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Is The Recession Over For You?

Discussion in 'Fred's House of Pancakes' started by twittel, May 31, 2011.

  1. twittel

    twittel Senior Member

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    Many economic data sources say that the U.S. recession is over, but is the recession over for you? PriusChatters post about their lost jobs, loss of unemployment, loss of medical benefits, etc. For those who want to work, finding replacement jobs to pay the mortgage, bills and food to eat is painfully slow. I do not believe the recession is over as I know too many people out of work, or workers who accepted lower wages/benefits just to remain employed. I believe the recovering economy has created an employers' market where wages and benefits are reduced because of an over-supply of qualified workers. Do you believe the recession is over?
     
  2. eagle33199

    eagle33199 Platinum Member

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    For what it's worth... I've been contacted by 3 different recruiters in the past month (all completely unsolicited, out of the blue) through LinkedIn, and one of those turned into a job offer comparable to what I'm doing right now with a great company. I ended up turning it down, but only because I think it would have moved my career in a direction I wouldn't enjoy in the long run. This marks the highest period of activity I've seen from LinkedIn since I first joined the site.

    I think what you may be seeing is sectional differences... There are some parts of the job market that are doing very well right now. There are other portions that aren't. We had layoffs here at work a few months ago, and it hit my department pretty hard. Those people who got RIF'd pretty much end up in 3 camps: Those who already found jobs (a vast majority), those who aren't looking yet, preferring to take the summer off and live off the severance package, and those who haven't (I can only think of 1... And she's looking to relocate. finding a job in a new city while still living in your old city can be hard!)
     
  3. burritos

    burritos Senior Member

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    Depends on your perspective. If you're comparing from 6 years ago, well of course we're still in a recession. If we were cuba and then emerged into America, one would say we were kicking nice person. There's a saying. "It's a recession if your neighbor is out of a job. It's a depression when you're out of a job."

    Personally, I haven't been affected by the recession(ie. lost job, lower pay, lower hours). None of my colleagues, friends or family were affected. Call it luck, call it higher education, call it God(though most of us are non believers). Nonetheless we were all pretty fortunate.
     
  4. twittel

    twittel Senior Member

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    That's the truth! After my Ohio company filed bankruptcy, I job searched the North Carolina market since I owned property here. The search was painfully slow with few leads, but ultimately I accepted an offer from an outstanding company headquartered out of Mooresville, NC. Once I accepted the job, I had to sell my Ohio house while living in NC. Though I'm now retired, I've never looked back as the experience has been very rewarding.
     
  5. Silver bullit

    Silver bullit Right Lane Cruiser

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    No I'm still bald
     
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  6. qbee42

    qbee42 My other car is a boat

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    I didn't feel any job related effects from the recession, so I can't say that I see any differences now. I did, however, take a huge hit in the stock market when the banking industry crashed. I'll never get that money back.

    Tom
     
  7. GrumpyCabbie

    GrumpyCabbie Senior Member

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    The recession is supposed to be over here too but in my experience it certainly isn't. I'm in an affluent town and do better than others in my trade in other towns/cities but people just aren't spending or going out. The roads are empty during the day when they would otherwise have been busy. Incomes are down and expenses are shooting up. I got a 2% raise this year when fuel (my main expense) has gone up 16% and my SO/girlfriend hasn't had a rise for 3 years now. There's only so much you can cut out from your life (gym membership etc) before there's nothing left to cut.

    I suppose you could say that when you're at the bottom the only way is up :)
     
  8. bzyrice

    bzyrice Active Member

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    I wasn't affected by the recession because I am in the medical field. I do know that hospitals are not paying what they used to.
     
  9. amm0bob

    amm0bob Permanently Junior...

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    I currently work for State govt... so, no...

    pay-cut through furloughs... and increases in my share of costs for retirement and medical... and that has somewhat reduced my ability to save and buy real estate.

    Although... the house I bought last December is now occupied and paying rents... after the net is figured, we pocket about $6000 per year with this one.

    I will take advantage of the foreclosure market again when I get a little more cash in the bank.
     
  10. twittel

    twittel Senior Member

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    In addition to lost market values (401k stuff), real estate values may be another area of recession from which folks may not recover; at least not in the near future. Even though some have found jobs, recovering from declining market and housing valuations may never happen, especially for us oldsters unwilling to risk remaining capital.
     
  11. pictone

    pictone Junior Member

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    Although I have remained employed, my company has gone through three rounds of layoffs in the past two years. I've suffered months of 50% pay cuts, followed by a few months at full salary and am now at 75% salary, probably permanently. The company also owes me huge bonuses going back to 2006 that it does not have the cash to pay. Due to the layoffs, all of the remaining IT staff has left, leaving me the sole remaining IT staffer, doing everything from level 1 helpdesk support through my old job, which was VP of IT. What is even more demoralizing is that my former employees are now getting consulting work from me in addition to their new jobs, and my CEO is ecstatic about all the money the company is saving. He now thinks we must have been overstaffed all along. In the past 18 months, I've applied to 220 positions, having secured only five interviews and zero offers.

    This is purgatory.
     
  12. J5A

    J5A Active Member

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    We suffered through the mini 2001 recession. 2 1/2 years unemployed really sucked.

    Truly thankful we haven't been affected by the latest one.
     
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  13. Trebuchet

    Trebuchet Senior Member

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    Little effect here also, equity in home took a nose dive but we're still sunnyside up. Other's however not so good I suspect. But listen recession's have a cycle they come every 3-7 years I think. What you going to do? :Cry: Ok I feel better now.
     
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  14. LIPriusFreak

    LIPriusFreak Can I haz JDM?

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    recession still alive and kicking in NY....I haven't been affected much but for every job available, there have to be 200 people applying for it....
    what used to kill me were gas prices and they still do, when I'm NOT driving the Prius :D
     
  15. a_gray_prius

    a_gray_prius Rare Non-Old-Blowhard Priuschat Member

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    If you make enough money, you were never in a recession.

    [​IMG]
     
  16. twittel

    twittel Senior Member

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    You bet...very cyclical. Great depressions are cyclical; maybe every 50 years or so. I think we experienced a Great Depression politically disguised as a recession. Too many institutions failed (for whatever reason), market collapses and jobs lost for just another 7 year recession cycle. JMO...
     
  17. cit1991

    cit1991 New Member

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    I never really felt the recession. Of course, even in the boom years, I never lived beyond my means.

    For people who think the boom years were normal, it probably feels like we're still in recession, but where we are now is normal.

    I got a great bonus for last year after switching jobs (for a better one) in the fall of 2009, in the depths of the recession. I do seem to be getting more headhunter calls now too.

    Some places where houses were severely overbuilt will take a few more years to feel more normal.