Stumble it!

The turbulence and insecurity in the American economy is common knowledge in contemporary society. What many Americans may not be aware of however, is the ever increasing migration that is taking many people away from the states with the more expensive housing markets. “Have” states like California, Nevada and Florida have seen a sharp drop in immigration from other parts of the country. With families feeling the burden of economic recession, there are some Americans who have made the tough decision to move to more economically viable areas. Cities in the Midwest and East Coast will soon experience a sharp population increase as people search desperately for more affordable housing.
While Americans are taking notice of the troubled housing market, this apparently has had very little influence on their spending mentality. The Boston Consulting Group reported that many Americans believe that spending habits will not change, regardless of the current market. While the merits of this line of thinking are debatable, what is clearly not an issue is the worry of some economists about the lack of financial understanding the average American possess. As national unemployment increases, Americans may very well have to remedy their economic ignorance if they are to survive the potential monetary difficulties that lie ahead. While relocation for financial reasons is certainly a plausible action in today’s market, there are those who strongly believe that money is never the actual problem. Jim Tehan of Myvesta says, “When people have debt problems, it’s not that they have credit cards or a mortgage. They are spending money unconsciously, using money not as a tool, but to escape problems.” This ties in directly to California, Nevada and Florida. There are plenty of locations in all three states where one can “sin” away problems in the short term. The lavish and numerous forms of entertainment in these states can bankrupt a family overnight. Perhaps this is the real reason Americans are choosing to live elsewhere.