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David Stanley Ford

Economy also takes toll on middle class

By McClatchy-Tribune Information Services    Comments Comment on this article1
Published: October 21, 2008

CHARLOTTE, N.C. — After the hairdresser’s husband lost his job, they sold one car and took their son out of private school. She figured they’d get by on her income and her husband’s unemployment checks until he found work. Six months have passed and he hasn’t found a job.

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People like her who assumed they would never have to worry much about money are now worrying.

The diversity of people affected, said University of North Carolina-Chapel Hill professor Jim Johnson, is what makes this downturn so distinctive.

There are many such stories. Most of these people don’t want you to know who they are. They’re embarrassed. And who wouldn’t be?

You work hard, you live within your paycheck and, if you’re lucky, you save a little. Then something like this happens.

‘Don’t use my name’
"Please,” the hairdresser said, "don’t use my name.” She lives in a beautiful house near Charlotte and most days she makes a point of putting on make-up and a nice outfit, hoping no one will notice the cracks in the picture.

"You have so much pride,” she said, "you don’t want people to know how low you’ve gone.

"Or,” she added, "how much lower you might go.”

She is 50 and has tried not to get all worked up and worried. But she made no money two weeks ago, and only $100 last week, because her customers are hurting, too.

‘It’s getting scary’
Paul Bellin is 46 and single, one of the few people who didn’t mind his name in the newspaper.

He said he lost his job as a claims adjuster in the insurance industry in April, and has been living on unemployment checks and savings, without any health insurance. He thought for sure he would find another job by now.

"It’s getting scary,” he said. "A lot of employers say I’m over qualified and they’re concerned I won’t stay long, but I’m willing to do anything.”

‘God help us!’
The hard part for a 63-year-old Gastonia man has been telling his three children: "No.”

No, they can’t afford to buy that. No, they can’t afford to go out.

Even though he has a good job, earning $100,000 a year in a consumer and commercial finance company in uptown Charlotte, the family is in trouble. He said he and his wife bought a $199,000 home with one of those balloon mortgages that have been the undoing of so many families.

They put the house up for sale three years ago, and they still haven’t found a buyer.

"God help us!” he said in despair.

‘Don’t have a choice’
"People are having to decide, ‘Do I pay my mortgage or do I pay my medical bills? Do I pay for gas or for food?’ And in some instances they don’t have a choice,” said Johnson of UNC-Chapel Hill. "There are so many people out there who are hurting.”

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David Stanley Ford




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John McCain and his plumber's helper are on the way. Underdog to the rescue! John will see to it that there is a proposal in Congress next year to study the best possible way to resolve the problem of too little capital investment in major industries. If that works out, then sometime in July 2009, there will be a McCain proposal to stimulate more jobs by reducing the capital gains tax another 50%, the results of this proposal to be audited in six months. In 2010, McCain will issue a statement pleading with Congress to remove the cap on executive salaries at the failed banks brought back to life by the $700 billion+ bailout. He will propose a national blue ribbon study to be completed by 20ll outlining possible approaches to the continuing economic sluggishness. In 2012, McCain will run for re-election on the theme, "There Must be a Better Way," and will promise to fight for us against the Washington lethargy in coming to the rescue of the American Middle Class. American voters will buy it. With Chinese dollars.
Percy F., Ardmore - Oct 21, 2008 at 6:09 am

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