Double dipping

I can’t get that worked up about the chances of a double-dip recession. It’s not that I think it can’t happen. I’m just not sure what the consequences will be or how bad it would be.

Let me explain.

We had a recession in which millions of people lost their jobs, their homes and their savings. At the same time Wall Street and many banks tanked, a few investment companies even went out of business or were swallowed by larger companies.

In the recovery – the time when the technical definition of a recession ending was met – Wall Street recovered, the investment companies recovered and the banks recovered, largely because of enormous bailouts paid for with tax dollars. In most cases, the employees responsible for the crisis did not suffer at all.

At the same time employment crept up marginally, but most of the jobs were low paying and the good jobs that had been lost are still not there. People haven’t gotten their houses back and their life savings are still gone.

So, to recap: the recession hurt the banks and millions of Americans, the recovery helped the banks and very few Americans.

If there is another dip into a new recession, Wall Street will be hurt. Will more average Americans be hurt? This recovery has helped people who already had money, if they lose money that their only sticking in their pockets and not spending anyway, why should I care?

So, I’m really not sure a double-dip recession will cause more pain for most people. We’re already hurting and no one in power seems to care, so why should I care about them?


Let me add that since the bill just passed that will supposedly help the economy actually costs jobs and reduces spending that could help people and the economy I really can’t believe anything that Washington says about what I should worry about, what needs to be done or even what color the sky is.