Tuesday, December 22, 2009
Recession
I think the Great Recession will come to be thought of as the Great Divide. The people who were economically able to survive the recession will come out on one side and those who did not will come out on the other side. And I don't think that there will be much chance for those who went under to pull themselves to the survivors side. There's just so much damage that has occurred--houses and equity gone, savings and retirement accounts gone, jobs that paid well and had benefits/health insurance gone, marriages and relationships damaged, and health ruined. There will be recovery for some but IMHO most of those damaged by the Great Recession will have a devil of a time climbing back out.
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2 comments:
They'll come back, Florence. Stronger and smarter than ever. And they will never, ever make the same mistakes ever again.
Will they have PTS (post tramatic stress)? Absolutely. But, they'll deal with it.
It doesn't matter what side of the fence they will be on. This Great Recession hit everyone, rich or poor, black or white.....whatever. I don't know a single soul who has not been affected.
Will any of us go back to the way we were? I doubt it. We lived AND learned.
I truly wish that I could agree with you. However, I think that there has been a permanent change in employment practices and without long-term employment there is very little chance that a person damaged in this recession can make much of a recovery. I think that those who have survived will recover but those who were pulled under will continue on a downward economic trend.
I do think that there is a new normal and that people have learned a bit. I hope that they have learned to live on less than they make and to prepare for the inevitable rainy day.
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