posted on August 14, 2003 02:04:15 PM new
Is it possible to tell a "hard luck" employment story about someone whose job pays around $50,000 a year?
The Wall Street Journal seemed to think so today in a front-page piece titled, "After Long Boom, Workers Confront Downward Mobility." As the headline suggests, the hard-luck part is people making $50,000 (or less) who were making $90,000 (or more) just a year or two ago.
The Journal tells this tale several times in the 2100 word article, through anecdotes about people who moved rapidly up the ladder to big salaries, only to see their jobs and salaries vanish more rapidly still. As you can surely guess, the anecdotes all revolve around two economic sectors: Dot-coms, and telecommunications. One fellow was laid off at age 25 from a $90,000 position as senior art director for bikini.com; two unsuccessful jobs later he scrambles for free-lance work.
I don't want to seem callous to anyone's plight. The Journal profiled hardworking individuals with talent and education, who used to have it better. It's not news that most households live on the margin even when their earnings reach well into the six-figure range. Families make financial commitments that reflect their income; big incomes produce big commitments. A salary cut of 50% or more cannot be pain-free for anyone.
The Journal article wasn't all anecdotes. It showed a revealing chart I had not seen before called "Underemployment," which included "total unemployed, all marginally attached workers and total employed on a part-time basis for economic reasons." In other words, people who want full-time work but don't have it. This figure has climbed from near 6% in 2000 to more than 10% today.
The piece also noted that not since WWII has the number of payroll jobs continued to shrink for 20 months into a rebound.
"Rebound"? The word appears in the context of facts that mock the very idea. The reader is expected to go along with the notion of an economy that's recovering, instead of asking "How can you have a rebound when unemployment has been rising for nearly two years AFTER the rebound BEGAN?"
posted on August 14, 2003 04:00:11 PM new
We know quite a few people in this position. Previously making much higher salaries and were forced to either agree take a pay cut, less hours - usually a 4 day work week with a 4 day pay check, or a combination of both.
It's hard to be thankful that you're still making $50,000. when you were living a much nicer lifestyle. Harder still for those who think 50 g's is a lot of money, to find sympathy for them.
I'm sure those who are out of work feel grateful to have found part time work, rather continue on the un-employment line. [Takes them off the numbers too].
This figure has climbed from near 6% in 2000 to more than 10% today. Doesn't surprise me.
Are you sure 'rebound' wasn't a typo? Or maybe I'm just not understanding what you're saying. If that's the case....please forgive.
