Would anyone care to speculate how the current economic crisis is going to affect the city of Youngstown?
Oil Prices are Plunging.
Gas Prices in Canton were at $3.06 on Friday, and I bet we'll they are below $3 by weeks end. I expect gas prices locally to be below $3 in 2-3 weeks.
More money will be in the hands of those locally as gas prices fall. Those who are close to retiring with money in the markets will be the most effected. To those 18-55 or so, you should be alright. Over time this will be a small bump in the road to growth in our markets.
The talk at the small shop where I work was that since the demise of the Steel Mills the economy hasn't been the same in Youngstown. We've been there and done that and are still recovering. NOW the rest of the country just may begin to understand what we have been going through for years. God help us ALL.
Unfortunately, I predict the city will continue to collect less income tax as businesses are cutting back hours and/or laying people off. (this is why the city/s budget was recently in the red)
I agree with what others have already posted in this thread. Now, the rest of the country will
have a taste of what Youngstown went through. As far as the overall housing market, I
really don't think Youngstown will be as much affected as many other areas of the country
have been, because real estate here is SO inexpensive.
To those older people (45 and up) who have invested heavily in the stock market with their
401-K, mutual funds, etc , I can only say - BE VERY AFRAID. Be prepared to work a lot longer
before you can finally retire.
I chose to go into the business of rental properties because this segment of the real estate
economy is pretty much unaffected by the current mortgage crisis. If fact, it's times like
these that make renting a home or apartment more attractive than buying one.
Being a college town, we are going to see YSU hit by the drying up of student loans.
America is experiencing an economic crisis the likes of which we haven't experienced since 1929. Personal retirements are being lost ... utility shutoffs are on the rise ... more homes are ending up on the foreclosure blocks ... credit is being shut off ... college loans are being stopped ... food prices are on a steady rise ... wages are not keeping up with the cost of living ... people are losing their shirts on the stock market. Health care is through the roof.
This leads me to ask this question. Where is the average family suppose to come up with the money to invest in green projects when they can't t get credit to invest in such things as weatherization? DON'T SAY THE GOVERNMENT BECAUSE IN POINT OF FACT THE GOVERNMENT IS BROKE!
Case in point the HEAT program has taken a huge cutback.
To be sure there is a whole laundry list of reasons why we're at where we are, and to be sure every Tom, Dick and Harry of us has their opinions about how we get out of the mess we're in, but not one of them can bring about the kind of recovery we as a nation need.
In conclusion, all the experts are telling us things are going to get worse before we see the start of a recovery, and in the meantime many families on Main Street U.S.A. are going to be wiped out.
I fear the city will have to lay off many workers as income tax revenues decrease.
Restaurants in the downtown, south side and west side are struggling to survive. Several will be forced to close.
Property tax levies will be defeated.