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The downturn has stabilized. Unfortunately, the dust has settled and the lost jobs are (mostly) not going to come back. Most ppl in my company including myself were laid off in March 2009. I'm still looking for work and I'm in the DC area. I'm being picky and taking night courses, but still, I've applied for about 100 jobs in the past 6 months for which I was fully qualified, and haven't gotten an interview even. The good news is that more jobs are being advertised now. For people in manufacturing areas like Michigan and Indiana, I really have no idea what is going to happen to these people once unemployment benefits run out.
Let me tell you something I heard from Suze Orman on TV a few days ago (I was just flipping channels, I usually don't watch her). She said that there are people who have lost their jobs have had their entire lifestyles changed, disrupted, and even some destroyed. These people might as well be in their own "Great Depression." It is such a harsh experience to lose your job, apartment/house, significant other, car, etc. Cant pay for education. Thinking you will have no trouble finding another job so you use credit card to keep up, then you cant find a job, and your credit card is maxed out. There are people out there with families to support and bills to pay. And the Suze Orman made the second part of her point: There are people who haven't lost their jobs. They are getting through this, probably getting by (or just getting by) as usual, buying their flat screen TVs, living comfortably, paycheck to paycheck, saving not much of their income, if any, etc. There are two different experiences going on right now.
There won't be a global melt down, only the continuing rise of China (and India) as the rest of the world's lifestyle is "flattened." Those who already have resources (money, excellent education) will still be able to make it in the service economy in the US. But "ordinary" Americans who could in the past get by aren't going to be able to. The middle class will get thinner and thinner. Another question is, will the educated Americans support those who will be jobless, or in subsistence jobs (walmart etc)? If the standard of living goes down for good for most Americans, how on Earth can those with good jobs support the health care of all the others? And the baby boomers social security, etc.?
The only way we are going to get out of this is to make sure the next generation of Americans is more highly educated in science and math. I don't think a manufacturing base is going to return to this country, ever. Ultimately, life goes on though. In a hundred years, the world will likely have a stable economy, just not with the U.S. at the top.
posted by 24.250.120...
, Wed, 17 Mar 2010 07:40:36, Tue, 16 Mar 2010 20:35:26
, Tue, 16 Mar 2010 19:47:39
, Tue, 16 Mar 2010 19:24:05, Wed, 17 Mar 2010 05:39:29
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