76,000 + 76,000 + 80,000 = Holy S#*T - Updated
Fri Apr 04, 2008 at 08:49:21 AM PDT
A few Diaries have brought up the fact that 80,000 jobs were lost in March. A few more have focused on the upgraded numbers for January and February (76,000 each). Everyone seems to focus on the rise in Unemployment to 5.1% and this years 232,00 jobs lost.
There is a bit more to it folks. It’s not just the jobs lost.
Update: Thanks to Sloan and Davidslane comments - the true number should reflect both the job growth needed to handle new employees entering the market (approx 150,000/month) and should not be artificially reduced based on last years numbers. See both their comments below as they bring strong points to the table. But keep in mind it's more than the numbers - it's the people behind them!
It’s the loss of benefits too. Health insurance has now disappeared for potentially 232,00 people if not families. 401K investments (okay 201k’s under W) have now been put in limbo. Had they been there long enough to vest in the match? Do they have to pull from it to make next month’s mortgage payment paying huge tax penalties. What about their 17 weeks of sick time built up over 20 years loyalty to a company that just said "sorry" you’re expendable.
It’s the mental shock. What do you do now? Are your training and skills out of date? What value do you have in the market? Are you 26 and re-trainable – 34 with good skills and experience – 48 and out of date – 57 and unemployable? What do you tell your family? What do you tell your friends? Do you have a daughter in elementary school or a son about to enter college? How do you fill out financial aid forms based on last years earnings when you’ve got a check for 4 weeks in your hand and no prospects?
It’s the loss of income. Is your unemployment check a 30% (or 50% or 70%) reduction in income? Does your spouse/partner bring in income. Can you afford daycare? Or Groceries? Or Heating Oil? Should you try to sell your house? How about your car?
232,000 jobs were lost but 232,000 people just had their lives radically altered. Were they families of four? Then 928,000 people just had their hopes and dreams shattered. Were they prepared? Do they have 3 months expenses saved just In case?
MOST IMPORTANT: Do you know them? Have you helped them? It’s time now for us to do more than talk about the number of jobs lost – there’s a bit more too it.
