early initiatives were passed (which they were).

Feldstein is a Harvard economist.

What preparations have you made? I have been aggressively paying down outstanding debts, trying to get myself down to just my mortgage and student loans and I am one month away from that goal. Also, I am planning to save three months worth of expenses in cash in a savings account (I have three months worth of expenses covered with my accrued PTO, in the event that I lose my job). Next step is going to be to further reduce my ongoing expenses. I have some home improvement projects scheduled: A modest outdoor kitchen so I don't heat the inside of my house in the summer (a gas grill, hooked to my natural gas line, with a stove burner or two), plant a couple of trees to shade my windows from the evening sun in the summer, switch to an on-demand tankless water heater, investigate a wood-pellet or log auxiliary furnace, small radiant heating installs downstairs. After that, maybe one of those emergency food kits, a garden for frequently eaten vegetables, and hunting for decent game (deer or elk).

Beyond that, finish my master's degree and continue personal development. Also, supporting my wife's completion of nursing school, as a second income will greatly improve my personal situation.

Long-term, I may go for more fuel efficient cars, but I will not go with a hybrid unless I can get 80+ mpg based on current cost premiums. A plug-in hybrid or electric only vehicle won't make sense unless the ranges can be improved 70+ miles and more options to charge away from home are available. I will be going with diesel options (Volkswagen, Audi, BMW, Mercedes, and even the latest Chevy Cruze)... but most likely the 2012 VW Passat TDI. You get best fuel economy available for the cost, and you have the flexibility of utilizing bio-diesel, if available or you can produce it yourself. Plus it doesn't compromise on comfort.

Thanks for this article and for your post.

Just having started a family last year, this is something I've thought about extensively. I pulled my money out of the stock market about two months ago, right before things started to fall off precipitously. I've been tracking the state of the economy for a few years.

My honest analysis is that we are being manipulated by those with enormous wealth. Despite consumer confidence being at an all time low, we are witnessing the greatest transfer of wealth from the working class to the upper class in history. Compounding the problem are massively low interest rates and low tax rates, encouraging those with wealth to hang on to it.

My plans are to take on more low interest, non-adjustable debt (buy a house and consider graduate school) and pay off my last credit card. My wife and I are a single-vehicle family now (I got rid of my 2006 Infiniti G35). If the stock market takes a major tumble, I'll immediately start investing again. I made quite a bit of money with Whole Foods between 2008 and a few months ago, and I'll attempt to duplicate the result. In the short- to medium- term, I plan to add more debt and maybe start a business, but only if it works for my family. If not, I'll take a graduate degree and look for a job making close to six figures.