The economic downturn began in 2006, when George W. Bush first mentioned the word: "recession" at a meeting with seniors in Florida.
The housing market was growing as jobs flowed and the cost of living was workable. It only took one claim of "the sky is falling" and the dominoes began to tumble.
It is not a secret that jobs started going to Asia, with Nixon visiting China. The wake-up call got louder as those that had never been in such a downturn, started to feel the pinch.
The middle-class always felt protected as they shot forward. Better jobs and bigger salaries. It was always the minimum wage earners that had to sweat being able to survive on skinny dollars.
Now, the blanket of fear covers a wider group and the stories come out a lot more often.
Elderly lady leaves her house, with its much needed repairs and buys another house in N. Car. The house in Florida eventually goes into foreclosure and is sold for much less than its value.
Who got burned? The bank surely did take the hit. The elderly lady felt no pain in her new home. The 70 year old man after 45 years of experience in sales, can no longer find work.
No matter how hard he looks in "ANY" field, no one will hire him, as they can easily search-out his age. No one can "hide" their age any more and discrimination against "experienced" workers is a BIG problem.
In the meantime. with a bare SS check, the roof leaks and has mold. The doctor bills wait for the purchase of stamps and some extra dollars. Living on $80 for food, meds, etc p/wk for two seniors does NOT "cut-it".
The young woman drives 100 miles a day for a job paying a few dollars over minimum. She loves the position, but she knows in order to survive and pay her bills, there has to be a change.
Companies wanted the extra profits, and the jobs went down to Mexico or over to Asia. For pennies a day, the shirts were made, the cars were fitted with parts and the furniture was assembled.
Big Business is showing its profit margin now as workers clamor for those jobs to be returned. In the meantime, the game continues.
The poor struggle. The middle class becomes cautious and unnerved. The wealthy feel little pain and the economy remains in a kidnap position of "hold back".
We ALL suffer when business owners decide that the profit is their master and not the system of economic stability.