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I've read several articles/analyses online that assert that while the recession will be deep, it will be quick and the recovery will be as fast.
We'll see. I am not so sure. I think there are a significant number of small businesses that will just collapse beyond recovery (or at least quick recovery) simply because they can't recover from something so devastating. Ditto with individuals.
There are people who will have a very tough time finding a new job, if they ever did. One of the reasons the recovery for the last recession was slower and more moderate was because there were (and still are) a lot of people who just gave up on finding another job after some months. Unemployment rate went down slowly because people that weren't counted as unemployed (because they gave up looking) kept re-entering the job market as it got better.
I may be one of those people who will eventually give up - if I don't find something by the end of the year. I turn 66 this summer. In my profession (software engineer), the job market strongly prefers the young. Anybody over 45-50 is considered old. I may not look 60+ (if you don't look too close at my skin and don't think about it), but anybody can tell I am well over 50 and would not be surprised that I am over 60.
It was the same in 2008 - a lot of seniors took jobs at Walmart/etc. - those that could. Some went on SSI. Some went onto SSI disability (some state employment depts encourage this to get them off the UI roles).
I was not laid off due to CV. My 'employer' (client actually, I am a contractor) was talking about large (10% or more worldwide) layoffs last year due to profit/etc., and an expected recession. They shutdown 5-6 plants due to CV (each employing thousands) and will reopen them sometime this year, but had already laid off people before CV. They laid off people permanently in IT the last couple of weeks, and they won't hire those people back anytime this year, probably not next. You won't hear about those people in the news because they were all contractors not directly employed by the corporation, so they don't officially count.
We'll see. I am not so sure. I think there are a significant number of small businesses that will just collapse beyond recovery (or at least quick recovery) simply because they can't recover from something so devastating. Ditto with individuals.
There are people who will have a very tough time finding a new job, if they ever did. One of the reasons the recovery for the last recession was slower and more moderate was because there were (and still are) a lot of people who just gave up on finding another job after some months. Unemployment rate went down slowly because people that weren't counted as unemployed (because they gave up looking) kept re-entering the job market as it got better.
I may be one of those people who will eventually give up - if I don't find something by the end of the year. I turn 66 this summer. In my profession (software engineer), the job market strongly prefers the young. Anybody over 45-50 is considered old. I may not look 60+ (if you don't look too close at my skin and don't think about it), but anybody can tell I am well over 50 and would not be surprised that I am over 60.
It was the same in 2008 - a lot of seniors took jobs at Walmart/etc. - those that could. Some went on SSI. Some went onto SSI disability (some state employment depts encourage this to get them off the UI roles).
I was not laid off due to CV. My 'employer' (client actually, I am a contractor) was talking about large (10% or more worldwide) layoffs last year due to profit/etc., and an expected recession. They shutdown 5-6 plants due to CV (each employing thousands) and will reopen them sometime this year, but had already laid off people before CV. They laid off people permanently in IT the last couple of weeks, and they won't hire those people back anytime this year, probably not next. You won't hear about those people in the news because they were all contractors not directly employed by the corporation, so they don't officially count.