Here's Why It's Different This Time

This is from Business Insider Henry Blodget

Many economists still argue that the Great Recession was just like all the others, except a bit bigger.

Here's why they're wrong.

Check out the number of people unemployed more than 26 weeks (expressed below as a percentage of the population).

Even if the recovery continues and the number of the long-term unemployed finally stops rising, it will likely take a decade or more for this group to shrink to normal levels.

I know from personal experience that it is different this time. I'm doing what I can to survive right now, like living off the land. I dedicated my life to building new homes for the upper class white collar people, and when the housing market crashed everything stopped.
Right after the crash there were a few side jobs like room additions or a deck, but then even that stopped. I've never seen it this bad in the half of a century that I've been alive.
There are a lot of people like me all over America. It sure doesn't look like anything is getting better either. All the Banks and Corporations were in the same boat for a very short time until our fearless leader bailed them out with OUR money. At least all the CEO's can still get their big bonuses now while rest of America goes under.
There are a lot of desperate people and there will be even more in the future as this recession lingers on and on. I believe the worst is yet to come...

People will only hold out hope for so long that something different will happen in Washington to end this economic disaster. I have no hope in DC myself. Especially with Obama spending us into oblivion.
How long before people just simply get to the end of their ropes?????

I'd have to agree...it's different this time. I work for a company that has been laying people off in dribs and drabs since 2007. Every time we think the last of the layoffs has hit, there's a fresh round...but it's always just a handful at a time.

And the mantra within the company is "cut costs" "cut costs" ... "cut costs." It's truly weird.

And it's not just the company ...everyone is cutting back on spending. If there's no spending...there's no demand...if there's no demand...there's no work.

Best of luck to us...we'll need it!

I remember the 82 Recession, it was not a good time to be young and

unemployed. There were no prospects for jobs, none. Looking at your

linked graph , I can see that this is much worse.

And the End is not in sight, that's the worst part.

Good post and you are right something is very wrong. I worked for 11 years testing fluid hydraulic valves and we supplied all the big guys like Cat,Ford new holland.JCB,Deere,Volvo...etc


When my company is doing bad this means they are not making machines and we went from 500--68 people in one year. The administration lied if they were building roads and such we would be busy making new machines. It is all a lie and we are also a indicator company when the economy is coming back around we are the first to get busy so they can make new machines nothing is happening.


Everyone should take a good look at the survival forum. It has good info that you might need to use. I think this year will be the tell either it gets better very fast or we don't.


Why do the Guys in Washington not see this? Is this part of some kind of plan? And if it is why? If they are doing this on purpose heaven help them because the American people will not.


Also were did all that money go NASA runs on a 80 billion a year budget we are talking about many times that. Were did the money go? And why did you not spend it on roads and buildings and the electrical grid and schools..etc.


WHY?????

The best job to have right now is with the government.

They seem to be the only one who is not laying off.

Yes, times are hard and will probably get harder. I'm still confused why Obama and Congress are pushing healthcare over jobs.

Is healthcare going to create jobs considering it won't fully take effect for 4-5 years?

reply to post by jam321


Kids can't apply for jobs to get the health care they need.

Child Support Agencies don't help.

Higher split rate forces both parents to work full time or more. Kids have no where to go. Don't expect all family to have luxuries of friends and family to help, especially when they are broken.

More could be said...

I'll tell you why it's different, it's different because the govt. and local govt. knows that it can't pay the obligations and future obligations of the Babyboomers and literally everyone under them (SS, Medicare/Medicade, Pensions (Federal, State and private), unemployment etc.) without inflated dollars (which would leave to some form of hyperinflation believe me). Where broke and have been broke (our debt is is so high to other countries that we have to sell debt to service the debt and even then we are buying our own treasuries to make sure that the bond sales never fail) for a long time. And if you don't believe that then why is it two times within a year and a half they have floated 2 ballons about taking our 401k's. The first one over a year ago (around this time last year) had a panel that was proposing making all the 401k's invest entirely into the SS system because so many people took a beating and they wanted to make sure that people would have a "defined" amount of money that wouldn't be lost. There was alot of questions asked and they said it was just a talking measure/point and they weren't considering that. Then over a month ago (back in December I believe) another panel floated a balloon in a discussion about putting 20% of your 401k's into annuities so that you could have a safe defined payout (dollar to donughts they would have been invested in US Treasuries and other US debt because those are "rock solid"), then we haven't heard anymore from them about this.

Why are they trying to make us invest in something that we have been investing into all our lives (SS) and why come back again and try to make mandatory investment of part (you watch it would have been more) into annuities? It's because they need another stream of money and the only think that is left is what little is in those 401k's and what they can take by hook or crook from you.

[edit on 25-2-2010 by hoghead cheese]

reply to post by hoghead cheese


I paid into SS for 16 years. Now that I am a teacher an paying into teacher retirement fund, I will never see a penny of what I paid into SS unless I go back to a job where I pay SS again.

I think in the end, they will cut benefits and increase taxes. I feel that if time truly gets tough, the government will be able to convince people to take less rather than get nothing.

Great post.

Originally posted by jam321
reply to post by hoghead cheese

 

I paid into SS for 16 years. Now that I am a teacher an paying into teacher retirement fund, I will never see a penny of what I paid into SS unless I go back to a job where I pay SS again.

I think in the end, they will cut benefits and increase taxes. I feel that if time truly gets tough, the government will be able to convince people to take less rather than get nothing.

Great post.

And maybe this has been part of the plan all along. You can not spend more than you have and not expect to cut form somewhere right? I think we are all getting screwed. And I don't even think they care. The American people are right on the verge of really hard times and when unemployment runs out for millions of Americans it might be The final straw.

I imagine it will get worse in the summer months...let's face it, it is to friggen cold to go outside to protest anything. Maybe, this cold front is a way to keep us all inside.

Originally posted by ExPostFacto
I imagine it will get worse in the summer months...let's face it, it is to friggen cold to go outside to protest anything. Maybe, this cold front is a way to keep us all inside.

Hmm things in the weather do seem awfully strange as of late? And last summer was very cold also and what happened to all of the strong storms? In Wisconsin we see very strong thunderstorms in the summer months last year nothing?

the imediate future is looking GRIM!!! All the jobs lost can not be easily replaced. I believe crime will get alot wose as the unemployed gets desperate.

reply to post by Subjective Truth


It's snowed here off and on every week for past five weeks.

But one day it got up to 61 degrees, then it dropped back down and started snowing again.

Originally posted by Subjective Truth
The administration lied if they were building roads and such we would be busy making new machines. It is all a lie and we are also a indicator company when the economy is coming back around we are the first to get busy so they can make new machines nothing is happening.

Probably coz the machines are coming from China?

Originally posted by eldard

Originally posted by Subjective Truth
The administration lied if they were building roads and such we would be busy making new machines. It is all a lie and we are also a indicator company when the economy is coming back around we are the first to get busy so they can make new machines nothing is happening.

Probably coz the machines are coming from China?

Actually my company has a plant in China to. They can not do what we do yet but I am sure they will take that factory over and get what info they can form it. I doubt the higher ups at my company would keep any trade secrets there it is to dangerous. It is very hard to make a good fluid hydraulic valve that does not leak and has good function we would hone to super tight specs.

[edit on 26-2-2010 by Subjective Truth]

Originally posted by Jessicamsa
reply to post by Subjective Truth

 

It's snowed here off and on every week for past five weeks.

But one day it got up to 61 degrees, then it dropped back down and started snowing again.

You must love snow!! Just kidding after awhile it really sucks unless you ski or snowboard alot and I do. Hope you don't get snowed in good luck and I hope warmer weather comes your way soon.