Michelle Singletary
Thursday, March 20, 2008; 4:34 PM

Watching our economy tank over the last few weeks makes me want to holler. More specifically, I want to holler at our government leaders.

President Bush summed up the economic state of America by saying, "we're going to be just fine." (You can read the full transcript from his speech here. )

Well I feel so much better, don't you?

Or maybe Bush was talking about a different group of people.

By "we," he must mean the folks, like him, who don't have to pay a mortgage or rent, buy gas, pay for groceries, send a kid to college or worry about making ends meet in retirement.

Certainly he's not talking about the many people who joined me last week for my regular online discussion or who have been e-mailing me by the droves. These people are trying to recover from medical illnesses that have left them in debt; they are struggling under mortgages they can't pay, or credit card debt that is crushing them.

Here's just a sample of the situations that were submitted to my last chat:

"In 2006 we bought a house with a 6 percent interest rate and since our taxes went up in January we can barely afford to pay the mortgage and maintain our house and be able to climb out of all the debt that we incurred after buying this home."

Another participant wrote: "My husband and I are in our late twenties with about $20,000 in credit card debt. We're doing the best we can to pay it down but it doesn't seem to be helping. We've cut our costs in other things and are taking our lunches to work instead of eating out. Every time we think we're getting ahead something always happens. We just did our taxes and found out we end up owing a couple grand. Needless to say the money we saved to work on our debt is now being used to taxes. I feel like we're way over our head. Ideally we wanted to buy a house in about two years but I don't even see how that's ever going to be possible."

A 26-year-old from Idaho wrote: "I'm employed as a contractor for the government, and I'm worried about the economy. I am saving money in a few different accounts, but I feel like I am still far away from ever owning my own home or being able to feel confident about my expenditures."

Older readers talk about retirement worries. One person wrote: "I am 60 years old. I have approximately $15,000 in a 401 (k) and $12,000 in savings. I am presently working and making a decent salary but the company is having financial problems. I want to change jobs so that I can at least have a stable job as I get older since I will not be able to retire."

Missed Today's Chat?

If you couldn't join me online today please read the transcript. It was definitely a spirited discussion today.

Joining me in the chat was a class 7th and 8th graders from Sabot at Stony Point school in Richmond, Va. They are studying economics and the student's teacher, Clarissa Riely, thought it would be a great idea for the students to join the discussion.

I have to say the participation by the students at Sabot was wonderful and their questions brilliant in their simplicity. I would love for other classes to join the online chat in the future. And next week I'll answer many of the student questions I didn't have time to answer today.

Since this was a Color of Money Book Club chat, my guest was Stuart Vyse, author of "Going Broke: Why Americans Can't Hold On to Their Money" (Oxford University Press, $24.95).

Compelled to Save

One fallout from the current economy woes: People are finding it tougher to borrow. This can be a good thing, as it will limit folks from going deeper into debt.

Post reporter Steven Mufson summed it up nicely: The U.S. economy thrived on cheap credit as highly leveraged investment banks lent money to highly leveraged consumers. Not anymore. In "End of Cheap Credit Hits Homes, Businesses" (March 18), Mufson discusses the financial shift for both consumers and businesses.

However, the constant action by the Federal Reserve to drop interest rates and bailout lending institutions may lead to another problem - inflation. Read more about that in "Behind Cheaper Credit, Inflation Fears Loom" (March 19).

Are You Covered?

In last Sunday's Business Section, I contributed to the package of stories on health care.

In my column, I tackled the alarming increase in the percentage and number of minorities without health care coverage. According to Kaiser Family Foundation, 36 percent of Hispanics are uninsured, compared with 22 percent of African Americans, 17 percent of Asian/Pacific Islanders and 13 percent of whites. Read more in "Lack of Insurance Hits Us All".

Former Post reporter (and Cash Flow columnist) Albert B. Crenshaw discusses your options if you aren't covered by an employer. Read his report: "Covering Your Own Health." Get more tips by reading these stories:

* Keeping a Health Policy After You Leave Your Job

* Getting Coverage if Your Employer Doesn't Offer It

Also check out Health Insurance: Looking Back -- And Ahead in which The Post follows the health care decisions and choices of 10 individuals. You may see your own situation in many of the profiles. This is a must-read feature no matter how well you think you're covered.

Wedding Woes

The headline was right on the money when it comes to how I feel about extravagant weddings when you're staying out of debt: Your Big Fat Foolish Wedding. But as I've seen in many online chats, and by my e-mail inbox this morning, there's plenty of you who disagree with me.

But I do have many who disagree with my hard line stand. Here's an e-mail I received today from Martyn Oliver:

"You offer sound, practical advice--until your check list. I'm engaged, 31, and one month from finishing a PhD. I do have a couple months of extra funds, I started a 401(k) three years ago, and have some credit card debt--all of which will be gone before the wedding date in November. But I've been in school -- beginning with undergra d-- for 13 years. And I am PROUD that I "only" have $60K in student loans."

Oliver went on to write:

"Do you seriously expect me to hold off on my wedding until that debt is gone? I don't come from the kind of money that can completely finance an undergraduate education, and all of my grad school was on my own. If we all followed your advice to the letter, most of us wouldn't get married until we were 55. As it is, I'm also proud that we've managed to arrange a wedding here in DC for appx. $20K at a beautiful church and reception site for 150 people. That will be $30K LESS than the DC AVERAGE. Sure, it'd be nice to have that money for my loans, but the wedding costs are split three ways (us, my parents, and hers, equally)--I don't see them offering me $7K just to pay school loans, but they will for a wedding. Please, finances are important, but you can't make a fetish of them-- as with any obsession, it can prevent you from living your life."

I'm certainly not trying to prevent anyone from living their life - just live better without so much financial strife.

In the end I stand by my advice. You can get married without the party. Besides the person who started this weighed the options and agrees with me. Here's what the bride-to-me wrote:

"I was the original questioner asking about how to cut costs for a 100 person wedding," she wrote online during the chat today. "I didn't realize it would spark such debate and even a column! I just wanted to give you some more information. My boyfriend and I are doing fine financially; we have over 6 months worth of emergency/life happens savings, another set of savings for 10% house down payment, and we contribute a large amount to our 401ks and Roth IRAs."

Here's the part I love:

"However, to me, the idea of spending $30,000 for one day seemed crazy. I wanted to include our very large family because they are important to us, but I just can't fathom spending that much money. I've read all the live chat comments and the article, and this is what we've decided: we will have a small, intimate destination wedding, and for our few VIP guests that might have monetary problems with this we will pay for their rooms. Our budget will be less than $10,000 (which includes the rooms, ceremony, meals, etc.), which has been generously offered to us by a parent. Then, we will have a potluck celebration with the entire 100 person family at a family member's house, so that we can celebrate with them. I think weddings are important, but more so the marriage. I'm excited for the wedding day, but I'm glad I'm not going broke over it."

Smart woman.

Tax Tips 2008

Wondering when you're rebate check from the economic stimulus package is going to arrive? The IRS has released the schedule and now has an online calculator available to see if you qualify.

If you're an entrepreneur, then be sure to read "How '07 Changes Affect Small Business" by Sharon McLoone, washingtonpost.com's Small Business blogger. There are a number of tax changes you need to be aware of.

Here are some additional features that may be helpful:

* How Do I...Organize My Records? (Feb. 26)

* Up at BAT, But It's A Long Way Home (Feb. 14)

* Poll: How Will You Spend Your Rebate Check? (Feb. 13)

Kiplinger.com also provides some good tip on health related tax credits, health savings accounts and insurance options:

* Tax Relief for Major Illness or Injury (Feb. 16)

* Understand Your Health Insurance Options (Feb. 16)

* Health Savings Account Answers (Feb. 22)

You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.