Lost jobs during the economic downturn

Posted on February 14, 2009
Filed Under Employment | Leave a Comment

Thousands of people have been affected by the current economic downturn that has resulted from the subprime loan crisis of late 2008. World economies are in recession and many large and small corporations are cutting jobs in order to reduce losses or barely remain profitable in 2009. Chances are that the current economic conditions will persist until the end of this year and possibly well within 2010.

Goverments throughout the world are trying to improve the situation by printing money and encouraging banks to give out more loans. So far such a policy has not helped much as jobs are lost on a daily basis. All job sectors have been hit hard including financial institutions, information technology companies and automakers. As people have less and less money to spend while trying to save as much as possible many jobs in retail have and will continue to be lost over the next few months. Even the holiday period that often sees the highest sales was not enough to save jobs. Interestingly, the only retailer that measured a sizeable increase in sales and profits during this past holiday season was the online retailer Amazon.

The rest of the year is going to be very difficult for many families. Those who have lost their jobs are already feeling the pain as it has become impossible for them to pay back their debt many losing their houses; foreclosures throughout the USA and the rest of the world are at their highest. Those fortunate enough to still have a job, live every day in fear that their income may disappear the next day as their employer tries to cut back on expenses.

The current economic downturn is causing much hurt to all of use. Let’s hope things will pickup quickly and that the same people who made the mistakes the last few years will not repeat them again. Citizens of this world simply cannot take any more abuse by the greedy.

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