COMMENTARY | I'm not an economist, but I am pretty good at playing poker. Some economists say the economy is recovering. I'm calling the bluff.
According to an article by Newsmaxworld, we are in the middle of a phony recovery.
The United States government keeps printing more money to boost the economy. Some experts say the government should step aside and let interest rates go up. I agree.
I haven't noticed any genuine economic recovery in my Florida suburban neighborhood.
Watching the value of my home go down
I don't believe there has been any kind of real housing recovery yet. Zillow.com now says my home is worth $114,000, which is $2,000 above where it touched down. It was worth more than $200,000 at the top of the bubble. I can't refinance without adding on a PMI (private mortgage insurance) payment even though I bought the house with 20 percent down. Even though there is less inventory, people I know are still having a difficult time getting a "fair" price for their homes. I still see foreclosures in my neighborhood that have been vacant now for four or more years.
Waiting for stocks to recover
Most of the stocks I own haven't fully recovered. My only consolation is the fact I purchased dividend-paying stocks and funds that provide income to somewhat counterbalance the lower value of my stocks. Fortunately, I'm years away from retirement so I can continue to dollar-cost average at the lower price points. Still, I see no signs of an economic recovery when looking at my portfolio.
Getting over the shock at the register
I am still not "recovered" from my shock whenever I see the total at the registers at different grocery and department stores. Some experts say the prices are going to skyrocket and our standard of living will continue to fall. I used to be able to get out of the grocery store for $50. I now am lucky if I only spend $80. I'm still feeding the same number of people, but inflation is stinging us.
Holding onto jobs
On the job front, most people I know are still on edge. People who have jobs are extremely grateful for the jobs they have. A lot of retired people I know, who found it difficult to live on social security, can't find work.
With the changing demographics as baby boomers retire, I think the job market will be the first thing to improve within the next five years. I don't worry about my sons getting jobs when they graduate from college in a few years.
Some people say we are entering another recession, while others' predict widespread economic destruction. I think we are just in the middle of an economic cycle. Yes, the stock market will probably drop even further and inflation will hit us hard.
But in another decade, I think the hard economic times will be behind us.
*Note: This was written by a Yahoo! contributor. Do you have a story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.
More from this contributor:
- Politics & Government