Mom: 49
Me: 19
The government should regulate the economy?
Grandpa: Disagree
Mom: Agree
Me: Disagree
Politics has a major influence on the economy?
Grandpa: Agree
Mom: Agree
Me: Agree
Everyone should take an economics class in high school?
Grandpa: Agree
Mom: Strongly Agree
Me: Strongly Agree
The drinking age should be lowered to 18?
Grandpa: Strongly Disagree
Mom: Strongly Disagree
Me: Agree
The government bailouts worked?
Grandpa: Strongly Disagree
Mom: Strongly Disagree
Me: Disagree
The United States should have a higher minimum wage?
Grandpa: Disagree
Mom: Strongly Disagree
Me: Disagree
In 6 months the economy will be better than today?
Grandpa: Disagree
Mom: Strongly Disagree
Me: Neutral
I am well informed about economic news?
Grandpa: Strongly Agree
Mom: Strongly Disagree
Me: Neutral
The recession personally affected me?
Grandpa: Disagree
Mom: Agree
Me: Agree
In your lifetime, what city that you are familiar with has changed the most (both positive and negative)?
Grandpa: New York City has changed in a negative way because of the population growth and congestion. It has changed in a positive way because of its diversity.
Mom: New york, positive more buildings for employment, negitive over crowded
Me:
In your opinion, what president had the biggest positive impact on the economy? Why?
Grandpa: President Ronald Regan because he reduced the size of government and budgeted spending without a deficit
Mom: Obama he positively crushed it
Me: Bush. president majority and War on Iraq
What is your first memory of a major economic event impacting your life?
Grandpa: The FHA cost of buying my first home in 1960 was lowered?
Mom: When the market crashed
Me: Recession
What tradeoffs in your life have you made due to economics (note to interviewer/student: this question is about the concept of scarcity)? During WWII many items including gas and food were rationed?
Grandpa: During WWII many items including gas and food were rationed
Mom: made drastic cut backs
Me: Eating cheap meals in school and saving money for beer
How do you get economic news? How has this changed over your life?
Grandpa: I get economic news from watching Fox News on TV. Over my lifetime this has changed because TV news is now 24/7, whereas I used to get it mostly from the Newspaper.
Mom: from tv it keeps me updated in what direction the country is going
Me: TV, going to class, and news paper
How do you deal will rising prices e.g. substitute cheaper brand, stop buying? Any examples?
Grandpa: I frequent the larger chain stores more often and watch for product sales and coupons.
Mom: buy cheaper and buy less or do with out
Me: In college cheaper is better
What product or service has most changed over your lifetime?
Grandpa: The price of gas.
Mom: Gas
Me: Gas
How do you handle saving and how has this changed?
Grandpa:I have saved for many years in an IRA prior to my retirement. I have an investment portfolio which is diversified. As I get older my portfolio is adjusted to reduce equities (stocks) and increase debt instruments (bonds).
Mom: Saving has been much harder is the getting by strategy
Me:Save as much as possible, but college is expensive
What was your wage at your first job?
Grandpa: My wage was about $300.00 per week in my first engineering job in 1960.
Me: About $10.00 working for my dads furniture company
Mom: Wage of first job was $3.35
How much does the stock market affect your life?
Grandpa: It does not affect my life very much because my portfolio contains diversified index mutual funds allocated
Me: Does not affect me as much any more because I cashed out my portfolio for college
What age were you when you got your
first credit card?
Mom: First credit card at age 23
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