It's Our City is a project that uses TV, Radio and Web
to promote civic engagement in the Philadelphia region.The Economic Crunch
Tuesday, October 28th, 2008 at 7:15 am - by Stephanie Marudas. Filed under: Economy.
photo by Flickr user Leo Reynolds
We want to know what you make of all the latest economic problems. The global markets are struggling. Our city is on track to run a budget deficit over the next five years somewhere along the tune of $650- $850 million. Our nation’s unemployment levels are on the rise as jobs are being slashed. People’s savings and retirement funds are going down the tubes. What’s your reaction to all this? How are you personally dealing with it all? Are you spending less? Sticking to a budget? Making alternative decisions about your child’s education, family’s healthcare and financial situation? Tell us what’s on your mind.
October 27th, 2008 at 4:37 pm
Dealing with the economy today is not easy. I am lucky enough to have a job but my husband was laid off in August and is having a hard time finding another one. He has since decided to go back to college which is never a bad idea but it doesnt exactly pay the bills at the moment. My mom recently moved in with us too due to health problems and that is just making the cost of living even more expensive. Recently I received notice from our mortgage company saying that our adjustable rate is going up even though it is not due to go up for another 3 years. I guess to make a long story short - we are just doing the best we can to stay afloat! Working on my own company now to try to help generate some extra income and keep the bills up to date.
October 27th, 2008 at 5:18 pm
All of the above. Already cut spending. Cutting health care costs. My main freelance client had slowed down, as they were hit by the real estate, credit and stock market slumps. So I’m hoping to add freelance work from other companies in the online networks that are experiencing higher demand. And I continue to look for extra work that will allow me to remain available for my youngest child’s special needs - which is why I can’t have a regular part time job yet. My husband’s over-time has gotten cut, though this may change since the holidays are coming. However, utilities are going up, even as gas has gone down a bit, and some food prices are still going up. So I’m trying to take on extra freelance writing wherever I can get it. Somehow the money keeps getting squeezed out of us no matter how much we try to scrimp - even when we shop the sale items, I think they’re making the food smaller, too! We’ve been struggling for a while.
October 27th, 2008 at 5:58 pm
To Magda and Justamom, Thank you for writing and letting us know how the latest economic conditions are affecting you and your families. We hope the discussion will continue, and provide a platform for people to vent during these trying times; and also help us, as a city, better understand what some of our residents might be experiencing at this time.
November 7th, 2008 at 7:13 am
I find it appalling that our mayor continues to cut vital community services. Snow removal is vital for the safety and commute of our citizens. Many of us can’t get off our streets if street snow removal would cease. Yet, our city gives ten year tax abatements and cries broke.