how recession-proof is maine's economy? (Portland, Bangor: health insurance, how much, unemployment)

[bar777]

particularly in the bangor area?

there's some talk in financial circles about the coming recession being at least as bad as the one of the 70's.

[Coaster]

The conventional wisdom holds that Maine doesn't feel recessions as much as other states do because our economy doesn't have the highs and lows that we see in places like Florida and California and Texas. Or, if you want to be more cynical, Maine won't feel the next recession because we never came out of the last one.

Our cushion in the past has been our natural resource-based industries, like fishing and paper, which always have markets -- people always need to eat and they need something to wipe their noses with when they sneeze. Plus, Mainers have a long tradition of "gettin' by," living cheap and helping each other and putting together a variety of informal income sources when regular jobs aren't available. But I don't know that those rules will hold this time. Fishing is almost dead, except for lobstering, and the paper industry is bumping from crisis to crisis, and Mainers have become residents of Suburbia just like everyone else.

As for how severe the coming recession is/will be, I think it will make the '70s look like the '90s.

[mainebrokerman]

Originally Posted by bar777

particularly in the bangor area?

there's some talk in financial circles about the coming recession being at least as bad as the one of the 70's.

the doom and gloomers have been predicting recession for 7 years, if ten years ago, you predicted, gas over 3.00 a gallon, the stock market over 12k, while unemployment is still low, and interest rates are still low,,,,
most folks would have said you are nuts !!!

energy costs are stifling all of us, and businesses, think of all the 18 wheelers delivering goods across the roads, (how much a gallon of diesil costs)also, health insurance has skyrocketed for many of us, along with increased taxation,,,,so, im not sure all this will drive us into a recession, but i wouldnt be surprised,,

now, ive got to offer this, im a firm believer, either individuals, or businesses can still do well, we have to make adjustments, would it be wise to buy a brand new vehicle for 20-30k?? to me absolutely not! is it wise to spend a good percent of your food dollar out to eat?? absolutely not!!! (not to me, anyways) but both are happening everyday.
everybodys' circumstance is different, i wished i had the means to live comfortably,,,but i do save for a rainy day, or if the waters get turbulent..


i dont see how bangor is going to be much different than most other areas if we were to be in a recession..

[WhoFanMe]

If we really are in a recession nationally - and nobody has proved that yet, Maine tends to lag the downturns and the upturns.

Somebody here mentioned Dave Ramsey in a post about 6 weeks ago and I started listening to some podcasts. He's got a quote from Zig Ziglar that I like, "the media has predicted 36 of the last 2 recessions."

[teri04915]

well im from bangor orginally and im goin to tell you . u maybe alright but i wouldnt plan on it . Bangor qill get hit hard by recession di=ue to mostlu lost of stores not much factory work or nursoing work there

[Coaster]

Originally Posted by teri04915

well im from bangor orginally and im goin to tell you . u maybe alright but i wouldnt plan on it . Bangor qill get hit hard by recession di=ue to mostlu lost of stores not much factory work or nursoing work there

Not much nursing work? Bangor has two of the largest hospitals in Maine, Eastern Maine Medical Center and St. Joseph's, as well as a number of smaller specialty centers. Bangor is also the financial center for northern and eastern Maine -- Bangor Savings Bank is the largest independently owned bank in Maine IIRC. It's also the government center, both state and federal, for a wide variety of services. There's a new biotech operation opening there, and the University of Maine in nearby Orono has spun off several tech industries. And right now Cianbro Construction is underwriting welding and other trades programs and guaranteeing jobs at its new facility across the river in Brewer.

In a recession, no job is 100 percent safe, but Bangor will have more jobs than just about anyplace else north of Portland.

[moughie]

Originally Posted by Coaster

Or, if you want to be more cynical, Maine won't feel the next recession because we never came out of the last one.
.

True words there, coaster.

[K-Luv]

It has been shown time and time again that Maine doesn't feel the effects of recessions as much as the rest of the country. This is because, as stated previously, that Maine has yet to really catch up with the rest of the country in terms of real economic development, hence, there is not as much at stake to lose in the first place.

Those receiving food stamps and welfare and employers that rely on Federal grant money to fund projects will probably be the most hurt.

Another thing, if you can believe it or not, is that the tourist industry has been keeping Maine afloat since the early 1900's. People will always go on vacation and spend money regardless of the state of the economy--and there are plenty of wealthy people in the Northeast who will still come to Maine and spend money. The Great Depression didn't stop the tourist from coming. This one won't either.

[MRVphotog]

By the very definition of a recession we are definately not in one now nor will we have one in the near future. Slowdown...yes, recession....no.

[skytrekker]

If Maine's economy sees a recession, it will be like Connecticut's- lnot be as severe as some other 'hot regions of the nation.

As for doom and gloomers- did not most Wall Street Shills, the NAR and including the Federal reserve, who lowered interest rates to practically nothing- saying 'all was clear' no housing bubble, no sub prime problem etc-

Well the doom and gloomers on the blogs proved them all wrong-stay tuned.