Ohio and Michigan already in a recession
<< Michigan has been in a dramatic recession for at least four years, according to at least one leading economist, and its southern neighbor hasn't fared much better.
"It's hard to call state recessions," said Richard DeKaser, economist with National City Bank in Cleveland. "But clearly, states in the industrial Midwest have had a far worse employment experience than has been the case for the nation as a whole." >>
Finally the truth gets through to official news media types. But it's far too late for people to save themselves if they relied on said news media to alert them in time. They are many years too late. (That makes the case for dismantling the current news media; it just isn't capable of seeing past its own biases in order to properly and currently report actual news.)
For people like me, I saw this coming back in 1998. Accordingly, I started to make preparations. The difficulty of finding and holding a real job in Toledo's crony employment environment really hampered my preparations, but eventually my persistence paid off. Now I'm well prepared for what's coming. I've done more with less on a personal basis for years, but the people around me can't even imagine doing without. People are still spending EVERYTHING they can get their hands on, and it's still largely expenses that can't be recovered through sale or "income utilization" (i.e. generating income from assets so purchased). I still see people letting the government take a huge slice of their income via payroll withholding, then they get that money back (with no interest paid), and then they spend it all in a week on things they had planned to spend it on all along.
People should be hunkering down, becoming far more efficient, and making use of tools, skills and social connections to make do with what they have. But people largely only do that when the money runs out for good.
Well, prepare to be schooled, Ohio and Toledo. I'll see you all in the secondhand stores that I've been using for years. (Hopefully I won't see you in the bread lines, since I didn't do all this preparation just to end up there.)