The Economic Catastrophe is Happening Now

Run time: 02:31 https://www.youtube.com/watch?v=Opr0_nrFlLE   Posted on YouTube: July 18, 2010 By YouTube Member: george4title Views on YouTube: 302   Posted on DU: July 18, 2010 By DU Member: Joanne98 Views on DU: 758

 
An Orange County California women details what is happening locally in the economy. Food banks in middle income areas are being over run with individuals of all walks of life. Entire sections of the job economy have been wiped out in Southern California and those that have been relying upon unemployment insurance and living rent free by not paying their mortgages are waking up to the harsh reality of "life without a decent income" and "life without a home".

All you need to do is look around a bit, and you can see very plainly that it's hard times for many, many folks.

This is the 1st year in my daughter's 17 1/2 years I haven't had employer paid insurance. I was laid off from fulltime employment in December. Insurance through my husband's (government) employer for dependents is $800 / mo., so we opted to go with an individual policy. I have always covered my daughter and self. I pay $300 / mo. for "catastrophic" (nice word, huh?) coverage. $2500 deductible / $5000 max out of pocket per year. I thought since we made it this far without huge medical expenses, we would be OK. I also thought I might have a job with benefits by now...

So, I think I have a polyp on my vocal chords that I can't really afford to get checked out. What if they find something and establish a "pre-existing?" What would that do to future coverage? How much would it all cost -- who knows? I also had an ear infection for like 3 months earlier this Spring ... worst I've ever had, probably due to the hit my immune system took from the effects of losing my job. NOW, my daughter has a terrible ear infection and was told at the walk-in that we might want to consider having her tonsils out. Also, that we should check out her thyroid.

All I can think and feel is, "this is it. This is how the downward spiral starts." My husband and I have always lived pretty close to our means. We might have $2,000 on credit cards, which is really high for us. We have $8,000 left on a HELOC from purchasing a used Subaru. (We are having a lot of trouble with the bank, Chase, paying this off; they keep finding ways not to do the automatic interest deduction each month, which extends the life of the loan and our indebtedness to them.... I was "happy" for them to learn recently of their enormous 2nd quarter profits this year..) We switched to a 15-yr. mortgage about 8 years ago at 5% (re- financed in order to shorten the term, not to use the house as an ATM. According to Michael Moore's amazing "Capitalism," which we are now watching, I see we did our re-fi previous to Greenspan's propaganda pushing using your home equity as an income source. Bully for us)

Anyway, I suppose it will be "interesting" to see how this ends. I started out fairly optimistic, or, at least, with a sense of adventure (after my layoff). I have managed to get a fairly measly, though interesting job. It's obvious employers know they hold the cards in this economy.

Good luck to anyone else who finds him or herself in a similar predicament!

a polyp and have you had them before?

A lot of us are in the same boat insurance-wise. I can relate and can only keep my fingers crossed nothing goes wrong. Sucks.