Economic Downturn Has Finally Arrived!!

[Ponyup]

The company I work for has a plant in El Paso, TX. They just recently laid of 90 people out of 160; that's 56%. So far we havent' had many lay offs up here in Northern indiana, but they are coming. The company that bought us is publicly traded & there stock is down 30%, they are predicting big cuts for the 4th quarter. We've always ran 24/7 with swing shift employees. They are talking about going to 24/4 which means only 1 day & 1 night operator per machine, which means half of the operators could lose jobs. I've been working 10 hour days & most weekends because they've laid off people in my area & I have to pick up the slack. I'm not really worried about my job at this time, but I'm worried about my husbands. But we'll make it.

[Janet]

It's bad all over for most middle class and I believe you're right Michelle, there will be many moving to the lower/poorer class. I don't mind being honest with everyone, I make just a little under $11,000.00 a year. Not much I know, but if afforded my for the last seven years to be home with my son when he was ill and during school breaks and summer. I didn't want someone else raising my son, so the money took a second seat. It did help that I have great insurance. Husband had back surgery in August of 2007 and we have yet to pay a dime.

Now my husband is without a job. He has helped the neighbors with harvesting, but that's done. He goes out and job hunts or sends resumes out via computer. There just aren't many out there. He did testing yesterday for SIA (an automobile plant in Lafayette) that is supposedly hiring, but not until January. Today he has an interview with a neighboring school corporation as a custodian. Not really what he's wanting, but he has never done anything but auto body repair and well, people are keeping the money instead of fixing their cars. So hopefully this custodian job will work because it is making him despressed staying home. He has always had a job and is feeling like a failure.

He is able to draw $305 unemployment, but that is just barely enough. We have cut things drastically. Have yet to turn on the furnace...we're heating with wood in our fireplace insert. Not real comfortable, but hey...we can't afford to be right now.

I'm not complaining, but it's getting harder and harder not to.

[Tiramisu]

I've been trying to "cut back", but we're already pretty simple. Hubby and I have always worked and make decent money, putting four kids through college and saving everything we can for retirement. We have basically lost our last five years of savings in the last few months and that will take more than five years to recoup, meaning that I won't get to retire next year or maybe never.

I'm not extremely worried about my JOB or getting a pay cut, but I do worry about a couple of my kids losing theirs.

Jonathan is going to work in Iraq and Laura should be able to find a teaching job.
Jeff got back from Iraq and started a job and Emily teaches kindergarten.
Kenneth is struggling selling houses and Paula teaches kindergarten.
Roxann teaches 5th grade Math.

So, I feel OK about the "teachers", but worry for Jeff and SILs: Jonathan and Kenneth. Jeff can teach school, but other jobs pay more. He's working 3 months probation and hopes to be hired.

And, I worry about my friends here!

[Marilyn]

We're hearing more bad news today. More projects pushed back. Our son-in-law should be okay with his job, firefighter. He's in the Austin Fire Academy right now and graduates in February. He's doing very well by what we are hearing, and his dad is asst. fire chief, so hopefully he will be okay. He's already a certified EMT/Firefighter so he could always work for a smaller city if they need any firefighters. His wife, our youngest is in college and working part time for Bank of America. We think her job is secure for now. We pay for her college.

Other daughter is a full time college student. Just hope we can keep paying for their college, and our full time student's expenses. She may have to find a job, but she's taking heavy loads and doing very well, so we want her to hurry and finish and get to work at a really good job, if there are any when she graduates.

Guess they can always move back home. We can feed and house them if necessary.

[HALEY]

Almost all the steel mills are shut down around my area, we laid off many, many guys, and my hours are cut down now to 4 days a week,,,
and the funny thing today in the paper on the front page, is the banks that the government just bailed out, gave all the big shot wonderful bonuses today,,, isn't that nice,,, i guess there spreading the wealth around hun..... this world is screwed up if you ask me the government should have never bailed them **** out of trouble, they just made the rich - richer and there laughing ....

[celstu1]

My company just sent out a memo today.

Wages and Salaries are frozen for 2009.
For people making over $50k (me) no more matching 401K at all.
Insurance premiums went up, luckily those did not go up much at all amazingly. But they are high, I am single and pay $60 every other week plus $40 copays.

We are all feeling it!

[judy]

This is going to get worse before it gets better. It is so sad that the hard working middle class is having to tighten their belts so much. Unemployment has gone up to the point it was around 9/11. My SIL is not working, although he is in the electrician's union so he still gets his benefits. I hope he and his new partner get some work after they finish my house. The trouble is, people are not using contractors right now. If you can't afford heat, you're not rebuilding the porch!

I have lost so much in the market this year, and I don't even have that much in my annuity. I get a pension, health insurance and social security in a few months though, so I'll be okay.

These are hard times. I hate that some of you are feeling the impact so hard.

[gja1000]

The state of the economy is very very frightening. I'm so worried! My husband and I experienced a sudden loss of job 4 1/2 years ago, when he woke up in heart failure and then ever was able to work again. It was so sudden and unexpected - we were not prepared. It was so scary but we made it through. He was about to get his social security disability and medical retirement, but it is just a fraction of his previous salary - but at least we have it.

I have a good job and I am tenured at my University so that is wonderful. But much of my retirement is gone. I don't have a pension - only my 401K and you all know what that looks like. I don't have any plans to retire anytime soon - now it looks like I may have to work till I'm 85 - I'll be that crotchety old professor hobbling around with a cane!

We have learned to live much leaner since my husband's illness. We just got word today, that his co-pay on his medications will go up from $35 for name brands to $65. That's almost a 100% increase, don't seem fair. On the other hand we used to pay $10 for generics and now the first 3 generic prescriptions will be free - big whoop (a whole $30 savings) - and then $10 each! I guess it is something though. Problem is that he takes 13 prescription meds!!! This is going to hurt the pocketbook. Some of them are generic - but some do not have a generic alternative.

I also worry about our kids. SIL is district manager for a concrete company - their business is way down. I don't worry about him losing his job so much as I worry that they will close some of the plants and he'll have to move. The company is strong and I think they can survive slow business, but I fear they might have to relocate - there are worse things though. He certainly will not get the big bonus this winter that he is used to.

My daughter does not work (she has a two year old) - but she could if she needed to. She is an elementary school teacher.

I worry so much about the needy. For example, I work with an adult day care center that cares for the elderly who can't stay home alone during the day. They depend on donations and funds to make ends meet. Medicaid pays for adult day care but not enough per day to cover the costs. If people are not able to donate, I don't know what will happen. Same with organizations like the food bank. If people can't afford to donate, then they won't have enough food to help the needy!

It is not a pretty time right now. I don't know when it will get better.