American Economy In Trouble

The President interrupted "The View" today to discuss some major changes that are being enacted effective immediately to help Americans on the financial front.

This cause for alarm is because our economy is about to take a seriously sharp downturn. There are many issues he raised: the sharp decline in the housing market and people going through foreclosures, a steady job growth and consumerism, and the price of oil escalating (and there is not going to be any relief in the cost of oil, it will continue to escalate at extremely high numbers).

A serious tax relief is going to be enacted immediately through 2010, but don't think that will solve all of our problems.

President Bush tried to avoid using the word "recession." For those who do not know what recession means, it is a sharp decline in the economy. The worst decline the US has ever suffered was the Great Depression.

So what does this mean beyond tax reliefs? How can you help the economy avoid a recession? Well, first, more money is going to be coming to our pockets due to tax reliefs across the board (not only for individuals, but for businesses, as well). Believe it or not, consumerism is a huge part of our economy. No, this doesn't mean you should take your tax check and buy a new car. This means it's time to get smart about money and your future.

1. IF YOU DRIVE A CAR. The price of gas is going up dramatically. For those who live in or near big cities, we have the option of not purchasing cars and taking public transportation. For those who live in metropolitan areas, avoid driving and take public transportation.