Layoffs coming- but most people live paycheck to paycheck (loan, expenses, real estate)

[questioner2]

They say that about fifty percent of Americans live paycheck to paycheck and are only a month from financial disaster. Their fixed expenses are at or above their income and they have little or no savings.

This was easier in a period of low unemployment, but now as the country moves into a recession, many people are in for a shock of their lives. When the major layoffs start coming many of us will find out that getting a new job will take alot longer than it use to. I talk to friends who live in smaller towns and they tell me now even low wage jobs can have a hundred applicants. I think we can soon say we will have a labor surplus, not a shortage.

Have you ever been broke and unable to find a job? What did you do? Have you or friends lived paycheck to paycheck?

[8 SNAKE]

Looking at things in a macro sense, I'm not so sure that I buy into the potential labor surplus. Look at the sheer number of boomers that are poised to retire in the next few years.

There will obviously be pockets within the economy that will deviate from the norm, but in general I don't worry a lot about a labor surplus causing employment problems.

[baystater]

Originally Posted by 8 SNAKE

Looking at things in a macro sense, I'm not so sure that I buy into the potential labor surplus. Look at the sheer number of boomers that are poised to retire in the next few years.

There will obviously be pockets within the economy that will deviate from the norm, but in general I don't worry a lot about a labor surplus causing employment problems.

It's going to depend on how many boomer's can actually retire. From what I seen out there alot of them were not wise about there finances and will have trouble leaving the work force.

Look guys sometimes you got to suck it up and take the lower paying, crappy jobs. Yeah I know that sucks but you have to do what you have to do to survive.

[70Ford]

Sprint laid off 4000. Ermm. Wonder how they are going to pay the mortgage. Probably with a low paying, crappy job.

[tallrick]

Perhaps people will have to return to farming and manufacturing? Higher unemployment will bring a backlash against illegal immigrants. I am divided as to whether the recession will crash real estate values or stupid foreign investors will buy up real estate and keep property unaffordable.

[8 SNAKE]

Originally Posted by tallrick

I am divided as to whether the recession will crash real estate values or stupid foreign investors will buy up real estate and keep property unaffordable.

Why are foreign investors stupid for buying US real estate?

[Shazam72]

Originally Posted by 8 SNAKE

Why are foreign investors stupid for buying US real estate?

Because it's seen by many as catching a falling knife.

Except for choice properties on the West Coast or Miami condos bought for a quarter on the dollar, I don't see foreigners saving the day. Also, many foreigners who currently own will be dumping property at this point to save their skin.

[RoaminRed]

There is always work to be had. Maybe it won't keep you in your 4br 'burb house and your two gas-guzzling SUVs, but if you want to work there is always a job to be had.

[Driller1]

Originally Posted by tallrick

Perhaps people will have to return to farming and manufacturing? Higher unemployment will bring a backlash against illegal immigrants. I am divided as to whether the recession will crash real estate values or stupid foreign investors will buy up real estate and keep property unaffordable.

Farming is expensive.
Without crop supports and the "F" form on income tax, few would be able to farm. Diesel, fertilizer, land, and equipment. Millions to get started.

Open a factory?? How do you get a loan when your unemployed???

[Driller1]

Originally Posted by RoaminRed

There is always work to be had. Maybe it won't keep you in your 4br 'burb house and your two gas-guzzling SUVs, but if you want to work there is always a job to be had.

Yep, I alway found it. Looked in the obituaries at times.