Five Things Consumers Need To Know In '08

Susan Koeppen With Predictions About Food And Gas Prices, I-D Theft, Travel, And Toy Recalls

(CBS)  How different will the consumer landscape be this year compared to last?

Early Show consumer correspondent Susan Koeppen filled viewers in Monday on what the smart money is saying about five important areas.

What you need to know about food prices

The United States Department of Agriculture says food prices are expected to go up three-to-four percent in 2008, which is more than the usual national average. And you'll be paying more for things such as bakery items, pastas, cereals and oils. Meat may go up a little bit. Dairy, too. So the cost of eating at home will be more than in years past and more than last year. Egg prices are expected to go down a little bit, but they skyrocketed last year, so they're already very high.

So, what's the solution for consumers? Clip coupons, shop for sales, and buy in bulk.

What you need to know about gas prices

AAA says we can expect gas prices to go as high as $4 a gallon. There are many factors that will go into that: the price of crude oil, if it stays at $95 or $100 a barrel, the summer driving season, events in the Middle East. Look for higher prices come spring and summer. The price of crude will also affect the cost of doing business, which is why you'll see higher prices at grocery stores. AAA also says airlines could raise prices to keep up with rising fuel costs.

What can consumers do to soften the blow? Carpool when possible, take mass transit, avoid that long road trip this summer. Also, keep your tires properly inflated, and don't use the air conditioning when you don't absolutely need it.

What you need to know about travel

Things aren't likely to get any better on the air travel front this year. The Airline Travelers Association says carriers will continue to operate at near-capacity. Flights will be full and gas prices will be high, so ticket prices will stay high. This could also mean big problems for travelers if flights are cancelled. It has a horrible trickle down effect: If flights are full and yours is scrapped, it's going to be hard to get onto another flight.

What you need to know about toy recalls

We'll have more. That's a given. But there probably won't be as many as in 2007.

There's a lot being done right now to put a new system into place to test toys to try to make sure they're safe before they hit store shelves. Next month, the Toy Industry Association will unveil its plan for a new safety assurance program for toys. And early this year, Congress will vote on legislation that could make toy industry regulations more streamlined and regulated. Both steps should eventually help keep dangerous toys off the market.

What you should know about identity theft

It will still be a big problem this year; more and more criminals are getting good at stealing info. There are now so many ways for crooks to get it.

But there is some good news; the Identity Theft Resource Center predicts security measures at companies will increase this year, and there will be more avenues to get help if your I.D. is stolen, and possibly some new legislation limiting the use of Social Security numbers.

[bookwerm314]

Things you should know

#1 Live below your income. Do not use home equity loans or anything that allows you to spend more than your income.

#2 Plan for layoff/job loss NOW. Don''t size your life on how it can work when it is good, figure out how to get by for if it is bad.

#3 If you have money saved, diversify it into something other than US dollars, which are expected to be worth less and less and they drop interest rates to save the rich people''s companies.

#4 Be sure you have insurance.. and if you don''t consider emigration to Canada or any other first world country that will have you as EVERY OTHER COUNTRY has full medical for nothing or nearly nothing.

#5 Start cooking at home.. don''t eat out.

#6 Have at least 6 months of expenses in savings. Used to be you could use a home equity loan to cover you while you coped with job loss or other problem.. but now that your house is likely worth less than you owe, that is not an option.

#7 keep your car maintained.. a used car is always going to be cheaper than buying new IF you keep it up.

# Don''t buy ANYTHING you can do without. Exceptions are LG or other high efficiency Dishwashers, Washing Machines and the like, as they will save you money in the long run.

[mcv57]

Any republican want to say "nothing is wrong." Money surely blinds the wealthy, no wonder they don''t have a chance to get to heaven. Their blood is cold as ice......

[standlee5]

THat was supposed to be 30-50% not $.

[standlee5]

So, will healthcare go up another 30-50$ or will state regulators start working with insurance companies to allow more competition and choice.

[walt1944-2009]

With all the "wonderful" news of things awaiting us in 2008, the CBS consumer correspondant neglected to mention one thing: that being that the Great Emperor Bush II will do absolutely NOTHING to address any of the issues she mentioned!

The Great Emperor Bush II is thought of as a "lame duck" (quack, quack!) so if he didn''t care at all about the people of the new USSA over the past 7 years, he certainly won''t in his last year! Instead, the Great Emperor will do as his father did in 1992, going on world trips (at taxpayer expense) and rubbing shoulders with the rich and famous in the world and knowing full well that when he is out of office (we all hope!), that his traveling days will be over and he will be forced to stay within the borders of the USSA for fear of being arrested and tried for crimes against humanity in any other country!

SIG HEIL, BUSH!!!!!

[walt1944-2009]

With all the "wonderful" news of things awaiting us in 2008, the CBS consumer correspondant neglected to mention one thing: that being that the Great Emperor Bush II will do absolutely NOTHING to address any of the issues she mentioned!

The Great Emperor Bush II is thought of as a "lame duck" (quack, quack!) so if he didn''t care at all about the people of the new USSA over the past 7 years, he certainly won''t in his last year! Instead, the Great Emperor will do as his father did in 1992, going on world trips (at taxpayer expense) and rubbing shoulders with the rich and famous in the world and knowing full well that when he is out of office (we all hope!), that his traveling days will be over and he will be forced to stay within the borders of the USSA for fear of being arrested and tried for crimes against humanity in any other country!

SIG HEIL, BUSH!!!!!

[rushlimpdrug]

Five Things Consumers Need To Know In ''08:

1. The hole in the seat of your pants is how the dems and repubs access you the voter;

2. A chineeze man is now receiving your mortgage payments;

3. If you see a bum in the street asking for money that is your reflection in the mirror;

4. Because of your credit no one wants your identity;

5. Brit Spears will continue going to clubs (this is the most important of the 5).

[davidlar2]

Bush has certainly had some bad economic policies but I''m not so sure that Democratic Party policies like more protectionism or increases in the minimum wage are particularly good in combatting inflation either....

[ov442]

#1 thing you should know about 2008 is that its the worst period in recent decades of cost of living inflation for the consumer. Such that low income families who were barely making ends meet 6-8 yrs ago on below poverty incomes, are now, in record numbers in need of help from any and all directions.
Middle income families from poverty wages on up to 60-70k wages are feeling severe spending pain on every front from clothing purchases for kids to food costs, utilities, and transportation costs not including increased property taxes and insurance rates.
Its been a great last 7 years Mr. Bush. Thanks for your great policies that certainly gave money to rich individuals and corporations for doing nothing, and yet for all your talk about how those policies would help everyone, they''ve made the vast majority of american''s lives worse. Not to mention all the deceased family members in the armed services. That sure doesnt help.