Recession 100% official now

Dithering_Dad

Any wrote: »

Me too.
As long as I keep my job I don't have to worry about anything.

But, isn't that the case for everyone?

StevieJ

Generali wrote: »

A recession is defined as 2 consecutive quarters of falling (often described as 'negative growth') of GDP.

That means by the time a recession is official it's been going on for 6 months already!

Unfortunately, there isn't really a way around it.

They 0% for Q208 may have been rounded up so it may be we have been in recession for 3 qtrs plus Jan = nearly 10 months :eek:

Lucylocket01

Like you said everything has come down in price. (cost of living drop)..
Yes I believe that lots of families could manage on one wage if they lived at frugally as families in the 70's. Loads of ppl claim that their mother made all there clothes, most wore hand me downs.
We were a family of 5 in a two bed terrace.I spent my childhood sharing a bedroom with my parents. ppl today wouldnt consider doing that.
Yes people today woould definately have to change the way they lived but if they did, we would be better off than them, I firmly believe that.
For example I have read your post complaining about money and in the next breath are shopping at M & S. People in the 70's wouldnt have dreamed of buying sandwiches for Marks they would be eating homemade.

WTF?_2

Lucylocket01 wrote: »

Sorry Graham but I dont agree. I dont know a single person that is a poor as anyone in the 70's reccesion. Hey my brother in law with all his kids and their benefits look like millionaires in comparison. Their are plenty of people on benefits who are much better off than lots of the ppl on the thread I mentioned. Look at how your nemisis pipkin manages. Thats someone with no debt. My point is even the benefit population are better off than the ppl on that thread

Just give it some time.

We have collectively been living well beyond our means and the credit taps have only just been turned off (watch the s**t really hit the fan when the credit card crunch starts) - which means we are in the early stages of adjustment to our new standard of living.

StevieJ

mustrum_ridcully wrote: »

Are we really richer: average household debt is £7,650 (exc. mortgages)?

Back in the 70's if you couldn't afford something you'd not have it and save. Now it's just bung it on a credit or store card.

Can't remember who said it but booming house prices and easy credit has given the UK the illusion of wealth.

Back in the 70's if I couldn't afford something I would chuck on my credit card, just the same as now the difference now is I can afford to pay it off every month. I remember renting a video player in 1980, cost was £20 a month :eek:

mustrum_ridcully

Lucylocket01 wrote: »

Sorry Graham but I dont agree. I dont know a single person that is a poor as anyone in the 70's reccesion. Hey my brother in law with all his kids and their benefits look like millionaires in comparison. Their are plenty of people on benefits who are much better off than lots of the ppl on the thread I mentioned. Look at how your nemisis pipkin manages. Thats someone with no debt. My point is even the benefit population are better off than the ppl on that thread

You've almost said it yourself, they look better off! It's an illusion. When Paul Daniels pulls a rabbit out of a hat it's an illusion but if you don't know/realise this it looks as if he's really done magic but he hasn't. Just because something looks better doesn't mean it is.

Even in the 70's very early 80's people on benefits living in a council estate could appear to (or actually) have a better lifestyle, than someone who worked. I had a mate at primary school whose dad was on the dole he had a newer car than we did, had a colour TV when we still had B&W. They appeared better off but when you sit down and do the sums probably weren't.

Graham_Devon

Lucylocket01 wrote: »

Like you said everything has come down in price. (cost of living drop)..
Yes I believe that lots of families could manage on one wage if they lived at frugally as families in the 70's. Loads of ppl claim that their mother made all there clothes, most wore hand me downs.
We were a family of 5 in a two bed terrace.I spent my childhood sharing a bedroom with my parents. ppl today wouldnt consider doing that.
Yes people today woould definately have to change the way they lived but if they did, we would be better off than them, I firmly believe that.
For example I have read your post complaining about money and in the next breath are shopping at M & S. People in the 70's wouldnt have dreamed of buying sandwiches for Marks they would be eating homemade.

Just because I said I was getting something from M&S, it doesnt mean I do my full shop there! Your omitting the fact it was either me buying the meal for a tenner or indeed was buying one single thing! And anyway, this is hardly about me!

Lucylocket01

mustrum_ridcully wrote: »

You've almost said it yourself, they look better off! It's an illusion. When Paul Daniels pulls a rabbit out of a hat it's an illusion but if you don't know/realise this it looks as if he's really done magic but he hasn't. Just because something looks better doesn't mean it is.

Even in the 70's very early 80's people on benefits living in a council estate could appear to (or actually) have a better lifestyle, than someone who worked. I had a mate at primary school whose dad was on the dole he had a newer car than we did, had a colour TV when we still had B&W. They appeared better off but when you sit down and do the sums probably weren't.

You have alomost said it yourself probably. All I know is there are ppl on mse and ppl I know in real life on benefits who are actually miles better off than most ppl in the 70's.
My bil doesnt work (lazy) his partner doesnt work (lazy). They have hundreds of pounds worth of toys at Christmas, cigarettes, xboxes, ps3's you name it they have it. No credit cards and no loans cos they cant get them.
Compare that to my childhood and they look like the Beckhams

Graham_Devon

Lucylocket01 wrote: »

You have alomost said it yourself probably. All I know is there are ppl on mse and ppl I know in real life on benefits who are actually miles better off than most ppl in the 70's.
My bil doesnt work (lazy) his partner doesnt work (lazy). They have hundreds of pounds worth of toys at Christmas, cigarettes, xboxes, ps3's you name it they have it. No credit cards and no loans cos they cant get them.
Compare that to my childhood and they look like the Beckhams

Thats called benefits. Your totally skewing the whole situation now.

Generali

StevieJ wrote: »

They 0% for Q208 may have been rounded up so it may be we have been in recession for 3 qtrs plus Jan = nearly 10 months :eek:

Perfectly true and 0% growth is way below trend anyhow (which I believe is normally considered to be about 2-2.5%).

It's hard to see what's going to turn this around in the near future. Increased demand from Japan possibly if savings rates fall as there is no yield anywhere? Big falls in the pound cutting living standards but making the UK an even better place for manufacturing?