Thursday, August 14, 2008

Long Island Economy Under Pressure

The numbers are creeping up around us:

The unemployment rate on Long Island hit 5% in July

Lenders repossessed 150 Long Island homes in July and there is a 55% increase in foreclosure notices nationwide

Though gasoline prices have come down, they are still averaging close to $4 a gallon on Long Island

Consumer prices rose at the fastest pace in 17 years.

We are losing our jobs, we are losing our homes and everything costs a lot more than it did last year. Our debt load is high and our sources of funds are low. These are tough times for the middle class and there are a lot of us on Long Island. The general consensus is that things are going to get worse before they get better.

What are we going to do about it?

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