We've all heard the legends of Bigfoot and the abdominal snowman. How about the myth of the person who has paid off everything they own, including their car and house, and now live debt free? Haven't heard that one? No, me neither. Many companies, such as Whirlpool , are struggling and have been forced to lay off workers to stay afloat because, as they claim, fewer people are buying their stuff. No surprise.
Lately, members of the U.S. Congress has started to push for second stimulus package that could cost between $150 million to $300 million. First, let me start by stating that those massive funds will come from already-collected tax dollars. So, if the package is approved, the government will be giving you your money back to spend on stuff that your couldn't afford in the first place. Second, the timing of this package stinks.
Ever walk into a chain restaurant on the weekend and become suddenly surprised when you're not force to wait a half hour for a table? No? Me either. That's because it doesn't happen. Well, at least it hadn't happened to me until last weekend. And all I can say is that, sometimes, a poor economy can be helpful. Last weekend, my wife and I celebrated our sixth wedding anniversary. We took a drive to Baltimore to have lunch at the Cheesecake Factory. Based on past experiences, I had expected to wait at least an hour walking through the nearby stores while gripping a pager the looks like something out of Star Trek. Sometimes, my wife grabs the pager from my hand when I get so bored that I start beg Scotty to beam me up. At any rate, on this particular day, we did get a pager from the Cheesecake Factory but we only had to wait a total of 10 minutes for a table. Yes, 10 minutes. Sometimes, when the economy is poor and people shun restaurants, its makes it easier for us who are willing to pay $10.95 for bowl of pasta to get a table.
As I headed to work this morning, I noticed that some regular gasoline prices had dropped to $3.25 per gallon. And those prices jive with AAA's survey that claims that the local average cost for a gallon of regular gas on Wednesday cost $3.298. The good news is that the average price for gas was $3.34 per gallon on Tuesday. We dropped 4 cents in one day. Not bad. But, not good enough. Gas prices need to fall below $2 a gallon before I'll even come close to calling fuel cheap. What do you think? How much does gas have to fall before it becomes inexpensive?
