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With the housing and automotive industries both feeling the plummeting sales, the economy is suffering hard from the credit crunch. There is no other way that it can be stated other than the world is reeling from the massive numbers of jobs that have been lost due to these industries suffering. These jobs are not just in America, they are worldwide. The trickle effect from the auto industry has hurt people all over the world. The economy is feeling the effects in every other sector as a direct result of this as well. Tourism has dwindled as people are unable to afford the vacations that they were used to taking in the past. Now they are opting to take day trips and things of that nature if they are to take any vacation at all. The resorts that used to accommodate the people that vacationed there have to make employee adjustments of their own in an effort to make any profit at all. The area of entertainment is also being hit hard as people are no longer able to afford to gout to the pub, or a dinner out. The money that used to be there is not any longer
and people are opting for cheaper areas of entertainment if they are able to afford any at all. Many cannot. They are lucky to be able to put a meal on the table. This is a horrible way for people to have to live. Not knowing if they are going to be able to afford the next mortgage payment, heating bill, or even if they will be able to put food on the table has to be one of the most stressful things that people can endure. The prices of food have gone up as well. This is not making things any easier for those that are already struggling to make ends meet. All one can do is hope that the higher ups will come up with a solution to the economic crisis, and hopefully do it soon. Unfortunately it is a global problem now as that effects of the economic credit crunch are being felt everywhere. We can hope that with the new President in power that his knowledge and wisdom will help get us through these tough times. He is a smart man and has some very good ideas. Let's just hope that these ideas that he ahs prove to be as fruitful as he hopes them to be. With any luck they will be and when that occurs things can do nothing but get better in this country. Once things start getting better here the ricochet effect will happen globally. Credit Crunch
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