Originally Posted By fkurucz >>it's also why I have zero hope for the economy to even somewhat turn around for at least 5 more years....<< 30+ years of damage takes time to undo. Even longer with mediocre leadership. The status quo: 400K per week applying for unemployment, 10% U3 unemployment (don't ask about the U6 index, it's downright scary), 50% of the workforce earning less than $500 per week, sagging housing prices and auto sales at record lows are all part of the "new normal". To be able hang onto a middle class lifestyle you will need either an advanced technical degree or be a member of the managerial class.
Originally Posted By vbdad55 have two advanced degrees and been in managerial level for 25 years and it's brutal to hang on. House lost 30% of value-- no raises for last 4 years --kids in college and you qualify for zero aid.... middle class is doomed
Originally Posted By SingleParkPassholder "have two advanced degrees and been in managerial level for 25 years and it's brutal to hang on. House lost 30% of value-- no raises for last 4 years --kids in college and you qualify for zero aid.... middle class is doomed" I'm in a somewhat similar position- I have no kids, so I don't need to worry about related expenses there, but I haven't had a raise in three years and I don't anticipate one in the 9 1/2 years I have to go until I retire. However, I'm much better off than some just by the fact that I have a job. It's funny how you can readjust your thinking- by today's standards, meaning what's happening now, I feel very lucky to be working for the government in a job I've had over ten years. I make a nice salary, but in ten years time, it won't be worth nearly as much as it was when I first attained it three years ago. We base our retirement plans on what we're making right now as opposed to projecting what our salaries will be in 2021, because we have no reasonable expectation to think they'll be higher. But in no way am I complaining, because what's happened in the last few years has conditioned me to appreciate it instead. Tons of people would be glad to trade places. I'm at the age where before I'd be making that final push towards promotions and salary bumps, and that thought now is utterly laughable.
Originally Posted By PotNoodle <have two advanced degrees and been in managerial level for 25 years and it's brutal to hang on. House lost 30% of value-- no raises for last 4 years --kids in college and you qualify for zero aid.... middle class is doomed> I graduated with an AM in Social Service Administration (AKA Social Work) in June from a fancy-pants, brand-name school in Chicago, thinking it would make me a coveted and competitive candidate when seeking a job. WRONG. I have been applying for jobs since March. These are entry-level positions, where the pay is absolutely risible and the jobs are going to people who have been in the field for quite a while, who were laid off from other jobs. I am not complaining about the pay, as I knew when I went into this, I would never get rich. Social work is a vocation in the truest sense of the word, but I did not think I would have such difficulty finding work. I am currently applying for jobs at department stores for the holiday season. It is incredibly frustrating, as I busted my backside for my degree. I won't even mention student debt... My husband, on the other hand, works in risk management for a multi-national bank and they seem to have a wave every 3 months where people are let go. It is so lean there, my husband leaves for work at 6:30 AM, comes home at 9 PM and then works at home til 1:30 AM--and weekends, too. Everyone in his department is doing this. It is absolutely ridiculous. They always promise him a raise, which never comes. I secretly feel they are going to use him up and let him go. He looks awful and I am worried about his health. My husband is from the UK and we have been discussing leaving the States for a Commonwealth country with a more robust economy, such as Australia. Sorry to go about this, but this part of the thread absolutely touched a nerve with me.
Originally Posted By hopemax I read these stories,and then wonder if I should say anything. I'm on the opposite side. We have been completely blessed the last 3 years, and I debated saying anything lest I tempt the gods to come and smite us. In the late 90's through 2008, DH was laid off 3 times. But his current company has been absolutely wonderful. He's gotten two promotions (although his company is so small, we tend to laugh them off), 3 raises and now his salary is over 60% more than it was at the start of 2008. And our medical insurance premiums, are completely covered for DH and half of mine. * that sound you here, is me knocking on every piece of wood I can find * I've told DH again and again, that I can't believe how lucky we've been while watching everything that has happened to everyone else. And always a bit fearful that the rug could be pulled out in a moment. Although, through this job DH has made a connection that should help immensely if that should happen. Another way we have been blessed. *knocking on more wood*
Originally Posted By vbdad55 Hey Pot - what school ? I am from Chicago area Yes like others above I will get no raise in the future- career path is dormant and have been told point blank- be glad you have a job ( and trust me I am ) - Since my company did away with pensions in 1999 ( you had o leave to keep yours)- retirement is a word that has no meaning. I cover an Asia Pacific territory- so even though I work from home and have no commute- I regularly have work calls at 2 AM and 3 AM -- and put in an average of 60-65 hours a week @ 56 years old. I too worry about health sometimes, but would worry more if I was unemployed companies today have workers by the short ones and they know it.
Originally Posted By PotNoodle <Hey Pot - what school ? I am from Chicago area> The university in Hyde Park--so not worth it! I live in the 'burbs and I am a native. I know we still have it good, in relation to others. I was mostly venting about busting my tail for two years, racking up stupid student loans, and competing with people who would not have dared look at these entry-level jobs ten years ago. Yeah, so I was just whinging. But I still worry about how things can change, since these are uncertain times.
Originally Posted By vbdad55 UC chased my daughter ( will be freshman next year ) -for quite a while We went on tour and i was unimpressed with their curriculum if work was what a student had onmind after grdauating-- curriculum geared to those who want to spend the next 6-8 + years in school. IMHO.
Originally Posted By fkurucz >>My husband, on the other hand, works in risk management for a multi-national bank and they seem to have a wave every 3 months where people are let go. It is so lean there, my husband leaves for work at 6:30 AM, comes home at 9 PM and then works at home til 1:30 AM--and weekends, too. Everyone in his department is doing this. It is absolutely ridiculous. They always promise him a raise, which never comes. I secretly feel they are going to use him up and let him go. He looks awful and I am worried about his health.<< I once worked in such an environement. I put in 60 hour weeks and was told that I was a slacker and that I'd best get with program. I refused and was eventually laid off.
Originally Posted By mawnck >>I once worked in such an environement. I put in 60 hour weeks and was told that I was a slacker and that I'd best get with program. I refused and was eventually laid off.<< Easily solved. All you have to do is to get everybody to threaten to quit at the same time. Oops - that would be a union. We CAN'T have a union. We're not a bunch of Godless Commies. Oh well ... 60 hour weeks it is ... God shed his grace on thee ....
Originally Posted By Princessjenn5795 ^^ I also worked in a similar environment. We had a new CFO take charge of my department and he expected everyone to work like that. I dealt with it for about 4 months and then I quit. My son was 5 at the time and was starting to have some serious separation issues. I decided that it was not worth it at all and left to be a stay at home mom. I was making pretty good money, and it would be nice to still have that extra income, but there is no way it was worth it. I hope everything works out for you and your husband PotNoodle!
