Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Sorry for your friend, but the OP thinking it's just service industry people is incorrect.
Agreed. Highly compensated, professional white collar workers are losing their jobs as well. It's hit a few of my friends already and I fully expect Ill lose mine by the fall. This isn't just a blue collar, service worker catastrophe.
Now, a second wave of layoffs is hitting those who thought they were safe, according to the Wall Street Journal. White collar workers working from home are being laid off by companies suffering from dismal sales.
When this first started in mid March, I felt that the have's and have not's of the situation would be:
Have: Maintains current employment through the ability to work from home, keeps same salary/hours, able to pay rent/mortgage on time...even saves a few extra bucks when it's all said and done.
Have Not: Everyone else, which are those that are laid off or furloughed, or those who keep their job but need to work on site risking their health in catching the virus (nurse, grocery worker, warehouse worker).
But now it's becoming more evident that even the "have's" will be cut down quite a bit. Just because a white collar worker (like myself) has a job now, in 6 months once the economy is crushed, that may not be the case. With state, county, and city governments feeling the effects of reduced sales and property tax revenue, many cuts will be made to projects and programs. That hasn't happened yet because the deficit hasn't been realized yet.
When this first started in mid March, I felt that the have's and have not's of the situation would be:
Have: Maintains current employment through the ability to work from home, keeps same salary/hours, able to pay rent/mortgage on time...even saves a few extra bucks when it's all said and done.
Have Not: Everyone else, which are those that are laid off or furloughed, or those who keep their job but need to work on site risking their health in catching the virus (nurse, grocery worker, warehouse worker).
But now it's becoming more evident that even the "have's" will be cut down quite a bit. Just because a white collar worker (like myself) has a job now, in 6 months once the economy is crushed, that may not be the case. With state, county, and city governments feeling the effects of reduced sales and property tax revenue, many cuts will be made to projects and programs. That hasn't happened yet because the deficit hasn't been realized yet.
Many middle class people will soon discover just how much optional spending they do. And most will do well enough to endure. Whether or not they still have a job later is another thing.
Most people will have to curtail their spending. Wife can't get the latest Lexus 350 and hubby can't get the latest Ford Raptor. You're going to have to curtail your spending and be mindful that much of the future is unknown right now.
I'm fortunate to be employed and in an industry that's been super busy (banking). We assisted over 12,000 employees and issued just over $100 million in PPP loans to our customer base.
I live in Arkansas, and we processed $2.1 billion in PPP funding, which helped approximately 14,800 businesses. The $350 billion in PPP funds were exhausted this morning. What was that, 9 or 10 days to deplete?
These disruptions always create more wealth for those that are already so rich they could wipe their asses with hundred dollar bills until they die and more poverty for many others.
The rich will eventually get richer, having the knowledge and resources to invest in these buy low opportunities. Of course there is also risk there.
But the poor will not be getting poorer. Because of our system of central largess, the poor will get first dibs on some new money. Of course that new money will be spent and then trickle up. So the rich eventually get richer there too.
I dont know who can argue that many in middle and lower wage workers are getting hurt the most. Btw, I think women are getting hurt more than percentage wise. Who's out of work? Retail, restautants, hotel, airlines, doctors offices hospitals. Those are mostly lower wage and many part time workers those are largely in the lower income range and they probably have the least amount of savings. Those are the people really affected and nobody seems to care at all about these folks. They will suffer a lot more.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
