The people I interviewed were myself(21), my mom Rosemarie
Graziano(56) and my Grandmother Julia Graziano(86)
The government should regulate the economy:
Me: Agree
RG: Agree
JG: Strongly Disagree
Politics has a major influence on the economy:
Me: Agree
RG: Agree
JG: Agree
Everyone should take an economics class in high school:
Me: Agree
RG: Agree
JG: Agree
Banks should be government owned:
Me: Neutral
RG: Disagree
JG: Disagree
The government bailouts worked:
Me: Agree
RG: Neutral
JG: Neutral
Local government should have more control:
Me: Neutral
RG: Disagree
JG: Agree
We should invade Iran:
Me: Strongly Disagree
RG: Strongly Disagree
JG: Disagree
In 6 months the economy will be better than today:
Me: Agree
RG: Agree
JG: Neutral
I am well informed about economic news:
Me: Agree
RG: Neutral
JG: Neutral
The recession personally affected me:
Me: Agree
RG: Agree
JG: Disagree
In your lifetime, what city that you
are familiar with has changed the most (both positive and negative)?
Me: My home town and the surrounding
towns have changed in my lifetime. I live in Scotch Plains New Jersey and
especially since the most recent economic trouble, it has changed because a lot
of places and business that I grew up with were forced to change or move over
time or because of the recession.
RG: Astoria NY
has changed a lot because there are a lot more young people living there then
there were in the past because those people work in the city and have found
that it is a good place to commute from. Also, the stores and neighborhood
atmosphere has become more trendy and modern.
JG: NY
City, I live there and it has changed for the positive because I think it has
gotten more diverse. I think it is an easier place to live than in the past.
Overall it has changed for the positive.
In your opinion, what president had the
biggest positive impact on the economy? Why?
Me: I don’t really know a lot about the
presidents that have been there since I was alive because for most of the time I
never understood the economy but I think it was FDR because the economy has
never been worse when it was during the Great Depression and FDR stopped the
bleeding and got it turned around and on the upswing again.
RG: I think
it would be Clinton because it seemed like there were more people working and
the government and industries seemed to be in a better place when he was
President.
JG: I think
Reagan or Clinton, there were more jobs available and when you have a job the
economy seems better. It was much easier for me to get a job then it is for
people to find jobs today.
What is your first memory of a major
economic event impacting your life?
Me: The only major economic event I have
a lot of memories of is the recession of 2008 because I was old enough to
experience it and understand what was happening.
RG: The most
recent recession has affected our family because it has caused us to keep a
closer eye on our savings and we have also lost some money because of the poor
market conditions and the bad environment
JG: The
Great Depression, I was around 10 years old and I can remember people standing
on corners begging for money. A lot of what is shown in movies is pretty real
and accurate and people were desperate.
How do you get economic news? How has
this changed over your life?
Me: I get
economic news mostly through the internet and TV. It has changed throughout my
life because our society is much more connected and media savvy these days so
news spreads much quicker.
RG: I get
the news pretty much the same way I always have, which is from the radio and
from the news on TV.
JG: I get it
mostly from TV and from the newspaper. It has changed because there wasn’t
always the TV so the most consistent source has been the newspaper.
What is your definition of economics
(when you hear the word economy or economics what do you think about)?
Me: When I think about economics or the
economy I think about the everyday interaction between people in a society and
their dealings with money and transactions throughout society.
RG: I think
of jobs and the way people spend money and interact with each other. I think a
lot about buying and selling and jobs.
JG: I think
economics is the management of money, how it is used and spent and what you get
from it.
How do you deal will rising prices e.g.
substitute cheaper brand, stop buying? Any examples?
Me: Rising prices have definitely caused
me to pay more attention to what I am buying and whether or not I need some of
the things I am buying. It has also caused me to pay more attention to prices
and how to search for good deals when shopping. When shopping for food I search
for deals like 2 for 1 or things like that instead of always going for a name
brand which is usually more expensive. I definitely pay more attention to these
things now that prices have risen recently.
RG: Lately,
we are spending less time in local markets and going to wholesale clubs and
buying in bulk because there is better value and even though you spend more,
you get more for it. Also there are more options and cheaper brands at places
like that but the quality is not a problem and it lasts longer so you have to
shop less often.
JG: I think
it forces me to focus more on buying what you need and not buying as many
extravagant things. Also you look for more opportunities to get more value for
your money.
What product or service has most changed
over your lifetime?
Me: Buying
gas has changed a lot and also the movies have changed a lot as well. The price
of gas has changed a lot and that industry is always under the microscope these
days. The movies have gotten much more expensive in my lifetime and they are
also changing the way they do things too because some movie theatres are trying
to offer more amenities and food options now, even if they have to charge more
for admission.
RG: Gas
because it used to be so so cheap and now the prices are out of control, the
cost of owning a car in general has increased a lot.
JG: The cost
of housing has changed a lot because my apartment used to be $68 a month and
the cost of housing is so different now than it was. The value of money has
changed a lot.
How do you handle saving and how has
this changed?
Me: I keep a
close eye on my bank account and smart phone apps and more media options have
helped me to do that these days. Whenever I get a paycheck or money from a
special occasion I deposit most of it into my account and only carry a little
for spending, that way I save most of it and don’t blow it on unnecessary
stuff.
RG: Saving
has become a lot more complicated because there are so many different ways to
save money and back when I was younger there weren’t as many options to put
money into
JG: The way
we deal with money has changed a lot; there are a lot of different things such
as 401Ks, CDs and other options like that. Also, there are more people than
ever playing the stock market and when I was younger that seemed like something
only the wealthiest people did.
What was the price of gas when you got
your first car?
Me: The
price of gas when I started driving was around $2 a gallon or a little over, I
don’t remember exactly but it was around 3 or 4 years ago so it was before the
prices got really out of hand like they are these days.
RG: The cost
of a gallon of gas when I first started traveling a lot was $1.25, I got my
license in 1973 but I didn’t drive consistently until 1980.
JG: I don’t
remember exact prices and I never bought my own gas because I never owned my
own car, but I remember the prices being well below $1
What was your wage at your first job?
Me: My wage
at my first job was around $7.50 an hour, so right around minimum wage.
RG: At my
first full time job at a bank I was making about $98 every 2 weeks. I was
working 40 hours a week.
JG: My wage
at my first job was $17 per week; I worked at an insurance company. It was a
lot of money to me in that day and overall dealing with money was a completely
different world back then.
