So we know the economy is tanking when the famously cheap (and delicious) Cookout Tray experiences a cost increase. The previously $3.99 combo meals are now $4.25 — a 26 cents increase. While 26 cents may not seem so bad, it says a lot about the world we’re suddenly finding ourselves in.

Cookout is well loved and known for its low prices. McDonalds and its ilk have long waved good-bye to $3.99 combos. I went to Hardees the other day and spent $4.50 on a chicken sandwich — no fries, hush puppies or drink. I can’t fault Cookout for raising prices, since they are still lower than most other restaurants.

But if Cookout, famously cheap, is worried about the economy, what does that mean for students’ futures?

We’ve dealt with rising gas prices by opening our wallets and paying more. Judging from precedent, that’s also how we’ll deal with the rising cost of food and other necessities. We’ll just pay more. But that only works if buyers have jobs.

I’ll be graduating in May. I don’t plan on going to grad school directly, which means I’m going to be one of the thousands of new spring grads walking blindly into the job market, hoping that I’ll be hired. But I, and many others, may simply not be tapped for a position.

As of August the national unemployment rate was at 6.1 percent, the state’s rate was 6.9 percent and the Triangle’s was at a 5-year high of 5.4 percent, according to The News & Observer. This was before the Dow saw a 777 point drop in one day, North Carolina-based Wachovia announced its financial problems and Research Triangle Park company Sony Ericsson announced it would lay off 450 of its 750 employees.

And it’s not over yet. The bailout bill is still in flux and the Dow took a huge tumble, dropping 18.15 percent to 8,451.19 — a four-year low.

It doesn’t look good. I’m scared for my economic future, and you should be too. It’s not just jobs, although that may be the first area students notice a change in. Think about your after school plans. Maybe you wanted to stay in the Raleigh area, but with job cuts all over the city, you may have to change that plan. Maybe you wanted to place a down payment on a house by the time you reached 25. But mortgages will be hard to come by, especially for young people with little credit. Lenders already made that mistake once.

So maybe we can take the advice from a column of mine from a few weeks ago and leave for Australia on a work visa. Unless the U.S. market’s problems affect the world markets, which is inevitable. European and Asian markets are already reporting bank scares and market dips.

Sometimes I think Americans, especially younger ones, don’t fully realize how delicate the status quo is. There is no lifestyle insurance to guarantee loans and credit and high-paying jobs. This economic crisis is real. It’s happening right in front of us, and, even when the markets seem stabilize, we will feel the consequences of shady lending and government buy outs for years to come.

This will affect us all. Students, step out of your comfortable campus-life bubbles and pay attention. The courses of your lives depend on it.

Send Taylor your concerns about your economic future to [email protected].