Archives of Monthly News Updates
for a
Time of Transition
Personal Financial Stress
September, 2008
- November, 2009
January
*
Bankruptcy Filings Increase by 32% in 2009
National Bankruptcy, 1/5/09
December, 2009
* Government Picks Up the Tab for More Heating Bills USA Today 12/18.
* Data Suggests Suicides are Rising Similar to pattern in previous recessions. Wall Street Journal
November, 2009
* The Year Americans Didn't Sleep Huntington Post 11/18 One out of three Americans experiencing sleep disorders do to financial worries.
September, 2009
*
Incomes for Young in 8-Year Nose Dive
USA Today 9/18
* Young Workers in Free Fall: One Our of Three Under 35 Live with Parents. TruthOut, 9/3. We began writing about this trend in 2007 and included a chapter on Living with Others in Middle Class Life Boat.
* US Poverty Rate Hits 11-Year High Los Angeles Times 9/1
August, 2009
*
Many are unable to
make mortgage or car payments.
Workers Pay for Furloughs LA Times 8/31
* "Economic survivor guilt" new by-product of financial
devastation
It's official! Foreclosure Guilt
Haunts Home Buyers USA
Today 8/27
* More Americans lose utilities to
economic woes
More People See Power Shut
Craig L. Moran, USA TODAY
Off as Bills Go UnPaid
USA Today 8/26
* It's official!
The economy is bad for your health
Foreclosure Makes for Subprime Mental Health
Washington Post 8/25
* The rich as a
group are no longer getting rich
Rise of the Super Rich Hits a Sobering Wall
NY Times 8/20
This news is yet another sign that the current economy,
with its ever-wider gap between rich and poor, is on decline. In many ways this
could be viewed as a promising sign, because a key characteristics of a sustainable society is
having a small gap between those who have the greatest wealth and those with the
least.
Chris Richards the New York Times
* Middle class
professionals in land of hillside mansions and ocean views turn to food
banks
Staving Off Hunger in Laguna Beach
Chicago Times 8/13
They've never had to use this ... they're
embarrassed."
* Remote Medical
Foundation sets up in urban LA; 2000 show up the first day, hundreds turned
away
Hundreds Spend Night to Get Free Medical Care
LA Times 8/13
* Low-
and middle-income people left to square off against professional attorneys
representing banks, collection agencies and other deep-pocketed
organizations.
More Litigants Become Their Own Lawyers
LA Times 8/10
July, 2009
When we visited our MD for an annual check-up
he reported that every patient he sees lately
is suffering from a high level of stress.
*
Folks fishing for food in contaminated waters
Hard Times Drive More Michiganders to Fish for Food
Michigan Messenger 7/27
*
Credit card debtors stop paying until lenders agree to
accept partial payment
When Debtors Decide to Default
New York Times 7/25
*
Folks 50% of Americans living one month from
destitution
Poll: Americans Lacking in Emergency Funds
AZCentral.com 7/21
*
Poor economy taking a toll even on the dead
More Bodies Go Unclaimed as Families Can't Afford Funeral Costs
Los Angeles Times 7/20
*
As unemployment surges, more turn to food stamps
US Food Stamp Recipients Reach Record 33.8 Million
Bloomberg 7/7
June, 2009
* Going legally bloke
comes back despite efforts to curb filings
Personal Bankruptcies Surge Los Angeles Times 6/28
* Many Americans reeling
at the pump
Gas Prices Strain Struggling Households
CNN Money 6/25
* Four million Americans
are "debt poor" if credit card interest were subtracted from their income
Debt Pushes Millions Below Poverty Line
San Francisco Chronicle 6/18
* Immigrants, 30% more
likely to start US business, are struggling
For Immigrants Living the Dream Is Getting Tougher
USA
Today 6/17
* Actions skyrocket as more homeowners fall behind on dues
Homeowner Associations Start Foreclosures
USA
Today 6/12
* Late payments highest
since 1974 when first tracked
Credit Card Delinquencies Reach a Record Level NY Today 6/10
* Unable to keep up
payments vehicle owners turn to matches
Vehicle Fraud Cases Heat Up
Los Angeles Times Today 6/8
* Bankruptcies rise to
6000 a day
Bankruptcy Filings Rise with Job Losses USA
Today 6/3
*It's not
insufficient funds that get us most; it's insufficient certainty
What You Don't Know Makes You Nervous
New York Times 5/21 Uncertainty is something we
desparately need to come to peace with, for there is certain to be much more
of it to come.
May, 2009
Leap in U.S. Debt Saddles Taxpayers USA Today 5/29
*It's not
insufficient funds that get us most; it's insufficient certainty
What You Don't Know Makes You Nervous
New York Times 5/21 Uncertainty is something we
desparately need to come to peace with, for there is certain to be much more
of it to come.
*
During this downturn, as stress levels rise, workplace
researchers find bullying at work is on the rise; most is by men, but 40% of
bullies are women.
Women
Bullying Women at Work New York Times 5/9
* Economic stress wrecks
immune system and speeds aging; older people hits oldest hardest
Stress: Why It's Making You Sick AARP Bulletin, May, 2009
* Americans redefine the
American Dream from financial security to freedom and opportunity
What Happens to the American Dream in a Recession? New York
Times, 5/8
* Educated, middleclass
workers join ranks of the homeless
Tent Cities Filling Up with Casualties of the Economy
*
Educated, middleclass workers join ranks of the
homeless
Tent Cities Filling Up with Casualties of the Economy USA
Today, 5/5
* Single moms struggle
Recession Hits Hard in Families Headed by Women USA Today,
5/5
* 39% increase nationwide in
divorced spouses request for changes in child support, in from low to
high-income areas
Child Support Modifications Surge, LA Times 5/3
* Icons in decline
The End of the Middle Class as We Know It Washington Post Writers' Group, 5/1 Commentary
"What is ending is not only a time when the American auto industry was a colossus in the domestic and world economies. What is ending is any genuine chance that the majority of American workers—most of whom do not acquire the pedigrees we’ve come to consider as the gate passes to personal prosperity—can attain anything resembling the middle-class life the generation entering adulthood during World War II achieved." Maria Cocco
April, 2009
* Depression and domestic stress
rise with severe economic concern
Recession Anxiety Seeps into Everyday Life New York Times
4/10
*Many who lose jobs are not
eligible for benefits; others' benefits are running out
Many Jobless Get No Unemployment Benefits
USA Today 4/10
March 2009
More than 1 in 4 -- 27% of
Americans -- say anxieties about personal finances, the economy or a job
loss kept them awake
Sleeping Pill Use Grows as Economy Keeps People Up At Night
Los
Angeles Times 3/30
* Family adjusting their lifestyles
as downturn really hurts
A Year Later, Small Cuts Have Changed to Big Ones
USA Today
3/19
* "The economy has taken choices
away from people."
Women Step Up as Men Lose Jobs
USA Today 3/19
*Poll shows bleak expectations for
the future
American Fear a New Great Depression
CNN 3/17
* Emotional well-being shifts with economic changes
Mental Stress Spirals with the Economy
USA Today 3/12
*
Job loss and
hard times cut routine trips to dentist
Many Americans Say They Forgo Dental Care
USA Today 3/11
* Number of homeless children continues to grow
One in 50 US Children Face Homelessness,
CNN 3/10
* Job loss puts families on the
street
Number of
Homeless Students Rise
Common Dreams 3/2
February, 2009
* 58% will travel less or not go away on vacation
Tough Times Cut into Vacation Plans USA Today
2/23
Though disconcerting for those in the travel business, a future of less
travel has been predicted for some time and provides opportunity for local
forms of entertainment.
* Cash-strapped consumers get
reacquainted with cooking
Restaurants Struggle as Consumers Eat at Home
USA Today
2/22
Though difficult for those working in the
culinary industry, this could be considered a positive sign that it's
preparing us for a changing economy by in which we will need to do things
for ourselves instead of working so others can do them for us.
* Home owners and renters looking for ways to split bills.
Help Wanted: Paying Roommates USA Today
2/16
This too could be considered a positive sign of
downsizing were it not for the fact that millions of home sit empty and the
people doing this are not choosing a simpler, downsized life but are acting
from desperation.
* Nine out of ten dual career couples
feel financially vulnerable.
Study Shows New
Economy Puts Dual-Income Couple in Jeopardy
*Americans try to save but spend on
food and "feel good items"
Americans Among Those Most Worried
Synovate Study
*
Weak economy is playing a role in family dynamics
More Families Move in Together during Housing Crisis
USA Today
2/05
Yes, this is a reflection of financial stress but
it also can be a positive step. "This is very beneficial," as one man says
of his move. "We've grown closer."
* Bankruptcies surge after the
holidays
Personal Filings Climbed 34% in January
Bloomberg 2/3
January, 2009
* Home builders face
devastating reversal of fortune
Banks Foreclose on Builders with Perfect Records
NY
Times 1/20
* Foreclosures up 81%
with more than 850,000 repossessions
2008 Foreclosure Filing Set Record USA Today 1/15
*
Past crime increases met with case agencies don't have now.
Police Report Crime Spikes Related to the Economy USA Times 1/22
*
Tough economic times spill into the streets
Battle Rages Over People Living in Vehicles
LA Times 1/22
*
42% say they are looking for a second job to make ends meet
Many Find Holding One Job Isn't Enough
LA Times 1/15
* Suicide lines are receiving a
surge in calls.
Economy Prompts More Calls to Suicide Hotline
USA Today 1/12
One-day record set for
unemployment benefits
Jobless Claims Crash State's Website, Huffington Post, 1/7
*
More than one million in debt seek court protection, a 33% rise
Bankruptcy Filings by Consumers Soar
LA Times 1/6
* Leaping from paycheck-to-paycheck into something far worse
Shopaholics, Big Spenders and People in Debt Getting Smacked by Economic Reality AlterNet 1/1
* Workers out of a job say the bail out is leaving them behind Angry Laid-Off Workers Occupy Factory in Chicago Common Dreams 12/7
*10% of Americans on food stamps
Record Number of Americans Using Food Stamps
Reuters
12/6
*Walking the streets for work
Wearing "Almost Homeless" Sign, Ex-Executive Seeks Work
CNN
12/6
*Security guard tramped by a mob of
shoppers rushing for bargains
A Very Black Friday Los Angeles Times
12/6
*Millions of American households
have to revamp how they live
The Challenge of Living within One's Means
New York Times 12/1
November 2008
* 52% of charities report increase
in middle-class clients including white-collar workers who once were reliable
donors
Charities Have Less to Give as Need Grow
Los Angeles Time 11/27
* Layoffs send residents who were living comfortably into tailspin
From Middle Class to $5 in the Bank Washington Post 11/25
* 40,000 CO people flock to free
potatoes, carrots and leeks
Down
on the Farm a Frenzy over Free Food
Information Clearing House 11/24
* New kinds of financial landmines for middle-class families formerly with good six-figure incomes
Downturn Drags More Consumers into Bankruptcy New York Times, 11/15
*
Middle-and
upper-income pawning family heirlooms
Pawnshops Doing Brisk Business
USA
Today 11/10
*
Rising food prices and unemployment drive teachers and
other middle-class workers to food pantries
Ranks of hungry growing USA Today
11/7
* Retailer expecting a bleak holiday
season
In
Tough Times, Layaway Plans Make Comeback.
Los Angeles
Times11/7
*
More than 1 million bankruptcies
expected in '08
More
Consumers File Bankruptcy
USA Today 11/5
* As
utility companies get aggressive, shutdowns surge.
More Utility Bill Go Unpaid
Wall Street Journal
11/4
* People are panicked and
withdrawing their money from the bank.
A costly crisis in confidence USA
Today 11/3
*
American households getting hammered.
Financial Statement of the Average American Household
Washington Post, 11/1
October, 2008
* New study shows nearly 80% (78%) of
would not be able to cover their bills for 3 months if they lost their
income.
Middle-Class Close to the Edge NBC Nightly News 10/29
*Deep pessimism erodes consumer confidence.
Rattled by Housing Slide Consumers See Worse to Come
New York Times
10/28
*
More families with children are becoming homeless as they face
mounting economic pressures, including mortgage foreclosures.
Homeless Numbers 'Alarming'!
USA Today 10/21
* Concerns across the economic spectrum
as the economy continues to slump
National Poll Reflects High Financial Anxiety AP 10/20
* "Consumers are increasingly unable to pay off their credit
cards, forcing banks to hoard cash to protect against future losses and lend
to fewer people, according to reports yesterday from several of the nation's
largest banks."
Banks Hoard Cash Washington Post 10/17/08
* Worker's stress is up. There's panic in their eyes.
Money Stress Puts Strains on Employees Wall Street Journal
*
Consumer spending accounts for roughly two-thirds of economic growth, but
"just don't have anything to spend right now."
Credit Crunch Likely to Hit
Consumers Hardest CNBC 9/30
* One in six home owners upside down.
Housing Pain Gauge Wall Street Journal 10/8
* Utility shut-offs soaring
As Economy Dims, Companies
and Consumer Advocates Worry MSNBC 10/08