The recent recession has illustrated to many Americans just how bad things can get during a time when the economy isn’t booming. The concept is difficult to understand for those who haven’t lived through it. Today, more Americans than ever are faced with a financial crisis. They’ve been forced to make difficult decisions about which bills to pay and how to feed their families. Taking a brief look at grocery store shelves will further illustrate this point.
Consider, for example, coffee. It is considered a staple in many American homes. In fact, many might question their ability to function without the caffeinated beverage. As recently as six months ago, a package of Maxwell house coffee retailed for about six bucks in many stores. Today that same can of coffee costs nearly $7.50. One is forced to question why the sudden change.
The recession has affected more than just coffee prices. In fact, you take a look around the shelves at your local grocery store, you are likely to notice a significant increase in the prices of common household items. Dairy products, grains, fruits and vegetables, just about everything have seen a price increase in the last year.
This is a difficult proposition for many Americans for are already struggling to pay the rent or mortgage, pay the utilities and put food on the table. The recession, which has affected the job market, has led to a record number of foreclosures and a record number of unemployed Americans.
One must stop to think about how this difficult problem will be solved. With more Americans than ever not working or underemployed and prices on the rise, how are we to even contemplate recovering from this recession?
The truth is the situation is likely to get worse before it gets better. It may be years before our economy has sufficiently rebounded. It’s time to batten down the hatches.