Just got a gut check on the economy!!

[rbstern]

A recession is a done deal, as far as I'm concerned:

1) Inflation cuts purchasing power. People have to spend more for basics (food, shelter, fuel, health), and have less for optional expenditures (vacation, recreation, meals out, etc.).
2) Higher interest rates always cut business investing.
3) The online marketplace for most goods got overheated during COVID years, and is retracting.

If we have a debt default (unlikely, but not impossible), I think the markets will tumble like we've rarely seen. There's a lot of pent-up risk in the system right now.

 

[GodBlessTheUSA]

Mortgage rates are over 7%. 30yr over 7.5%. I've been watching them for a few months, and it was still around 6% just 3 weeks ago. That'll slow new home sales.

 

[Dodge man]

Take this for what it’s worth. Construction has been going crazy in Georgia. We’ve been working 6 long days non stop for years. All I’ve heard is the economy is going to collapse for years and I hope it doesn’t. I just got a call from a big player telling me the entire economy is about to slow way down and prepare. We’ve been preparing, but my God it’s terrifying to hear it from this person as he knows!!!! I thought and still think we will feel it this fall and hopefully just a slow down and not a collapse.

The Empire is collapsing. Don’t worry though, the government will always have money to fund wars.

 

[CardsFan]

The Empire is collapsing. Don’t worry though, the government will always have money to fund wars.

And if they run out, they will just print more.

 

[Hayata]

I read credit card debt is at a record high and climbing. And the banks are charging 20% on your balance?


Buddy of mine is in the granite business and he says it's off close to 25% year to date compared to last year.


The talking heads say that the commercial mortgage bidness is going to tank hard. Make '08 home mortgage crisis look like a picnic.


Who knows who's right and who's wrong with their predictions? Live within your means and get out of debt as soon as possible. Save for an emergency fund. Find a side hustle to supplement your income.

 

[roundhouse]

Everyone acts like an economic slowdown is a huge surprise .

When the interest rate doubles , it’s gonna slow down the economy , that’s why it was done .

The other huge predictor is oil prices
If oil prices increase dramatically in a short period of time , the economy always slows down

 

[dhal22]

There are four things that never slow down in any economy. Liquor, Sex, Guns and Telecom.

Fortunately, I work in telecom and have more work than ever right now with three times as much in the near future. Not only have I just hired help but I am also looking for additional GC's to take up some of the slack. With technology constantly expanding and more industries investing in communications, we are non-stop. I worked throughout all of the Rona lock downs with multiple companies throughout multiple states.

Aside from my industry, the housing market is also under a constant expansion. A good friend of mine has expanded his company 15x with new equipment, workers and multiple contracts. With the Pine Log WMA being sold and 600 acres being dedicated to housing, vast expansion is on the horizon. Sadly it's going to be mostly those 1200 sq/ft homes that touch each other.

The biggest issues I see, not only in my industry but as a general observation is the extreme lack of ethics, pride and general awareness. With more and more people being self entitled, narcissistic, and in general being narrow minded; we are in the beginning stages what I describe as a "Rude Awakening".

5. Plumbing. My 25 year old company has sailed (saled? ) through multiple slowdowns over the years. My guys keep getting their 40.

 

[basstracker89]

I have to say historically we would've already had a significant slow down. I don't understand how people afford to keep a roof over their head. Much less transportation these days. But I'm glad they have

 

[fattboyzz]

Industry ,housing and even infrastructure are still going on, up ,out along, etc here in Coweta county.

Houses for sale on our road are sold in days.

People selling and buying. More traffic. Crowded stores.

 

[HERMET]

No housing slow down in Henry County.
They're building future government supported homes at an astounding rate here.