Recession not over for average person - Hawaii News Now - KGMB and KHNL

Recession not over for average person

Andy Trozzi Andy Trozzi
Paige Yamamoto Paige Yamamoto
Rick Sharpa Rick Sharpa

By Zahid Arab - bio | email

HONOLULU (KHNL) - On Wall Street, the recession may be over, but economists predict main street america will still feel fiscal pain the next few years.

Our economy may be out of the operating room, but it's still recuperating from the recession. Economists say for the average person that still means no relief anytime soon.

Indulging in four dollar Starbucks to five dollar "fro-yo's" gives no indication Hawaii's economy is on life-support. But don't be fooled. From mass layoffs to mergers and talk of furloughs, its no secret, Hawaii has been hit hard.

The decline in property prices have made it difficult for home owners to refinance or sell. Some are forced to downgrade to save.

"One person in the family lost their job and now you have to go with the times," said Kahala resident Andy Trozzi.

Hawaii has the 15th highest foreclosure rate. Nationally, it's gone up about 32% since last year as more americans lose their jobs.

"Tuition is $6,000, books are close to $1,000," said University of Hawaii student Paige Yamamoto.

College students are also struggling and fearful of facing the ailing economy upon graduation.

"A lot of seniors who graduated last year a lot of them haven't found a job," said Yamamoto.

Forecasters predict unemployment to hit double digits before the end of the year.

"There's typically a three to six month lag time, between when somebody loses a job and goes into foreclosure. We can expect to see foreclosure activity, unemployment-related, go well through 2010," said analyst Rick Sharpa.

Experts say the key to economic recovery is consumer spending and jobs. Things are starting to look up. A sold out 15,000 got "Fergilicious" with The Black Eyed Peas this past weekend, although some were furious they didn't get in. Hawaiian Airlines recently upped its workforce by a 100 and plans to hire another 170 more by next year.

While the worst of the economic downturn is over, forecasters predict Hawaii's economy won't be back to full strength until 2011. Nationally, it could take years before the 7 million jobs lost in this recession are recovered.

  • Hawaii News Now headlinesNewsMore>>

  • Some turned away from over-capacity grad ceremony at UH

    Some turned away from over-capacity grad ceremony at UH

    Sunday, December 17 2017 1:16 AM EST2017-12-17 06:16:54 GMT
    (Image: Hawaii News Now)(Image: Hawaii News Now)

    Clad in their green academic gowns and fancy caps, nearly 1,000 UH Manoa students walked the stage at Stan Sheriff Center on Saturday for the University's Mid-Year Commencement Ceremony. 

    More >>

    Clad in their green academic gowns and fancy caps, nearly 1,000 UH Manoa students walked the stage at Stan Sheriff Center on Saturday for the University's Mid-Year Commencement Ceremony. 

    More >>
  • Six Hawaii post offices to be open this Sunday

    Six Hawaii post offices to be open this Sunday

    Sunday, December 17 2017 1:08 AM EST2017-12-17 06:08:01 GMT
    (Image: Hawaii News Now)(Image: Hawaii News Now)

    HONOLULU, Hawaii – The Postal Service announced that the following six Oahu Post Offices will be open from 10 a.m. to 2 p.m. this Sunday to serve its seasonal increase in holiday customers. - Airport (Main) Post Office - Ala Moana Post Office - Kaneohe Post Office - Mililani Post Office - Waialae Kahala Post Office - Waipahu Post Office Postal officials expect Dec...

    More >>

    HONOLULU, Hawaii – The Postal Service announced that the following six Oahu Post Offices will be open from 10 a.m. to 2 p.m. this Sunday to serve its seasonal increase in holiday customers. - Airport (Main) Post Office - Ala Moana Post Office - Kaneohe Post Office - Mililani Post Office - Waialae Kahala Post Office - Waipahu Post Office Postal officials expect Dec...

    More >>
  • N. Korea unmoved as world unites against its nuke ambitions

    N. Korea unmoved as world unites against its nuke ambitions

    Friday, December 15 2017 5:35 PM EST2017-12-15 22:35:55 GMT
    Sunday, December 17 2017 12:11 AM EST2017-12-17 05:11:12 GMT
    North Korea's friends and enemies joined forces Friday in opposing its determination to be recognized as a nuclear weapons state and calling on leader Kim Jong Un to negotiate the denuclearization of the Korean...More >>
    North Korea's friends and enemies joined forces Friday in opposing its determination to be recognized as a nuclear weapons state and calling on leader Kim Jong Un to negotiate the denuclearization of the Korean Peninsula.More >>
Powered by Frankly