Better Get Use to Five New Norms

[Account Closed]

I was reading this CNN article hardly a conservative bastion. The article discussed five norms we should expect going forward. Thought I would share and get your reaction.

The five new norms

Long term unemployment:cry:
Renting over owning :D
Saving over spending
Staycations over vacations
Higher taxes for the Rich :crazed:

http://money.cnn.com/2010/08/20/news/economy/New_normal_economy.fortune/

[Rich Weese]

I agree unfortunately , and I don't normmally believe anything from cnn.1.The 9.5% is skewed. Actually , when you include the "not currently looking", and those that have given up, closer to 16% according to various sources. I'm guessing they'll try to keep reporting the 9.5% and the 16% will continue rising. 2.Already seeing it. I posted this week that the national vacancy rate had dropped from 8.2% in Dec to 6.6% in June. That is a 20% increase in renters in 6 months.3.Already seeing it. Businesses and citizens are both saving more and thinking twice about buying something. Without the giveaways, autos wouldn't have sold and same with the housing.4.Yup- I've seen it in My Cancun condos. Considerable drop in gringos renting over the last 2 years. They're staying closer to home and Hawaii is back in vogue, apparently.5. Depending on the definition of the rich, this is also true. Just letting the Bush tax cuts will increase almost everyones' taxes. (you have to work and pay taxes to actually receive a tax cut!)      Not just the rich. CBO says that the new health care will also cost most people 8.9% more. Then, you have all the little hidden taxes. Country has an unsurmoutable hill to climb with the debt and only 3 choices.1. declare BK2. reduce spending3. raise taxes     Unfortunately, only # 1 will solve the crisis, imo. and they'll never do # 2 (that is their power) so that leaves only # 3. No real surprises in that article. Rich