Gov. Paterson signed a bill that gives New York residents 16 more weeks of unemployment! That brings the grand total to 18 months! I guess that’s why NY residents have been getting less unemployment than CT and NJ! Now it all makes sense! Unemployment is great and all but I’m sure most people would prefer a job.
According to BBC News, Richard Fisher is predicting that the jobless rate will reach 10% within the next year. I can’t be the only one who saw this coming? We have yet to hit the bottom. Stocks are slowly regaining some ground but there’s still a lot of blood letting to be had. I just hope the jobless rate isn’t much WORSE than 10% because 10% is going to be ugly…super ugly.
Here are two examples that are entirely too typical of the current economy. Rick Rose is a Washingtonian who saved and saved, bought a conservative apartment but is still struggling after nearly a year of unemployment. The Wilsons are a family that spent and didn’t save for the the financial situation they currently find themselves in. The Post will be following both Rose and the Wilsons for the next few months to see how they cope with their joblessness and the financial fiasco it’s created.
What is so crazy about the current job market is that entire fields and labor sectors seem to have evaporated almost overnight. In my personal opinion, this all feels like a HUGE market correction. It feels like our over consumption and spending as a country created employment and jobs based on credit. Now that the bill has come due on both a personal and national (even global) level, it seems like employment is shrinking back down to it’s natural levels. I think the big question now is where do people like Rick Rose, the Wilsons and I go for new jobs? Do we become janitors or UPS delivery people as other articles have detailed? Or are there other markets and fields that will develope out of this economic tragedy? Hard to say but I’m still looking.
In this day and age, there are more people than ever in need. There have always been people in need but what is so different about the current situation is that many of these people are neighbors, friends, and family members. I can’t remember a time when I have known so many people who are laid off, unemployed, or underemployed. And the numbers are increasing. New York’s unemployment rate just made a record jump from 6.9% to 8.1%. We’re now past the national average and it’s starting to show. Even my neighborhood coffee shop had to lay off some employees! While some people have been careful with their savings and are better able to cope with joblessness or having one pay check where there used to be two, a great many others have been living paycheck to paycheck or are simply unprepared for a protracted period of unemployment. I’m not even sure Suze Orman’s suggested 8 month emergency fund is going to be enough for many Americans who may be out of work for quite sometime due to the percarious job market. Even people who have been diligently saving maybe in financial peril because their accounts were market based and have been greatly depleated over the past six months. The bottom line is, there are a great many people out there who are in need of financial aid and, if they are lucky, they have friends and family who are inclined to help and in a position to help. But how do you politely lend or give money to a friend or family member in need without ruining your relationship? This article provides some inspired ideas-everything from annoynmous giving to paying it forward. Certainly an article to read or at least bookmark for later…you never know what the future holds.