talking_points
A Blog for Boomers

Who Says This Recession Is Over?
Economists say the Great Recession ended in June 2009, just 18 months after it began. (Really?) Yet, here we are a year and a half later with unemployment stuck at more than 9 percent and Federal Reserve Chairman Ben Bernanke saying it could be five more years before it drops back to the 5 to 6 percent range he would consider acceptable. (Of course, he also said that he did not forsee the looming recession.) Meanwhile, many people work for minimum wage or part-time, if they can find work at all. Others enter the nation's "shadow economy" in which they work off the books, barter for goods and services or engage in illegal activities to make ends meet.

So here's today's 'Talking Point': What kind of grade would you give the Fed's Ben Bernanke on his managing of the economy? Enter your answer in the online poll and add your comments in the blog.



Wiki Leaks: Will Your ID Be The Next Secret Exposed?

The mere fact that 250,000 classified diplomatic documents have been leaked to the world should send shudders through all of us who have sensitive, confidential personal information stored in data bases on the WEB. Now comes word that 854,000 people have been given top secret clearance by our government – 854,000 people! That's a larger population than all but t 11 U.S. cities. And the problem is growing. In the nation’s capital, a bunker mentality has led to a building boom in which 33 complexes have been built or are now under construction to house secret intelligence work. Secret? Working alone and in plain sight, a rogue army private in a remote outpost, infiltrated the government’s data base and download secret documents. The government is investigating whether espionage charges can be brought against WikiLeaks founder, Julian Assange but the damage has already been done. The genie is out of the bottle.



The Best Tax Software

Picking the right tax software comes down to two things: how complex your tax situation is, and how much you want to spend on the software program. Here are the top picks for various situations. (Read more)
Whether you shop at your local mall, online, by phone or mail, you can stretch your holiday budget and make it a Merry Thriftmas. Here are tips to help you save like the Dickens.

Check out websites like PriceGrabber, PriceScan and CyberMonday that compare prices and send you alerts on specials. Shopping online not only gets you the best deal, but also saves you time and money on gas. If you buy from an online merchant, keep shipping costs and delivery time in mind.

Look for coupons and rebates in newspaper fliers and online sites like Sunday Coupon Preview. Only redeem coupons for things already on your shopping list and coupons that don't require you to buy more than you intended.

Use the right credit card. Store cards carry higher interest rates than bank cards and opening a new one will lower your credit rating for a year. Also, many bank cards offer rebates, rewards and satisfaction guarantees. No matter which card you use, know your credit card limit and don't charge more than you can afford to pay off in full when the stateme nt arrives.

Shop after 6pm on the evening before an advertised sale. Many retailers program their registers the night before so the sale may already come up in the register even if they have not changed out signs on the selling floor. Ask the associate in advance for any possible upcoming sales, especially on big ticket items.

Shop the local thrift stores and consignment shops. Many of them have benefited from the economic downturn and now feature gently worn designer labels and vintage clothes and jewelry. Value is always in vogue.


Jane Fonda Has a New Exercise Video for Boomers!

Now in her early 70s, Jane Fonda is still going strong. Fit and healthy as always, she has developed two workout programs for mature people. Each routine is about 25 minutes long and covers all the major muscle groups with exercises that shape and maintain muscle mass and burn off fat without undue strain.


Housing Market Remains Weak

According to a statement on October 25 by the Federal Reserve Board Chairman, Ben Bernanke: "More than 20 percent of borrowers owe more than their home is worth, and an additional 33 percent have equity cushions of 10 percent or less, putting them at risk should house prices decline much further. With housing markets still weak, high levels of mortgage distress may well persist for some time to come."

Affiliated Sites:
Boomer Briefings is affiliated with and recommends these other sites:

• Job Hunters Cafe
• Christian Financial Focus
• Spiritual Kindling
• Bible Verses By Topic





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Christmas tree ornaments

Keep your receipts. When your credit card statement arrives, compare the charges with your receipts. Bear in mind many stores have different return and refund policies for clearance and sale items and may impose restocking charges of 10% to 25%, if a package has been opened.

Use your cell phone to find deals. If you spy what you want on a store shelf, use your cell phone to check shoplocal.com for the price at other retailers. Then ask the store manger if he or she will match the best price. (The shoplocal.com service costs $2.99 a month through most national cell phone service providers.) Also, enquire about price rollbacks. Ask if an item goes on sale the next week, can you get a credit or refund for the cheaper price?

Finally, don't hesitate to ask for a discount off the listed price on any item, even if the merchandise is already marked down.


Highlights of Deficit Reduction Proposal

The Deficit Reduction Commission's proposal contains some reasonable, albeit painful options for reducing the staggering federal deficit. We are not going to spend our way out of this problem and that means some sacrifices must be made by everyone. Some highlights of the proposal include:

  • Limit government spending and tax revenues to 21% of gross domestic product.
  • Cut $200 billion in domestic and military spending by 2015.
  • Simplify the tax code, reduce tax rates and eliminate the Alternative Minimum Tax.
  • Make Social Security solvent by very gradually raising the retirement age, reducing benefits for the wealthy and making smaller cost-of-living adjustments.
  • Limit the growth in federal health spending to 1% more than the rate of economic growth.

Let your representative know how you feel about the deficit reduction proposals.
Merry Thriftmas! Holiday Shopping on a Budget