VIDEO: Locals Chime in on Ailing Economy

It seems the United States is in a double-dip recession, according to a handful of locals Patch surveyed.

With the debt ceiling debacle freshly resolved, the economy hit another snag on Friday: Standard & Poor's announced it had downgraded the country's credit rating for the first time. A few days later, the DOW plummeted 634 points.

"The stock market affects all of us, whether it's indirectly or directly," said Jane Baydaline, a Seal Beach resident and stockholder.

The downgrade from a prestigious AAA to an AA+ credit rating raises the nation's borrowing costs by $100 billion a year. A pending rise in consumer interest rates is likely.

For now, some residents are sitting tight, awaiting the government's next steps.

"Mr. Obama is not going to want to have the stock market in the tank," said Los Alamitos resident Peter Artwohl. "He wants to get re-elected."

TELL US IN THE COMMENTS

Do you think you the economy is slipping back into a recession? How has the stock market volatility affected you, and how do you weather the storm

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