I hear, mostly from various pundits who claim to be expert economists, financial strategists, news analysts etc., that things are getting better. By things, they are referring to the economy, job production, home sales, business upstarts, availability of monies to loan to small business, and so on.
If things are getting better why does it not feel that way? Why does it not look that way? Why aren't more persons in foreclosure able to refinance their loans? Why are so many people out of work, out of health insurance, out of money, and in some cases out of hope? Are things getting better?
I was recently in California visiting my son and daughter. My son owns what has been a profitable business which employed perhaps as many as 20 persons not more that 18 months ago. He established the business 10 years ago and has been very successful up until now. He still gets business. People sign contracts with his company and are then unable to garner the financing they need to move forward with the project. The projects do not materialize and his employees have nothing to do. He has had no choice but to lay them off one after the other and now there are only 5 persons on the payroll. Jobs lost. Insurance coverage lost. We all know where this trail ends.
I have been to California many times over the years and it has never looked less prosperous.
I have been to Oklahoma many times over the years. It never looked particularly prosperous. It now looks poverty stricken. I drove through many small and mid-size towns in Oklahoma not less than a week ago. Most of the old downtown business and residential areas contain vacant businesses, boarded up Movie theatres, broken-down houses, streets in need of repair and schools which need paint, more classrooms, new cafeterias and more.
I had the oil changed in my truck at one of the nationally franchised lube shops that have sprung up over the past 20 years. I asked the owner how business was going. He told me it has never been worse. His cost of business is up, his revenue is down, and most of his regular customers are no longer having their oil changed every 3000 miles but have moved up the oil change schedule to 5000 or 6000 miles. His daughter had to drop out of the state university and come home to community college. He said, "I pray every morning and every night that things will get better. Something has to give."
My wife is a real estate Manager for a large branded company. She shepherds more than 50 agents, many of whom are finding it difficult to remain in the business. Things are not getting better for the real estate industry. The agents have listings in plenty. They do not have sales in plenty. One of the reasons is that prospective buyers cannot procure the financing they need to purchase a home.
Are things getting better?
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