Is There a Sense of Economic Fear Among the People You Know?

[cschin4]

Things seem to be getting bad in my area. People are getting laid off, having hours being cut, some plants and businesses are closing. In a small town, it is a significant hit. People seem to have a sense of desperation. I have never feared the future before, but now I do as I watch the market plunge. What to do?

[sweeps]

No, no concerns here.

[tripods68]

It certainly a bumpy ride!!

Maybe its time to acquire new skills or even perhaps go back to college to get that degree you always wanted. You can certainly make a case in certain parts of the country. A small bubble of "unemployment" are slowly rising which could certainly get a lot bigger in few months or a year. For instance, California Unemployment in 2007 was around 4 percent. That same figure now today stands @ 10.1 percent.

[sweeps]

This won't help:

Even 'Dr. Doom' Is Scared: Economy Much Worse Than Roubini Predicted

A year ago Roubini was forecasting an 18-month recession with a U-shaped recovery; now, he's now expecting the downturn to last at least 24 months and possibly 36-months. He also sees rising risks of a Japanese-style L-shaped stagnation, i.e. a prolonged period with little or no economic growth.

[Joan.of.the.Arch]

Well, uh, I fear.

[Angio333]

Things are really bad in the area where I live. My job is OK, but wife's company is hurting. They have had a few lay offs. To be honest, I'm surprised she hasn't been cut to part-time or laid off.

We'll be OK if she does lose her job, but the state of the economy around here can be depressing. Lately, hardly a day goes by where you don't hear news of another major employer laying off or closing.

I'm going back to school to learn new skills and possibly get a new job when I'm done. Hopefully, the economy rebounds some by the time I'm done....about 23 months.

[disneysteve]

In my fairly small circle, everybody is doing okay. Of course, we are moaning about the state of our investments, but we all expect to be okay in the long run. My cousin, who plans to retire next year, isn't too happy, but he still hasn't given any indication that he will change his plans. He has mentioned getting a part-time job to help out, though.

[Russell]

It certainly a bumpy ride!!
...

For instance, California Unemployment in 2007 was around 4 percent. That same figure now today stands @ 10.1 percent.

Yeah and that 10.1% doesn't include those that have dropped off the unemployment benefits register but still haven't found work.

Bumpy ride indeed.

[GREENBACK]

89.9 percent are still employed in CA.. Just trying to look at the positive side. What else can ya' do.

[LivingAlmostLarge]

Yes, absolutely. But the field I'm in is rough. It's easy to get fired like that.

[Russell]

89.9 percent are still employed in CA.. Just trying to look at the positive side. What else can ya' do.

GB, I don't think it's 89.9% because the way they get the unemployment figures is by looking at the number of people on the unemployment benefits. Those benefits run out after a finite time, I think it's 33 weeks. Then there's no way to keep track of those that are not receiving the benefits.

[GREENBACK]

I know the figures are skewed as they always are. some of that 10% will never work even in the best economy though.

[wincrasher]

Some people are not in the numbers. If you give up looking, you drop out. If you get part-time employment you drop out.

The number is much higher.

Most people are so freaked out because the big layoff occurred basically Oct-Dec of last year. Never before has it been so sharp over a short period.

Seems like the whole world is falling apart. Just watch the news and you'll see.

[disneysteve]

I know the figures are skewed as they always are. some of that 10% will never work even in the best economy though.

Also, the unemployment figure includes folks who are collecting benefits while simultaneously getting paid under the table at their jobs. I know a fair number of people who collect government benefits while still working. They just aren't on the books.

[srblanco7]

Yes - but it's more like annoyance than fear.