We're on thin ice...

On December 17,2007 President Bush made the statement that the economy is fine, despite the credit crunch. After trying to reassure Americans that things will be all right he said "there's definitely some storm clouds and concerns but the underpinning is good".

Well, let's look at the facts:

1. The economy lost 232,000 jobs in Q1 2008 (80,000 jobs in March alone).
   
2. The unemployment rate is up to 5.1%, the highest since 2005.
   
3. The federal debt is $9.1 trillion.
   
4. Three airlines: Sky bus, ATA and Aloha, all shut down within the last 7 days.
   
5. The financial sector is in serious trouble.  How many more will the Feds have to rescue?
   
6. The cost of gasoline will continue to impact the price of everything we buy.
   
7. Inflation is on the rise.
   
8. People are losing homes in record numbers (as mortgages reset).

Politicians are going to tell you things are not so bad to hold their office.  Real estate agents are going to tell you the housing market has hit bottom to sell you a house.

Don't be fooled, things are bad and they are going to get a lot worse; so be smart, if you have credit card debt, pay it off.  Learn to live a simpler less costly life, and save at least 6 months of living expenses. We will be going through some very challenging times.  Many more people will lose jobs as more companies try to reduce costs...  You may be one of them.

This is the last call, get your financial house in order...

Disclaimer 

The statements above are my personal opinions.  Do your own research, and above all don't just listen to what other people tell you, think for yourself.