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No adverse effects here yet. I have read that people's pensions are currently worth 30-40 percent less than they were. Unless our penions go completely broke, we are okay. My husband is a police officer, and even if the city goes broke, they will still find a way to pay cop's pensions. I work for a large university, any many of the economics faculty are former big shots at the Federal Reserve, World Bank, etc. Those guys are NOT going to let their pensions go bust.
As far as our house goes, we bought 20 years ago in a down and out neighborhood. Very large house, divided into several units. We lived in the 6 bedromm unit, rented out 3 others. Only have one tenant left, we've taken over the other two units. And the neighborhood is now so pricey we could never buy here now. And if times got tougher, we could still rent out the other units.
We have 14 kids still at home (and more at college) so groceries are going up, but we shop at a commissary and a co-op. Mostly we take mass transit, except for grocery shopping and trips out of town.
Our big killer expense is education. We have six kids in college, and five in high school. We home schooled when the older kids were young, but most of the kids play team sports and want to be on a school team.
People think we got rich off the payments for our kids who were in foster care--ha ha. Once you adopt the kids the payments end, not that they were that big to begin with. We are lucky that the police have an excellent health care plan.
GG
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