Lawtonians deal with sluggish national economy - KSWO 7News | Breaking News, Weather and Sports

Lawtonians deal with sluggish national economy

Lawton_With skyrocketing gas prices, falling home prices, and the Feds issuing stimulus checks, it's not hard to believe that our nation's economy is falling into a recession. But just how bad is it, really? Over the last few months, there have been conflicting reports that we're either fine, or on the verge of collapse. So which extreme is closer to the truth?

7 News talked to a Cameron history professor who has studied the history of our nation's economy. Lance Janda says the economy operates in waves, and right now we're just seeing a very common down slope. He says it's not as bad as it was during the Great Depression in the 30s, or the gas shortage of the 70s. But for people right now who are feeling the pinch at the gas pump, and in the grocery store, that answer is hard to swallow.

Some shoppers are turning to stores like Goodwill to save an extra penny. But for some Lawtonians that's still not enough when you fall on hard times. "My dad is handicapped and he has a lift on his truck, and we don't use that because the truck is more expensive," said Yvette Teel. "So he can't use his electric wheelchair, and I'm using the standard wheelchair, so it's affecting him and my parents a lot."

But as hard as it is for some people to adjust, Janda says this is all just part of a economic correction, not a collapse. "We've gotten spoiled as a society," Janda said. "We've gone through 20 years of explosive economic growth, and most people are accustomed to cheap gas, big cars, big houses. and they don't want to hear the economy goes through a normal cycle of growth and correction and growth and correction."

Many advise us to drive smaller cars, and live in smaller houses. But what about those people who are conserving, and still can't make ends meet? Take Mary, for example: "I had a tragedy, my home burned, and I'm living in a motel," she said. "It's just, I don't want to make any move, or do anything until things settle down."

The Federal government understands that a lot of people like mary are having a hard time,  which is why they issued stimulus checks, something that didn't happen back during the Great Depression. "Since 1929, the government has been a lot more proactive in trying to manage the economy," Janda said. 

There are speculations that the latest spikes in gas prices are linked to the upcoming Memorial Day weekend, so hopefully next week, we'll see a price drop at the pumps. That should help food prices drop, too.

  • Local NewsNewsMore>>

  • Unapologetic Trump digs in on immigration despite outrage

    Unapologetic Trump digs in on immigration despite outrage

    Monday, June 18 2018 4:20 AM EDT2018-06-18 08:20:01 GMT
    Tuesday, June 19 2018 12:24 AM EDT2018-06-19 04:24:56 GMT
    (Butch Comegys/The Times-Tribune via AP). U.S. Attorney General Jeff Sessions speaks on immigration policy and law enforcement actions at Lackawanna College in downtown Scranton, Pa., on Friday, June 15, 2018.(Butch Comegys/The Times-Tribune via AP). U.S. Attorney General Jeff Sessions speaks on immigration policy and law enforcement actions at Lackawanna College in downtown Scranton, Pa., on Friday, June 15, 2018.

    Nearly 2,000 children were separated from their families over a six-week period in April and May after Attorney General Jeff Sessions announced a new "zero-tolerance" policy that refers all cases of illegal entry for criminal prosecution.

    Nearly 2,000 children were separated from their families over a six-week period in April and May after Attorney General Jeff Sessions announced a new "zero-tolerance" policy that refers all cases of illegal entry for criminal prosecution.

  • Director: FBI won't repeat mistakes noted in watchdog report

    Director: FBI won't repeat mistakes noted in watchdog report

    Monday, June 18 2018 2:40 PM EDT2018-06-18 18:40:23 GMT
    Tuesday, June 19 2018 12:24 AM EDT2018-06-19 04:24:28 GMT
    (AP Photo/J. Scott Applewhite). Justice Department Inspector General Michael Horowitz, left, and FBI Director Christopher Wray wait to testify as the Senate Judiciary Committee examines the internal report of the FBI's Clinton email probe and the role ...(AP Photo/J. Scott Applewhite). Justice Department Inspector General Michael Horowitz, left, and FBI Director Christopher Wray wait to testify as the Senate Judiciary Committee examines the internal report of the FBI's Clinton email probe and the role ...
    The Republican chairman of the Senate Judiciary Committee says the Justice Department has a "serious credibility problem.".
    The Republican chairman of the Senate Judiciary Committee says the Justice Department has a "serious credibility problem.".
  • Upping ante, Trump threatens new tariffs on Chinese imports

    Upping ante, Trump threatens new tariffs on Chinese imports

    Monday, June 18 2018 1:30 PM EDT2018-06-18 17:30:14 GMT
    Tuesday, June 19 2018 12:24 AM EDT2018-06-19 04:24:07 GMT
    Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual properly theft. The tariffs were quickly matched by China on U.S. exports. (Source: Pixabay)Trump recently ordered tariffs on $50 billion in Chinese goods in retaliation for intellectual properly theft. The tariffs were quickly matched by China on U.S. exports. (Source: Pixabay)

    U.S. Secretary of State Mike Pompeo says China is engaging in "predatory economics 101" and an unprecedented level of larceny" of intellectual property.

    U.S. Secretary of State Mike Pompeo says China is engaging in "predatory economics 101" and an unprecedented level of larceny" of intellectual property.

Powered by Frankly