The Recession of ’08 Becomes the What of ’09?
It’s been a tough year. After wondering whether the country was in a recession for months, we finally had to admit it somewhat late in the year. Now what about ’09?
The economy turns around? More of the same? The recession deepens? We finally admit we’re in a depression?
As we get ready to brave the new world of 2009, I’ve assembled several articles that express opinions on the answers to these questions, as well as other related questions. If the articles are half right, we’re in for more of the same at best, but probably something much worse.
In a recent post, I wondered whether executive comp will finally change. A comprehensive article in the Washington Post says no way.
Another comprehensive article, this one in the New York Times, takes a look at Columbia, South Carolina, as a microcosm of the nation’s present and future. It’s not a pretty picture.
The Washington Post details how the current economic downturn has already hurt 63% of working Americans. Given this staggering percentage, the prediction of additional layoffs in ’09, and a continuing credit crunch, hope of a turnaround in ’09 borders on fantasy.
Not surprisingly, first-time offender arrests for shoplifting are soaring (New York Times), but will the middle class finally vent its anger the way China’s middle class has (Washington Post)?
Undoubtedly, the Obama Administration will do its best to thwart these predictions for ’09. Its first visible action in this regard occurred when President-elect Obama announced the formation of the White House Task Force on Working Families to be headed by Vice President-elect Joe Biden. We’re all pulling for the Obama Administration at this point, but Candidate Obama often derided blue-ribbon panels and commissions formed by administrations to deal with serious problems. Regardless of how good the White House Task Force on Working Families performs, this is a drop in the bucket in terms of what’s needed to deal with an ever worsening crisis. Of course, it’s worth remembering that Obama isn’t president yet, so maybe a Task Force is the best he can do for the present.
I’m reminded of another post I did a few weeks ago. It probably should be read again (together with the Wall Street Journal article it references) as we prepare for something as close to a depression as most of us have ever known.
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About Chris Parker
Chris Parker's practice focuses on the representation and counseling of companies in matters pertaining to the workplace and the protection of their intellectual property and trade secrets. In addition to serving as an advocate for clients, Mr. Parker is also trained as a mediator and frequently serves as a third-party neutral.
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Jimmy Daniel provides counseling to businesses of all sizes related to the employment relationship. He assists in the drafting of employment agreements, policies, and handbooks, as well as provides guidance related to compliance with federal, state, and local legislation such as the Fair Labor Standards Act and the Family and Medical Leave Act.
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While serving in an Of Counsel relationship with the firm, Mr. Bridgesmith also serves as the Executive Director at the Institute for Conflict Resolution at Lipscomb University and as an officer and principal in Strategic Resolutions Group, LLC. In these roles, Mr. Bridgesmith brings over 30 years of legal experience in dispute resolution and innovative workplace strategies to clients, students and business entities alike.
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Does it matter what they call it? Recession or depression, we’re still in deep..er..fertilizer.
Nae,
Thanks for the comment.
I guess it doesn’t matter what they call it, though you’re headed toward calling it by its real name.
Happy New Year — or, at least, let’s try to get through it.
John