What percentage of people own their homes debt free?.. Is this along with the National deficit, the best ways of seeing how well the economy is actually doing?
2006-11-18 02:10:11 · 6 answers · asked by david n 3 in Politics & Government ➔ Other - Politics & Government
I probably didn't phrase the question right, I can't seem to find any information on how many people actually own their homes, I suspect that it's very, very low and getting worse... I believe it's the best way to see how well Americans are doing and we should demand that real surveys be taken each year so we can't be fooled into thinking things are going well... There are probably other good ways of judging the economy, just wanted to see what you thought.
2006-11-18 02:36:11 · update #1
The economy is getting ready to crash. Congress has enacted several laws in the last couple years that are having a direct effect on our future economy.
It is now legal to charge nearly 40% interest on credit cards (that used to be called USARY, but now, it's called first step to bankruptcy) Our interest rates have gone through the roof, the fees financial institutions are allowed to charge are breaking us, with the rise in prices for gas, heating & insurance, and the falling home values, there are going to be many, many people out of jobs in the next year.
And meanwhile, what are elected officials worrying about? Crap, gay rights, abortions, their own paychecks, retirements and health care. Sure as hell not us.
And I would hazard a guess that there are very few people who own their homes outright. In fact, many people owe more for their homes than they can sell them for.
We are in for a rude awakening my friend.
While we continue to sue and tax American companies out of business, we sit back and wonder where are all the jobs going. And don't tell me "service industry" that line only works if there are people with money to buy the services. Here in Metro Detroit and Michigan, even McDonalds is starting to lay off.
As my company does business with other companies all over the country I can tell you this, we are headed for a serious recession. Many small industrial companies are teetering on the verge of bankruptcy. 70% of the jobs in this country are directly related to small business. While our local and state governments give all the tax breaks to the large corporations for the benefit of the unions and their foreign suppliers they now buy from, the rest of us are drowning and losing our incomes. Yet our cost of living has shot through the roof.
Believe me, or not, it's coming and it's going to be as ugly as it was in the early 80's. History is repeating itself and no one seems to notice.
Good luck to us.
2006-11-18 02:28:53 · answer #1 · answered by Gem 7 · 2⤊ 0⤋
The economy has never been good for the majority of people over 50% of all workers make 30k or less in annual income which is really working poor status just get more intense as the income is lowers of which millions endure! Lots of morons will tell you they own their own home when in fact they are making a monthly mortgage payment! Ownership is not the same as free and clear of any payments etc! The only benefit of signing on is you sell for a profit which is currently the exploitation bursting the housing bubble with everyone working this scheme.
2006-11-18 11:14:43 · answer #2 · answered by bulabate 6 · 1⤊ 0⤋
They are saying it's the best it's been since 2003. No it isn't a good way to judge the economy cause there are to many factors that go into it. Plus a lot of people buy homes getting way over their heads and then there are those who buy houses knowing they aren't going to get them paid off but don't care cause when they die their insurance will pay it off. The economy is like anything else it runs in cycles.
2006-11-18 10:23:00 · answer #3 · answered by Brianne 7 · 1⤊ 0⤋
Our economy is going to crash. Anyone who cant see that is just ignorant and chooses to believe the lies spread by the Bush administration.Too many people live on credit, have bought homes they cant afford. When it happens it is going to be ugly.
2006-11-18 10:36:28 · answer #4 · answered by Perplexed 7 · 1⤊ 0⤋
no it's not the best way of finding out how the economy is doing . really it's not that good just in some states where jobs are being created . this is just another lie from the bush administration
2006-11-18 10:15:36 · answer #5 · answered by ? 6 · 1⤊ 1⤋
Don't know the percentages.....
But more blacks and minorities have purchased homes in the last 6 years under Bush, than ever before in history.
Many more whites also.
Most everyone is doing great. EXCEPT people need to learn to save, instead of just charging and blowing money.
(They will have to learn the hard way.)
2006-11-18 10:20:50 · answer #6 · answered by Anonymous · 0⤊ 1⤋