Are you optimistic about the future?

[Stacy in NJ]

I'm typically a glass half-full girl, but in light of recent economic and political realities, for the first time that I can recall, I'm rather pessimistic about the outlook for our country (USA).

 

While I remain relatively up beat about my family's future and have a deep faith in the common sense of most Americans, the country as a whole seems to be preparing itself for some type of reckoning.

 

My dh works on Wall Street and he seems to think that folks down there are actively doing their very best to not think too hard about what's coming next. They seem to be willingly wearing blinders.

 

Do I have an overactive imagination, have I been reading to many doom mongering blogs, or is there a real sense of coming collapse or at least extended hard times?

 

What do you think?

[Ibbygirl]

Well, historically speaking, many great civilizations had their rise, golden age and then fell. I don't know if America can be lumped in with Rome or Greece, but I think it's safe to say that regardless of size and influence, it would be logical for America too to decline.

[annarook]

The no: Just heard today that gas prices will be around $4.00 this summer. That doesn't sound good to me.

The yes: They said it was a good thing because it meant that the economy was coming back around.

 

So I guess it is all in how you look at it and what you choose to focus on. In any situation....what you focus on is what you get more of.

[justamouse]

I think our best days are ahead and I'm preparing for them--saving $ to buy stock in companies that I think are going to lead the 'new' industrial revolution.

[Audrey]

Although I do believe that these are the last gasping days of Empire USA, I am absolutely optimistic for the future.

Edited January 4, 2011 by Audrey

[Stacy in NJ]

"The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February…"

 

These figures are overwhelming. :confused:

 

I'm not trying to make this political; there's enough incompetence and blame to go around.

 

 

 

I think our best days are ahead and I'm preparing for them--saving $ to buy stock in companies that I think are going to lead the 'new' industrial revolution.

[Punchie]

Although I do believe that these are the last gasping days of Empire USA, I am absolutely optimistic for the future.

 

This. The days where the US is the supreme powerhouse are dwindling, so in that respect, yes....the future isn't looking good. The future as a whole, does look good. The gears are starting to slowly turn towards a more responsible future.

[Meriwether]

 

While I remain relatively up beat about my family's future and have a deep faith in the common sense of most Americans, the country as a whole seems to be preparing itself for some type of reckoning.

 

What do you think?

 

I am positive about everything in the future that is in my control - which is very little. There aspects of the country that I am concerned about. Too much debt, too much entitlement, too much interference in daily lives from the government.

[Mejane]

 

While I remain relatively up beat about my family's future and have a deep faith in the common sense of most Americans, the country as a whole seems to be preparing itself for some type of reckoning.

 

 

 

:iagree:My family is on the right track; my country, not so much. It makes me sad beyond words.

[jazzyfizzle]

Although I do believe that these are the last gasping days of Empire USA, I am absolutely optimistic for the future.

 

I agree. I do believe a successful future will need to be a much different place, focused on our needs and not the extreme excess and greed of now.

[Stacy in NJ]

This. The days where the US is the supreme powerhouse are dwindling, so in that respect, yes....the future isn't looking good. The future as a whole, does look good. The gears are starting to slowly turn towards a more responsible future.

 

The USA failing as an "empire" doesn't nessarily lead to a "more responsible future". In fact it may lead to a more war, famine, and disease. Particularly in places like Africa that are dependent on the USA and Europe for food and medicine.

 

That doesn't concern you?

[Mommy22alyns]

No, I'm not. It's probably a personal problem though. :001_rolleyes:

[elegantlion]

My personal future? Optimistic. I feel like we're finally getting some major things turning in our direction.

 

The future in general? Yeah, a little less optimistic. The more history I read the less secure I feel about what I regard as the "norms" of society today.

[Punchie]

The USA failing as an "empire" doesn't nessarily lead to a "more responsible future". In fact it may lead to a more war, famine, and disease. Particularly in places like Africa that are dependent on the USA and Europe for food and medicine.

 

That doesn't concern you?

 

A more responsible future is not connected w/the downfall of the US as supreme power. The US will still be a contributor, just not the biggest one anymore. I realized that was confusing in my response. :) I mean responsible in the sense that ppl are trying to work towards being green, or supporting local agriculture, or small-time entrepenuers coming up w/inexpensive solutions to help others, etc... I think it's only a matter of time before the ball gets rolling even more on things like these (in part b/c there will be no other choice).

 

An example of this comes from a book I just finished (The Vertical Farm). The author discusses using self-contained, self-sufficient skyscrapers to do hydroponic/aeroponic farming (possibly aquaculture too). In places such as Africa, smaller mobile units could be created and deployed. This kind of thing is what I mean by more "responsible."

[Peela]

I think all western countries have been living in a false sense of security for a long time, and it is fairly clear that a reckoning is coming. Better not to be in denial about it (which many still are). The U.S. will probably cop it worse than many countries (and many agree it is the end of an empire), but then, many European countries are already in crisis too.

 

Here is an article that came into my inbox a few days ago-an interview with the guy who wrote Rich Dad Poor Dad, Robert Kiyosaki.

 

http://finance.yahoo.com/expert/article/richricher/280356

[Peela]

A more responsible future is not connected w/the downfall of the US as supreme power. The US will still be a contributor, just not the biggest one anymore. I realized that was confusing in my response. :) I mean responsible in the sense that ppl are trying to work towards being green, or supporting local agriculture, or small-time entrepenuers coming up w/inexpensive solutions to help others, etc... I think it's only a matter of time before the ball gets rolling even more on things like these (in part b/c there will be no other choice).

 

An example of this comes from a book I just finished (The Vertical Farm). The author discusses using self-contained, self-sufficient skyscrapers to do hydroponic/aeroponic farming (possibly aquaculture too). In places such as Africa, smaller mobile units could be created and deployed. This kind of thing is what I mean by more "responsible."

 

I just wanted to agree that while there is a slow motion massive collapse of the present world order....what is also happening along the lines of technology such as you are saying, is so wonderful as to make me optimistic rather than pessimistic. There is SO much creative stuff happening on a small scale, but so much that it is makign a huge difference (for example the whole micro financing movement). Change is inevitable and what is not sustainable- continual economic growth is simply not sustainable yet our governments seem to think it is- will die and what IS sustainable will thrive.

[Crimson Wife]

A friend of mine who is a quant geek and someone who has done very well with market predictions over the past 5 or so years has predicted that the stock market will be up, unemployment will be down, and oil only slightly higher by the end of 2011.

[Punchie]

<snip>....what is also happening along the lines of technology such as you are saying, is so wonderful as to make me optimistic rather than pessimistic. There is SO much creative stuff happening on a small scale, but so much that it is makign a huge difference <snip>.

 

I come across news articles periodically that discuss the positives, but imo b/c they're positive, they're not at the forefront of news. One recently was about the Christian band Jars of Clay who put in clean water wells for multiple villages in Africa. I believe they're lo-tech enough that if/when they break, the villagers can fix them w/o needing outside aid again.

 

Another one, also in Africa, talked about how a group of ppl was experimenting w/the domestication of multiple plants/trees/bushes for agriculture. B/c they plants are native species, they don't require extra water or fertilizer. I think they had found almost 100 plants that would adapt (this was sev yrs ago).

[TracyP]

Although I do believe that these are the last gasping days of Empire USA, I am absolutely optimistic for the future.

 

:iagree:

 

This is only anecdotal but I saw the collapse coming because of what was going on around me. My dh is an electrician; I have other family members working in mining and construction, and they are all busier than they have been in two years. So yes I am cautiously optimistic.

[elegantlion]

 

This is only anecdotal but I saw the collapse coming because of what was going on around me. My dh is an electrician; I have other family members working in mining and construction, and they are all busier than they have been in two years. So yes I am cautiously optimistic.

 

I think the ebb and flow of trade business is more of a regional thing. My dh is a self-employed carpenter and last May business dried up. He's been in business for many years and reached out to all his contacts, called every company in the area looking for work, even as a employee. None were hiring, they were all slow. We opted to move out of the area. This was in the south in an area not hit by severe winter weather. Many of the subs he used are still out of work.

 

I'm glad to hear that business in better in other areas.

[Margaret in GA]

"The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February…"

 

These figures are overwhelming. :confused:

 

I'm not trying to make this political; there's enough incompetence and blame to go around.

:iagree:

 

 

I believe that things will turn around, slowly but surely. I do not think, however, that things will be the same as they were. The booming days of building, for example are done. And thank goodness, as I believe some developers and banks had it in their minds that every square inch of Georgia should be some hideous sprawling neighborhood.

 

Here are some things that concern me:

 

1. We have to get out of the Middle East and get our social security/medicare costs under control or there will be a crisis of debt for us as a nation

2. Baby Boomers don't have enough saved for retirement. In this article,

these three things stand out to me:

 

a.)Boomers have an average of only $150,000 saved

b.)Nearly two in three people age 55 to 64 had a mortgage in 2007, with a median debt of $85,000

c.)Because of greater longevity, a 65-year-old woman would need even more to cover her health insurance premiums and out-of-pocket health expenses: an estimated $213,000.

 

 

So, I am optimistic about my personal future. I think the area we live in will be OK and we'll see real estate prices begin to stabilize early 2012. I also think that my husband's career path has been a wise one and we have been really good savers (though, admittedly we could be better and I'm working on that)

I am very pessimistic about our parent's generation. I think we all need to prepare for the fact that our parents are in big trouble financially and that will be a burden on us -- especially as a nation. Oh, and I'm pessimistic about small retail and restaurant businesses for the next few years. I think we will continue to see small stores closing and independent restaurants struggle, leaving strip malls empty for a while.

 

Margaret

[Crimson Wife]

b.)Nearly two in three people age 55 to 64 had a mortgage in 2007, with a median debt of $85,000

 

That isn't necessarily a problem so long as the individuals keep working. Given that we purchased our home when DH was 34 and I was almost 33, we probably won't have paid off our mortgage by age 55. But by that point, our kids should be out of the house and we'll be back to 2 incomes. My grandma lived to be 99 and most of my relatives lived to their very late 80's or early-to-mid 90's. I fully expect to be working in my 50's and 60's to make up for the time spent out of the paid workforce when my kids are young.

[mcconnellboys]

I believe that an economic collapse is imminent for us. While we may not be a world power any more after this, I think that we can still hope for happy lives; different, very different, but if we are willing to change I think we can still find happiness in life....

[Margaret in GA]

That isn't necessarily a problem so long as the individuals keep working. Given that we purchased our home when DH was 34 and I was almost 33, we probably won't have paid off our mortgage by age 55. But by that point, our kids should be out of the house and we'll be back to 2 incomes. My grandma lived to be 99 and most of my relatives lived to their very late 80's or early-to-mid 90's. I fully expect to be working in my 50's and 60's to make up for the time spent out of the paid workforce when my kids are young.

 

 

Yes, the debt isn't so bad unless you take into consideration that these same people have only saved $150K and will need over $200K in the bank just to cover out of pocket medical expenses-- it just doesn't work out. And since so many of these people are getting laid off just as they were about to do that serious saving, it's going to create a problem.

 

Margaret

[Stacy in NJ]

It's likely that several or even many states will come close if not enter bankruptcy in 2011-2012. Almost all have heavily underfuned their state employee pension funds. State are going to drastically cut funding to core services like education, fire, police, infastructure. It's pretty gloomy.

 

Illinois looks like it has already reached the tipping point. California is beyond recovery, and New York isn't far behind. What happens when their bond ratings tank and they can't raise capital? Bad stuff.

 

From Bloomberg News...

 

"Illinois lawmakers will try this week to accomplish in a few days what they have been unable to do in the past two years -- resolve the state’s worst financial crisis.

 

http://www.bloomberg.com/news/2011-01-03/illinois-must-plug-13-billion-deficit-in-days-that-took-years-to-produce.html

 

Most Americans seem to be sleep walking into this.

 

:iagree:

 

 

I believe that things will turn around, slowly but surely. I do not think, however, that things will be the same as they were. The booming days of building, for example are done. And thank goodness, as I believe some developers and banks had it in their minds that every square inch of Georgia should be some hideous sprawling neighborhood.

 

Here are some things that concern me:

 

1. We have to get out of the Middle East and get our social security/medicare costs under control or there will be a crisis of debt for us as a nation

2. Baby Boomers don't have enough saved for retirement. In this article,

these three things stand out to me:

 

a.)Boomers have an average of only $150,000 saved

b.)Nearly two in three people age 55 to 64 had a mortgage in 2007, with a median debt of $85,000

c.)Because of greater longevity, a 65-year-old woman would need even more to cover her health insurance premiums and out-of-pocket health expenses: an estimated $213,000.

 

 

So, I am optimistic about my personal future. I think the area we live in will be OK and we'll see real estate prices begin to stabilize early 2012. I also think that my husband's career path has been a wise one and we have been really good savers (though, admittedly we could be better and I'm working on that)

I am very pessimistic about our parent's generation. I think we all need to prepare for the fact that our parents are in big trouble financially and that will be a burden on us -- especially as a nation. Oh, and I'm pessimistic about small retail and restaurant businesses for the next few years. I think we will continue to see small stores closing and independent restaurants struggle, leaving strip malls empty for a while.

 

Margaret

[Stacy in NJ]

That isn't necessarily a problem so long as the individuals keep working. Given that we purchased our home when DH was 34 and I was almost 33, we probably won't have paid off our mortgage by age 55. But by that point, our kids should be out of the house and we'll be back to 2 incomes. My grandma lived to be 99 and most of my relatives lived to their very late 80's or early-to-mid 90's. I fully expect to be working in my 50's and 60's to make up for the time spent out of the paid workforce when my kids are young.

 

Unemployment may very well rise and wages may experience deflation. Are you prepared if either you or your dh to have unplanned unemployment for an extended period of time? Are your able to take a pay cut?

[Stacy in NJ]

and state debt/deficit. We're currently spending twice the amount we take in in taxes on a monthly basis. Expenses are twice revenue monthly.

 

We have almost no wiggle room.

 

 

A friend of mine who is a quant geek and someone who has done very well with market predictions over the past 5 or so years has predicted that the stock market will be up, unemployment will be down, and oil only slightly higher by the end of 2011.