Depends on who you ask. People on fixed incomes, people at the lower end of the economic ladder are hurting, because big jumps in gasoline and staples like corn, eggs, and rice account for a much larger portion of their income than for people with bigger incomes. Everyone is going to have to make some adjustments, but it's the nature of the adjustment that differ.
The article is looking primarily at people on the bottom of the economic ladder, that's why it seems so grim. Because for those folks, it is pretty grim. The broader issue is that the economics of our entire system are now broken. Our population is getting older and putting a huge strain on Medicare and Social Security. Meanwhile, real savings rates in the U.S. are negative, we have a huge trade deficit, and no one around the world wants to buy dollars, leading to a drop in the dollar and stoking inflation. As Gruss said, a spiral. On Wed, Jul 16, 2008 at 6:01 AM, Vivec wrote: > http://www.businessweek.com/managing/content/jul2008/ca20080714_683791.htm > > This sounds like a slightly sensational , doomsday article. Are things > really becoming that rough in the US? > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;203748912;27390454;j Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:263970 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
