Economy · Security

What will it take for you to recover from the recession?

Eric Ringham Sep 21, 2009
16

The recession is showing signs of easing, but for many people it could be some time before a sense of security returns. What will it take for you to recover from the recession?

  • Mike in Saint Paul

    Housing starts need to return to previous levels and overall construction needs to bounce back. I work for a construction products manufacturer, and while I feel secure in my job, I’d feel a lot more comfortable if we had more work coming in.

  • I am self employed, that means no unemployment insurance. I have been underemployed since last October. My income is about 25% of what is normally would have been. I’ve used up savings.

    I would like to work full time or at least have more secure regular part time work.

    I am an accountant. Since my customers are medium to large corporations, I need them to realize that job positions should not be limited to full time regular. I recommend they advertise for the part time, casual and/or seasonal workers.

    Recessions are part of the economic cycle. And although I saw the signs I did not adequately prepare. That’s my fault. I don’t expect the government to bail me out. However, I have a) used up my savings, b) not been able to continue to save toward my retirement (I’m 62) and c) increased anxiety and loss of confidence.

    In the end, I’ll survive and I’ll be able to recover, The recession means change, change to my plans and time lines; but that is life.

  • Tim Nelson

    A ten year extension to my unemployment insurance benefits, or welfare, either one will do.

  • kennedy

    A big fat number in the savings account.

  • David

    When I sell my house in Northeast Ohio (meaning somone, anyone will be able to qualify for a mortgage and take it off my hands). I will lose about 25% of the value, but at least I will not be paying two mortgages.

  • Brian

    I’m back in school, a technical college, for the second time this decade. The first time I went to study carpentry after I lost a factory job. When I lost a second job in 2008 one of the things that was available to me was the cance to got back to school — again. It seemed like a good idea at the time, as returning to carpentry didn’t seem like a good idea at the time. This time I’m going to school to become a paralegal. I have one more year left. The last I’d heard, none of the people who’d graduated last spring still had jobs in the profession they’d trained for.

    I’m from Southern Minnesota and wish to return to Southern Minnesota when I finish school

    I’ll know the Recession is over when I have a job in the profession I trained for in Southern Minnesota

  • Anne

    Maybe I’m lucky, but the recession really hasn’t affected me much at all. I’ve always tried to live within my means; my car is small and used but it’s paid for. My house is old but comfortable, and my house payments are affordable mostly because I didn’t follow the “advice” of my realtor and banker and take out a loan that was at the top of my price range. I also didn’t follow the “advice” of my financial planner when he suggested that I take out a line of credit against my mortgage to buy a new car. I have a decent amount in savings and could live for a fairly long time on this if I were to lose my job. I’ve always lived like this, and I plan to continue living like this whether the economy rebounds or not.

    Anne St. Cloud

  • Ann

    I’ll feel more secure when my high-tech employer stops having layoffs every quarter. Or should I say having layoffs in the US while hiring in India.

    In other words, it’s not going to happen, I guess.

  • KK

    When my husband’s employer stops making everyone take a 10% pay cut.

  • James

    Stop political corruption / incompetence.

    I voted for Ross Perot. A successful businessman, that is the type to LEAD a country to sustainable success. DON’T TREAD ON ME.

  • PA

    Anyone you types “DON’T TREAD ON ME” in all caps should forfiet all government subsidies. No fed school loans, no social security, no unemployment, no medicare or madicaid. You want to be so independent, then don’t take a dime of my tax dollars, because if you do, you are a hypocrite.

    Anne from St. Cloud is cool. The only thing I would say is get rid of your financial advisor, they are scam artists. Educate yourself, use a broker/financial advisor that only has service fees (ie. you pay them only when they actually do somethng for you) and find a broker with a good, resource filled website (I use Schwab, but I am sure there are other quality sites). One that teaches and informs, with mutual fund and ETF screeners, search tools etc. Search for non-fronted, low fee investment options. Vangaurd has a great selection of low fee ETF’s and use a brokerage house that has there own low fee mutual funds. If more people were like Anne and me, we would have smaller gov’t that would be more able to actrually help the needy, as opposed to bailing out short sighted spend thrifts who don’t save for their retierment and demand gov’t programs. don’t tread on me

  • James Johnson

    WHAT RECESSION?

    I’m retired, my house is paid for, I receive a defined-benefit pension from my former employer (with a 100% joint survivor benefit for my wife’s security), we both receive Social Security checks, I’m on Medicare plus an Advantage program partially paid for by my former employer, my two cars are paid for, and we have no debt.

    Prices have dropped in some categories so the cost of living has decreased.

    What recession?

    P.S. What I’m saying is that we, fortunately, haven’t really been affected by the recession. I do have a lot of sympathy for the (younger) people that have or will lose their jobs and are having a tough time making it the last couple of years. I’m lucky this time around. I only wish that I could be 20 years old again.

  • Angel

    When my husband has a job and I don’t have to work 3 jobs at 16 hours a day 7 days a week. When I can buy my kids school clothes and supplies at the same time. And when I am not in constant fear that if I get sick and can’t work that we will lose everything because I can’t work 16 hours a day.

  • Lisa – up North

    The recession will be over for me when the housing market recovers. I’m one of the fortunate in that I have a secure job with good benefits, but I’m upside down in my mortgage. I bought a 30-year-old house 5 years ago with the idea that my husband and I would make some improvements, but over the last couple of years the value of this home has dropped drastically and a home improvement loan isn’t currently feasible. Instead we’re concentrating on paying down debt with the idea that we’ll be able to make those improvements in 4 or 5 years…I hope.

  • Ben B

    Find a job

  • brad

    Feeling more secure in my job. We’ll be continuing to reduce staff/cut through at least 2010.