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The Recession Will End… When I Get My Damn Job Back!
Says who: 14.7 million unemployed Americans, some of who spend their days sending resumes, setting up networking meetings, scrutinizing expenses. Others have given up.
Why it might be false: There have been A LOT of predictions about a gradual and jobless recovery, ranging from Federal Reserve chairman Ben Bernanke to economist Nouriel Roubini. Housing indicators are rebounding well, with starts and sales climbing, and we’re seeing more consistent growth than in the past year. There’s a general consensus that the start of economic growth is projected to start in early 2010, lowly workers be damned.
Why it could be true: As recent as this Sunday, U.S. Treasury Secretary Tim Geithner noted that unemployment may peak in the second half of 2010 on ABC’s “This Week” program, and Larry Summers, director of the White House National Economic Council, also admitted that the jobless landscape will be in critical condition for a while. What’s more, let’s fast forward a year and assume that at least some people are getting jobs again—but where are their salaries? Salaries have taken a nose dive and not much has been projected for salaries in 2010, but getting jobs back won’t count enough if salaries don’t rebound at the same rate.
Our call: This recession is personal, and so we’re not going to argue that it’s not going to feel over for any of us until we can count on earning a living. However, if not all the jobs come back, nor the same lofty salaries, and those housing and credit bubbles don’t reappear – which we don’t expect them to – it may not feel “over” for years.
Tags: Discussion
6 comments for “The Recession Will End… When I Get My Damn Job Back!”
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On many measures, this recession has begun worse than the one in 1929. 2009 may be the equivalent of 1930 once we look back.
We need to replace these jobs. And I just don’t see it happening, and until it does…it isn’t.
A good summation of the position. As UK lags USA in economic up and downturns, the uplift we are told might start mid 2010 is not expected by us unemployed folk to occur 2011.
But you are so right in saying the longtail of the effects of this recession will linger a whole lot longer. Ugh!
I beleive the recession will linger on for a while longer as most of the manufacturing jobs are gone for good.Many of those laid off will have to find employment elsewhere.As long as the housing market is still down I believe we are still in a recession as many people do not have the income to purchase these homes.
(Sigh.) I’m too discouraged after reading this to even be able to comment now.
Come on, recovery, come on.
Housing is the key in all this. Our financial system is very heavily invested in housing, and unless some heavy buyers step up things don’t look to pretty in the world of real estate.
Save money, be financially responsible, and ride it out. All of this may end up being deflationary, which is good for those who save and manage properly.
We need to get on our knees and pray for God to show us favor in this economy. We need to repent and change our ways. Start reading the Bible and ask for God’s help. Our country has turned away from Him so that is why we suffer.Let’s start by bringing our families back to church.