The US economy has already defied economists' expectations and continued to grow despite the sub-prime meltdown, the credit crunch, the weakening dollar and oil touching $100 a barrel. But how long it can defy those expectations is debatable. Even the Bush administration is striking a less upbeat tone about the economy. Will the economy play as much of a role in the 2008 elections as it did in 1992?
I asked Americans how the economy looked from where they sat. My first response was from Kari who lives in Cape Cod Massachusetts. She, her husband and extended family bought a house there as an investment three years ago. The invested "a large chunk of change" in the house, hoping to sell it for a profit. But those hopes have faded, and they are now selling the house in a very difficult market. Her business is also facing difficult as Americans have less disposable income.
She feels misled by the media, and she doesn't believe that she is getting the truth about the economy. Read on for more American's views about the economy.
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In New York, Patty Hartwell says that housing prices are still very high. She said that the drop in the value in the dollar has seen an influx of Europeans buying property in New York City. She is seeing a lot of bankruptcies and more housing foreclosures. She said the question is: Are we in a recession or sliding into one? It doesn't necessarily matter because Americans are feeling more squeezed.
