Politics & Government
Video: U.S. Economy Double-Dipping?
Patch talks to Beach Cities residents about the recent credit downgrade and volatile stock market.
The country's struggling economy has weighed heavily on a handful of Beach Cities residents and now it seems that the U.S. is in a double-dip recession, some locals say.
With the freshly resolved, the economy hit another snag last week: Standard & Poor's announced it had downgraded the country's credit rating for the first time. Then the Dow plummeted 634 points Monday, rose again Tuesday, dropped again Wednesday.
"My mom is involved in stocks, and she won't want to sell her stocks until the economy goes up high again," said Rachel Wang, a Mira Costa High School freshman.
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The downgrade from a credit rating of AAA to AA+ raises the nation's borrowing costs by $100 billion a year, according to estimates. A pending rise in consumer interest rates is likely. For now, some residents are sitting tight, weathering the economic storm.
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