This economic crisis has been on my mind a lot lately. It is hard for me to fathom exactly what is happening being located so far away from the direct impacts. This week alone I read several very insightful posts from other bloggers around the globe focused on the US crisis (and it’s no longer simply a US crisis, it’s now worldwide, but I’m focusing on the US for now).
Diane at Martini’s For Two posted her thoughts at this blog post entitled That’s What I Call Stimulating! Please take a moment to read her thoughts. She’s an expat like me.
Another good post I read was from Coach Blogger entitled Looking To Be Led Some thoughts on our new President.
Carol at Northwest LadyBug always keeps it real. These are just some places in her local Seattle that are on the layoff list in her post Would the Last Person to Leave Seattle Please Turn Out the Lights? A most delightful account of recent layoffs from companies around every economic sector.
I could go on but I think you get the idea that the economy is on everyones minds these days. So I wanted to get a good feel for what is going on with real American’s in everyday life. I’ve put together some questions I hope you’ll answer at the end of this post. It doesn’t matter what you believe political, socially, religiously; it doesn’t matter where you live, in a city or sleepy village, Utah or New York, that’s not the point. I want to know what the downturn of the economy means to you and yours. Feel free to leave your thoughts anonymously if you prefer.
I’ve done some homework on everything and I have the following “fun” facts and figures (and their sources). Tell me what you think of what the experts say.
- Michigan 241,833
- California 189,749
- Ohio 159,061
- Texas 137,191
- Indiana 111,665
- Florida 99,199
- Illinois 93,763
- New York 82, 357
- Tennessee 79,424
- Pennsylvania 76,759
- Is the US economy worse than you thought? Better? What economy?
- Do you think President Obama can bring the necessary changes needed to get things back on track? If no, how would you help the economy?
- Have you personally been affected by the economic crisis of the last year? How (loss of job, 401k, etc.)?
- What things have you had to forgo or postpone because of the economy?
- Where have you made the biggest cutbacks at home? (food, transportation, vacations etc.)
Unemployment rate in January 2009 – 7.6% (comparatively Cologne, Germany 11%)
Highest jobless rate in 17 years
Source – Yahoo News
Top companies reporting large layoffs:
Catepillar Inc, Pfizer Inc, Microsoft Corp, Estee Lauder Cos., Time Warner Cable, Sprint Nextel Corp, Office Depot, Macy’s, GM, Ford, Sharp, DHL (with 7500 jobs in last cut, that was personal to me and my family, though we still do have a job at present), Dow Chemical, Sony, Principal Financial Group, Starbucks and AT&T.
And some big numbers to think about:
Bank of America to cut 35,000 jobs in the next three years
Credit Suisse Group, DuPont and Viacom 34,000 jobs among the three
Source: Money CNN
Bernard Baumohl, chief economist at the Economic Outlook Group said the jobless rate will peak to close to 10% by 2010.
Job Loss State by State:
Top Ten States in order and Number of Jobs Lost:
To see where your state placed visit: Money CNN
I would like to know your response the following questions if you are willing to answer them. I’d even love to hear what other expats around the globe have to say as well so please post your answers in the comments.
I’m going to leave this up for a few days and then I’ll put up a post with the top answers later next week.
And please no one go jump off a bridge or something after reading this! There is an end (somewhere) in sight to the economic madness, it’s just not going to happen overnight.
~Absolutely wonderful responses and comments. Keep them coming I’ve been reading them and keeping track of them all for next week.~