After Layoffs, Incomes Can Take Years To Recover

nytimes.com:

RIVIERA BEACH, Fla.- Chuck Dettman said he had not really considered the notion back in 2001 that he and his friends in a job-search support group would never recover from being laid off

Read the whole story: nytimes.com

Comments

[sonoffestus]

Welcome to the new world order!

[lvdragonlady]

This would not be such a big deal IF everything else dropped accordingly, but wages drop and everything else goes up and what do you end up with? more people below or at the poverty level.

[treat2day]

Use the map below to find out where you can give and get food aid in your locale.

http://www.pbs.org/moyers/journal/07032009/profile3.html#map

[nopilikia]

It will get worse. So much wealth was taken from the middle class and passed along to the rich for the past 8 years. The amount is staggering. It will take over thirty years to earn and/or returned those monies to the middle class.

[wilsonveteran]

To fix the economy we need a smaller less expensive government not more government here is why.
The inheritance tax. Accounts Receivable Tax Building Permit Tax CDL license Tax Cigarette Tax
Corporate Income Tax Dog License Tax Excise Taxes Federal Income Tax Federal Unemployment Tax (FUTA) Fishing License Tax Food License Tax Fuel Permit Tax Gasoline Tax Gross Receipts Tax
Hunting License Tax Inventory Tax IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax Luxury Taxes Marriage License Tax Medicare Tax Personal Property Tax Property Tax
Real Estate Tax Service Charge Tax Social Security Tax Road Usage Tax Sales Tax
Recreational Vehicle Tax School Tax State Income Tax State Unemployment Tax (SUTA)
elephone Federal Excise Tax Telephone Federal Universal Ser vice FeeTax Telephone Federal, State and Local Surcharge Taxes
Telephone Minimum Usage Surcharge=2 0Tax Telephone Recurring and Non-recurring Charges Tax Telephone State and Local Tax Telephone Usage Charge Tax Utility Taxes Vehicle License Registration Tax Vehicle Sales Tax Watercraft Registration Tax Well Permit Tax
Workers Compensation Tax

STILL THINK THIS IS FUNNY? 99% of these taxes did not exist 100 years ago,
and our nation was the most prosperous in the world. We had absolutely no
national debt, had the largest middle class in the world, and Mom stayed home to
raise the kids.
What in the hell happened? Can you spell 'politicians?'
And I still have to 'press 1' for English!?

[mjtaylor22]

YOUR LOGIC IS SO TWISTED

[mybookface]

The disconnect between the problems facing mainstreet and Washington keep widening. For the past 6 month's we're nothign but talk of regulation, but zero action. What a joke.
good articles... http://www.iamned.com

[mjtaylor22]

yes indeed, it is a long hard road back to decent wages after a layoff, i was laid off in 2003, from Wachovia Securites, and til this day have not been able to match that income, i am much closer now, but we had a deep drop in income, almost lost it all but I kept working two jobs and all to kepe my home. finally got employment to replace the two jobs, though I am still under that 2003 overall compensation, i am happy i was retained in our recent round of layoffs, it would have been total destruction to have the bottom fall out just as I see the light at the end of the tunnel. and now allthe work i did to keep my home..........argh, the value has plummeted due to the us recession

[vippy]

please, don't forget we have the government we elected! And our leaders we elected let this happen!
I believe, they got us where they want us and we never get out of this!

[WorkingClass]

We "elect" the candidates purchased for us by our corporate masters.

[DocJerome]

One of the most glaring facts pointed out by the article is that defense contractors cut jobs on projects, only to sub-contract those same jobs for more money. Furthermore, the wisdom in keeping a project going using a programming language that is no longer widely used just begs to be a candidate for all sorts of outdated, out of touch, and obsolete awards.

Proof that the scam continues.

[Brute]

I just bought a bigger offshore racing boat!

[James Schull]

I just watched the sunrise!

[DocJerome]

We all had better buy into the idea of holding leadership accountable.

[Tom95134]

The NY Times article says ten years but it could easily be much longer. Japan still hasn't recovered from their major recession in the late 1980s. The NY Times had an article last week about salaried workers (salarymen) who have not been able to find regular work. Many are doing part time but this is making things socially difficult for them because in Japan a person is much more defined by their work..

[loki]

This is just what they have been fighting for since Reagans train wreck policy was implemented during is 2 terms. They even talked about how it would take many years to bring to its final outcome. And it has. With Reagan, daddy, Clintons help with Nafta, then Baby Bush, and the hard core capitalist in the Neo Con and Demorat parties, we are soon going to see the US governement in such debt, such financial strain, that only social programs for the wealthy and the Ivy Greed Capitalist will be able to be funded.
Then, wages will be so low, and individual debt will be so high, that only the most powerful of the Ivy Greed capitalist will have the rest of us working for them as indentured servants for eternity.
As usual. I hope to God, if there is a God, I hope I am so very wrong. I will be proud to be nationally verbally flogged on every media outlet 10 years from now as the most idiotic person on earth. At least that would mean that things are not nearly as dire as I think it might become, and that Reagan and the Neo Cons Trainwreck policy failed! I would be the happy.

[WorkingClass]

Its called feudalism loki. Usually associated in the mind with the dark ages. A conservatives wet dream. Pray that you are only verbally (or virtually) flogged.

[dobeedeux]

I'm not getting a subscription to NYT online, just to read an article now and then. Thanks for the link to nowhere.

[PhilipTaylor]

HOW the WALL STREET BANKSTERS SKIMMED OUR FUTURE!

Look under the HOOD of a MORTGAGE DERIVATIVE which is a bunch of mortgages sliced up and packaged together!

MASSIVE PROJECTED and HIDDEN FEES: Banksters used Math Models to Project the Housing Hyper-Inflation of 2004 to 2006 forward TEN to Twenty Years and SKIMMED that amount using Hidden Fees added to the Cost of the Derivatives Sold as "AAA" to unsuspecting Investors around the world. Then they SKIMMED off the FEES into Executive/Employee Pockets!

So the Derivative starts its life at say 50% of its FACE VALUE! That is why many of the Derivatives are worth next to NOTHING after housing dropped only 50%. They should be worth 50% but NO! Many are NEAR ZERO!

The Banksters SKIMMED OUR FUTURE!

[Weathermaker]

Somewhat related:

Offshoring by US companies surges: Survey
http://economictimes.indiatimes.com/US-cos-turn-to-offshoring-to-achieve-cost-savings/articleshow/4855084.cms

The number of US companies with a corporate offshoring strategy in place more than doubled in the past three years, according to the fifth annual report on offshoring trends, published by Duke University in collaboration with the Conference Board.

Of the companies surveyed, 53 per cent had a corporate offshoring strategy in place, up from 22 per cent in 2005, said the Conference Board, a nonprofit business research organization.