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Entry bubble Word of the Year: Bailout

By: Joanne | January 13, 2009 | Category: Money

cartoon man carrying a giant bag of money

In its 19th annual words of the year vote, the American Dialect Society voted “bailout” as the word of the year. When I heard the story on NPR yesterday morning, I was really hoping that the word of the year would be something fun, like 2005’s word of the year, truthiness, made popular by Stephen Colbert. I guess 2008 was a more serious year than 2005.

2008 found us in an economic crisis and it’s going to take a lot to get our economy back on track. I think it’s pretty painful to pinch pennies at the grocery store and drive aging cars, and watch the federal government give billions and billions of dollars away. Yes, I work for the government, but I pay taxes too, you know!

Like you, I don’t have to power to give away billions of tax dollars, but there are some things that we can do. President-elect Obama has a plan to stimulate the economy – get informed about the plan. Gov Gab’s readers are highly intelligent and always writing in to tell us about their great ideas. You can send your economy-saving idea directly to the Obama transition team. They’re listening.

Don’t forget to contact your Senator and Representative in Congress to let them know your ideas and how you want your tax dollars to be spent. They’re the ones that write the laws after all, and we need to hold them accountable to give us the truth, not just the truthiness.

| Post a Comment | View Comments [0] | envelope E-mail This Entry | Tags: bailout   crisis   economy   financial   joanne   money  

 

Entry bubble Kids and the Economy

By: Colleen | January 07, 2009 | Category: Money

Ok, so the economy has taken the same trajectory as Penn State in the Rose Bowl. This is not news to anyone. While the moneymedia is littered with doom and gloom, how do you explain to your kids what's going on?

It's tough to break down a nationwide situation for a child (shoot, I have a hard time wrapping my head around it), but it's never too early to start teaching them about personal finances and the value of the ol' dollar. Before you know it, they'll be applying for a mortgage—better show them how to be sure they can afford it!

The Jumpstart Coalition for Personal Finance Literacy has a really great pamphlet that covers kids grades K-12, and what they should know about finances, broken down by grade level. For example, a 4th grader should be able to explain the difference between a wage and a salary.

Are you getting hit with the classic, "I really need (*need* being the operative word) a ____" line? Here are some tips for telling your kids the facts about money. It helps you establish a budget for them, and provides guidance on establishing a fair and effective way to set up an allowance system for your kids.

Have your kids questioned the current economic situation? How do you best teach them about fiscal responsibility?

| Post a Comment | View Comments [4] | envelope E-mail This Entry | Tags: colleen   economy   kids   personal_finance   recession  

 

Entry bubble How Ya Doing?

By: Nancy | October 02, 2008 | Category: Health

Economic and political headlines. Work situations and career changes. Health and home. I don't think I can name anybody I know who hasn't experienced an increase in their stress level this past week.

stressed man with hands claspedAdult or kid, everyday life or traumatic event, stress sure is inevitable. And it's so easy to react to it unconsciously, whether you're stocking up on comfort food or battling physical symptoms like headaches or insomnia. The last time I was under a lot of stress, I developed a tic in my right eye. Half the people on the subway thought I was flirting with them.

Take a look at some of these tips on managing stress in a healthy way and then I'd love to hear: how has stress been affecting you lately, physically or mentally? What are you doing to cope with it (good or bad)? While I'm waiting to hear from you, I'll go have a cookie. And some aspirin.

| Post a Comment | View Comments [11] | envelope E-mail This Entry | Tags: economy   health   nancy   stress  

 

Entry bubble Why Are Gasoline Prices So High?

By: Jake | May 26, 2008 | Category: Money

My post last week about saving money on gas had many of you asking why the price of gasoline was so high. You weren't the only ones.

Congress brought executives from oil companies to Capitol Hill last week and asked them to explain the price hikes. Unfortunately, there weren't too many clear answers. I'm not an oil expert or economist, but in this post I'll try to shed light on why gasoline prices are high.EIA Gasoline Price Chart

The Energy Information Administration (EIA) of the Department of Energy (their job: to provide neutral data regarding energy in the U.S) says the cost of crude oil is the main contributor to the price of gasoline. Crude oil accounts for 70% of the price at the pump. According to the EIA, the spot price of West Texas Intermediate crude oil, which is the U.S. benchmark for light, sweet crude oil, has risen steadily from $101.54 per barrel on March 31 to a record high of $128.93 per barrel on May 20.

The main reason for crude oil's price increase is high worldwide demand. Countries like China (especially with the recent earthquake) have increased their imports of petroleum. Political events and conflicts in oil producing countries also affect the price. What's more interesting is that crude oil is traded worldwide in U.S. dollars and since the value of the dollar is declining, it causes the price of crude to go up.

In the EIA's "This Week in Petroleum" published May 21, they project prices will go up in June and will rise as long as the price of crude oil keeps increasing. The report adds that the usual Memorial Day and summer travel season increase in demand should be lower due to higher prices, but this will not have too much of an effect on price since millions will still travel. Policymakers have proposed lowering or repealing gas taxes, but it's not certain how much this would lower the price.

As long as the price of crude oil continues to rise, we'll be paying more for gasoline. Let's hope gasoline will never cost more than a gallon of beer or ketchup.

| View Comments [21] | envelope E-mail This Entry | Tags: economy   fuel   gas   gasoline   jake   oil   world  

 

Entry bubble Save Gas, Save Money

By: Jake | May 19, 2008 | Category: Money

fuel pumpNext Monday is Memorial Day so many of you will be traveling this weekend. Some will travel by train and plane, but most of you will hit the highway.

If you haven't been living in a secluded area that does not require fuel to live (say a well lit cave), you know that gasoline prices have gone up a lot. It's literally gotten to the point where service stations have to replace old gas meters because they were not built to charge more than a certain amount a gallon.

Let's accept the fact that there is not much you (or we here at Gov Gab) can do to get cheap gas besides researching which station sells the cheapest gas in any location. Once you have paid for your gas, however, there are things you can do to improve your gas mileage and there are things that people say to do (myths) that won't make a difference.

Premium fuel (unless your car requires premium), fuel additives, buying gas in the morning, and changing your air filter generally do not improve your car's fuel use. That information comes from a CNN article where Consumer Reports and Edmunds.com tested six common gas myths. The article did find that inflating your tires and using your air conditioner properly would conserve fuel, but make sure you read the article to see how to do it properly.

There are other effective ways to save fuel that were not mentioned in the article. The Federal Trade Commission offers some tips and Fueleconomy.gov suggests you keep your car tuned up, plan and combine trips and most importantly watch your driving habits. If you really wanted to save money on gas, you could buy or trade in for a more fuel efficient car.

Alright, I've been as thorough as possible but I don't think I've covered every way to save gas. Tell me what you do to conserve gas.

| View Comments [9] | envelope E-mail This Entry | Tags: economy   fuel   gas   gasoline  

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