Rick Callahan, writing for the Associated Press, has an article entitled “State Jobless Rate 6.4%.” Indiana’s jobless rate is up from 6.2% to 6.4%. It’s even tougher in some neighboring states, with Michigan up to 9.3%. These numbers don’t reflect people whose unemployment benefits have run out or who have otherwise stopped looking for work.
Among the Hoosiers feeling the pinch is 60-year-old Skip Surguine, who lost his job as a telemarketer about a year ago and now survives on disability checks for his diabetes-related complications.
I can’t tell you how many times I have heard a variation of that type of story running my collection circuits. Until this past week, I had thought that the economic downturn was more or less “baked in” already for the lower end of the financial spectrum that I typically run across in these cases. They have been having a roug time of it for several years. But, this week’s cases gave me the sense that things are getting more desperate out there — my sample size is about 100 cases for the week, not necessarily representative of anything.
But, as everyone knows, it’s not just the poor feeling the pinch. The stock market, as everyone knows is having a rough time of it. The Dow has lost about 10 years worth of gains. The major indexes are down 30-40% for the year. I’m probably not the only one who feels like a bit of a chump for putting money into my 401(k) all these years. Maybe my money would have been better spent on world travel or something that once seemed much more frivolous than saving.
But, I suppose past is past. I’ll probably keep grinding away as long as I’m fortunate enough to have a job; keep saving in the hopes that it won’t take 20 years to regain this year’s losses; and hope that the carnage in the economy leads to that “creative destruction” the economists like to talk about and, sooner rather than later, creates a stronger economy that leaves our communities better off in the long run. But not too far in the long run, because, as John Meynard Keynes said, “In the long run, we’re all dead. With that cheery thought, I hope everyone is having a good weekend.
Definitely rought out there. Go spend some time in any of the state unemployment (WorkOne) offices. If nothing else just hang out on the public pc’s.
Listen to what’s happening to folks, it’s fairly disheartening.
Oh & Yeah – Mitch & Co have an effective freeze on. No new hires to help with the increased numbers.
Ask then deacons or benevolence committee at any church and you’ll hear the same thing.
Lori-it’s true; we have receuved more calls recently than I remember in the past. And it will get worse as Accelor Mittal announced a huge layoff at the Burns Harbor plant; and Fod will be also laying off a number of employees.
This was a big topic in my sermon today.