One Family's Recession

How A Single Family's Life Is Shifting Amid A Slumping Economy

(CBS)  While the experts argue over whether there's one coming, Dean and Dori Julian say they're already living in a personal recession. Last September Dori was laid off from her job in the real estate business, CBS News correspondent Sandra Hughes reports.

"Came as a total shock," Dori said. "It's one day your working, and the next day you're not. You know we've got mortgages, we've got car payments and we just adopted a baby."

When the economy grinds to a halt, the average family loses $5,000 per year. This family of four is out twice that much - in one month.

"I'm probably going to be taking on a second job," Dean said.

"We took my 15-year-old out of a private school and put him in a public school system," Dori said. "We're talking about selling a car."

What happens in a recession?

Everything goes down. Income decreases and spending tightens, and that drives prices down.

Employment numbers decline and home sales go down, too.

And that's not news to Dean and Dori. They're trying to sell their vacation home, because while they saved for a rainy day, they never expected it to pour. They never imagined a recession.

What does it really mean?

"It's a day of reckoning, is what it is. People have to realize that things aren't gonna be perfect all the time," Dean said.

For now they're cutting coupons and watching lots of movies at home.

"Not going out to eat saves a lot of money," Dean said. "There's been a lot of cooking."

Dori said: "It could be another year before it even turns around. And that's what we're lookin' at. With the election year coming, it's just gonna be tough."

And it will stay tough, no matter what you call it.

[minminmin-2009]

My spouse and I make very good money, for which I''m grateful. But to say, "They never imagined a recession?" Ummm, that''s like saying we are 100% sure that a year from now, we''ll still be making very good money. Life carries no gaurantees (except for the death and taxes part) Not so smart to think because you''re doing well today, you''ll be doing well tomorrow. We still prepare for the possibility of it all going to heck.

[sv1966]

I feel so sorry for this family??????????? They have to cut coupons, eat at home and take their child out of private school. My husband and I had 5 children and they went to public schools. I have clipped coupons all thru our marriage to subsidize his paycheck. We hardly ever went out for a meal and our entertainment was the kids games at school. This is the story for millions of families so why does their cushy lifestyle get written up when they hit hard times?? By the way what is a SUMMER HOME??????? I have one up on them. Our home is a winter, spring, summer and fall home. Welcome to the real world guys.

[ontheleft]

Excellent point razzl. My tongue in cheek theory is that there''s no middle class left to write stories for and stories geared to the poor don''t generate advertising revenue.

The story does illustrate that even the upper middle class lives paycheck to paycheck. There''s way too much emphasis on materialism in this country. The only way to beat the game is not to play it. Live below your means and save for that rainy day because inevitably it always comes.

[Razzl]

I can''t quite figure out why people who try to report "real world" point-of-view stories on the economy never seem to be able to reach below the upper middle class, where comfortable people like this family can let go of a lot of luxuries but keep the essentials, to the actual middle class, where losing one job in the family means losing the house and not eating. Could it be that too many of these feature reporters are class-bound and just can''t see that upper-middle class isn''t "normal"? Or are they just afraid to venture into the neighborhoods where the middle class live?

[famulla-2009]

One Family''s Recession
I am amazed at the cool tone you give to this news. ONLY ONE. IS THAT? Your message, and that too many may follow. Oh for the reporting, where are our souls that we had? We took an oath. We would report truth just the truth nothing but the truth. Now here we have one family. In the turbulence time as Mr. Alan Greenspan states, should we not be looking at the families that will follow and patch up or at least like war try to give encouraging news. Say, %u201CThis family is having teething problems but that is expected in these times of absolute uncertainties. We are in a mess%u201D, Let us learn fast how we can scoop the good news and apply the patch to see if we win the battle that the nasty politicians left. We are in a mess. All of us. We can expect to dig deeper into the wallets. But that is life. Let us now join hands and do the best possible that we can. Prey.
I thank you
Firozali A Mulla MBA PhD
P.O.Box 6044
Dar-Es-Salaam
Tanzania
East Africa
Federal Reserve Chairman Ben Bernanke pledges to slash interest rates yet again to prevent housing and credit problems from plunging the country into a recession.

[rudy654-2009]

Posted by GrammaWhamma at 03:47 AM

Granny sweety! I still maintain that you are a racist! And quite hateful, as well. Adios!

[rudy654-2009]

Posted by GrammaWhamma at 03:47 AM

Granny sweety! I still maintain that you are a racist! And quite hateful, as well. Adios!

[standlee5]

Between medical, gas, untilities and now food price increases there''s nothing left. How do you plan for double medical and energy costs.

[ov442]

VastR-WCon you must mean a conniving calculating, lying, hippocritical, bribe taking, self centered, Right wing conservative Bush-type.

[omega39-2009]

It''s so hard not to shed a tear when you hear of someone having to turn down the thermostats of the unused wings of their Mcmansion or having to switch to middle grade gasoline because they can''t afford premium.

[smmom1]

I''m trying not to be unkind, but it''s difficult to cry for a family whose idea of suffering is taking thieir child out of private school, selling a vacation home, and cooking at home. As for being totally shocked at losing a job in the real estate business...wow, couldn''t see that one coming! My husband is an elementary school teacher and I teach part at a community college...not big money makers, but we manage by sending our kids to public school, camping for vacation, and, yes, making our own dinner at home. We even manage to save a little money each month. Not a lot mind you, but a little. Entertainment? Hanging out with other friends at kids soccer games, board games, dvd''s, and potlucks with neighbors. Fancy life? No. But we''re happy and live within our means. Hope the Julians are able to do the same.

[FoonTheElder]

This is the type of family that big media thinks is average. It''s about time they drop out of their unreal world of Britney and OJ and show the real world.

[bb19631]

The middle class is suffering the most. 2 incomes are not enough these days. We don''t live lavishly, like the people in the story. We are trying to keep our heads above water. The gas prices, the food bills, the medical bills, the heating bills.etc. Enough is enough!!

[me4prezz]

How about stories with real people?! They had to pull from private school and sell their vacation home! My 2 boys are sleeping on air mattresses in their room because we can''t afford new beds once they outgrew their cribs and we only have one car that is dying. How about how this recession is hitting in real ways! This story is BS in the highest degree. I expected more, but this is outrageous. Give me a break. They have to sell a freakin vacation house while we are working 2 full time jobs and struggling to put food on the table. That is the struggle of real Americans today. Not this ***!

[olebd]

Katie Couric and her overpaid ilk are out of touch with the real world. These type are overindulged and have been for a while, plain and simple.

[vastr-wcon]

Bo, ho, ho - These overindulgent greedy aholes - WITH A VACATION HOUSE - MULTIPLE CARS - KIDS IN PRIVATE SCHOOL - may have to cut back a bit. Bo, ho, ho - I''m crying like a Conniving Calculating Clinton at their misfortune. "I feel their pain"!

CBS Newws - pull your collective heads out and try posting stories that are not such total BS.

.

[slim1h2o]

ToolMangler at 12:33 PM : Jan 12, 2008

I agree, The middle class is slowly being drained of it''s collective wealth. High gas prices, High food prices, an illegal problem that''s also eroding the middle class standard of pay.

And don''t forget the mortgage/housing problems as well.

[toolmangler-2009]

"Dori said: "It could be another year before it even turns around. And that''s what we''re lookin'' at. With the election year coming, it''s just gonna be tough."

And it will stay tough, no matter what you call it."



There will be no turnaround in the economy in my lifetime. It has to happen so that the Big Business/Brother ''Globalization'' will be realized world wide. America has to become a near-third world country before things turn around again. As I am already retired and on social security it is doubtful that I can live another thirty years to see it happen. You can look for certain things to occur near the end. China will own/control the world and WalMart will own China.

[wheezel3]

What a ridiculous story of psuedo-high-rollers caught with their designer pants down -- who cares? They are hardly typical of the people struggling to get a toe-hold or keep a toe-hold in the middle class. INTERESTING that they pull their son out of private school rather than sell the extra car (I bet it''s an expensive show-off one) first, or sell the furniture, or sell the Coach handbag on Ebay, or any other ways to keep him in school. And they adopted a baby? Now they can bring HIM up to be a selfish slob, too. I hope they lose EVERYTHING. wheezel the hater, GOOD!

[trillion1]

America no longer has the luxery of voting for "the lesser of two evils". We need officials who are in the people''s corner for a change. Not lobbyists and big money donors.