[Elysian]

To acknowledge the Labor Day holiday in the US today, I wanted to ask fellow HFers how the economy these last few years (since 2008 onwards) has affected your life.  I think it'd be interesting to get views from around the world, so please participate even if you're an ocean away.
 
Please keep politics out of the thread, in order to keep things civil, as I think the thread will be more meaningful when focused on personal stories and thoughts.
 
I discovered that my state, California, has the second highest unemployment rate in the country.  I work in the tech industry in the Bay Area and I feel we're somewhat insulated from what's going on around us, though we definitely feel consumer demand lessening, and companies getting more judicious about their spending in b2b.  My friends in engineering and sales are doing fine, but my friends in creative industries (art, design, game development, etc.) are hurting if they don't work in mobile or social games, and it's getting tough even finding work in retail and service industries.  The most affected people I run across are new college graduates, who I try to help find work, but it's this catch-22 where you need several years work experience to get a job, but there are few entry-level positions.
 
A lot of people I know have gone back to graduate school (mostly business or law), hoping to ride out the next few years.
 
I've also been hearing that people think others have been getting a lot less polite and civil in normal day-to-day interactions, possibly due to the stress a lot of families are under.  There are lots of stories and terrible pictures of the situation a lot of people are facing, particularly in the midwest and south, but it doesn't seem to have spread to California yet, especially given how it's common to see little kids with their own iPhones and iPads out here.

 

[bcasey25raptor]

In Canada we are pretty well off but i still am having issues finding work. Also I have notice that construction of tall buildings has grinded to a halt.

 

[TheWuss]

Quote:

In Canada we are pretty well off but i still am having issues finding work. Also I have notice that construction of tall buildings has grinded to a halt.

i am an architect.
one needn't think too much to imagine how my industry has suffered....
 
 

 

[Hi-Finthen]

Due to the R.E. bubble burst this past year I bought a 1k sqft condo on the bay in Saint Pete @ $59 sq ft (records reflect in 2000 this was valued @ $71 sq ft ; while in 2007 it was valued @ 174k ) . No renting/leasing having keeped the investor class and their host of problems out with only very few foreclosures . 
 
Most importantly is the desirability of the unit, facilities and location (warterfront) cul da salk ; Nice place to be 9 months out of the Northeast relatively inexpensively ;' )  
 
Right time, right place, cash
 
On the flip side my residence in R.I. is being taxed at 25% less
 
Sorry to break with the gloom and doom, but financially some are always doing well, even in bad times ...
 
 
 

 

[Elysian]

A lot of the large constructions projects out here seem to have stalled out, here, too.  In addition, lots of unoccupied class A and B office space along the main tech roads.  Seems like every other building has a big 'space available' banner on it.  The Solyndra building seemed to have taken a long time to complete... now, no idea what they're going to do with it.
 
Wow, a condo for only $174k?  Condos and townhomes (even 800-1200sqft) start around $500-550k out here for reasonably nice neighborhoods.  I think not allowing renting/leasing may have done a lot to help that situation out.  I have a few friends who have recently bought or are looking to buy, and it's hard to tell whether it's good to get into the market now, or see if the bottom is still ahead...

 

[SurfWax]

Me? Not really, since I'm a college student currently. But my dad? He lost his good paying local truck driving job, was out of work for a long time, could only find crummy jobs now [he's pushing 60] driving out of the city's ports. He had to used all his savings. He has an okay job now with a local trucking company but its a struggle now, paycheck to paycheck living now.

 

[wind016]

Quote:

I discovered that my state, California, has the second highest unemployment rate in the country. 

I feel totally screwed over from the economy. I just graduated a year ago. I would have had a good chance in the Big 4 accounting firms if I had graduated only a year or two earlier, but I was a big part of the problem too. I tried to double major in Biology for the first two years which slowed down my graduating time. I realize now that if I had dropped Biology all together, I would have graduated a year early with much higher accounting grades and not be as completely screwed as I am now.
 
Now, as I look into what to do, I see that even trying to get a Masters in Accounting won't guarantee a route to Big 4 as Big 4 firms are cutting back their recruiting from target schools. I'm about 6 months away from getting my CPA while jumping from different CPA firms and auditing firms doing interns. I have quality experience, but duration is too short. I'm not even sure what I want to do or what to do. Northern California accounting field is hit far worse than Southern California. I send hundreds of resumes out in Nor Cal but never really get much response while I get interviews in LA. My competition in Bay Area are people with 10-30 years of accounting clerk positions. Private companies are especially liking these type of people with no goals in CPA attainment. I rarely ever see CPA firms post any kind of classified. Every time I go through the HR interviews, I would get rejected from the Controllers immediately for "lack of experience." Extremely frustrating.

 

[ChipnDalebowl]

The economy largely hasn't affected me. However, there have a been a lot of teacher layoffs all around me. This is only my fourth year on the job, yet I'm quite thankful to be in a position where my services are valued and thankful I still have a job. You just never know what schools will do next.

 

[vinnievidi]

Jeez, good for you... that won't even get you a down payment in my neighborhood on a 1000 sqf. condo.   
 
Quote:

 
Wow, a condo for only $174k? 

 
The international trade consultancy I worked for was sold in '09.  The new owners let the entire staff go and moved the office to the UK.  It was good in the end as it gave me the push I needed to go get my master's.  I was out for 6-months, but just last week I landed a new job in an conflict prevention think tank.  It's a pretty base position (took a pretty big salary cut), but it's an amazing operation with great travel opportunities.  

 

[Elysian]

Quote:

I feel totally screwed over from the economy. I just graduated a year ago. I would have had a good chance in the Big 4 accounting firms if I had graduated only a year or two earlier, but I was a big part of the problem too. I tried to double major in Biology for the first two years which slowed down my graduating time. I realize now that if I had dropped Biology all together, I would have graduated a year early with much higher accounting grades and not be as completely screwed as I am now.
 

Sorry to hear about your experience.  I didn't realize GPA was important for the first job you get in accounting.  It's definitely different in sales/marketing, where no one really cares what your GPA was, as long as you didn't get kicked out of school.
 
I'm surprised to hear you're having trouble finding work, but I do remember hearing my friends at the Big 4 mention that the incoming classes are getting smaller by the year.  I always thought accounting was one of those recession-proof fields, since the amount of accounting you need will always be generally proportional to how much business you're doing.
 
That's especially scary if you're having trouble finding work in the field given who I think your alma mater is.
 
I'm glad to hear you've survived the budget situations, too, ChipnDalebowl. Most of the younger teachers I know have exited the job for whatever reason, and it seems particularly grueling, especially with class sizes getting bigger and budgets smaller.  I just heard the other day that even in upscale districts, teachers are asking parents to donate reams of paper, otherwise the teachers need to buy paper themselves.

 

[alv4426]

174K will buy you a casino in vegas right now. 

 

[bcasey25raptor]

Quote:

Sorry to hear about your experience.  I didn't realize GPA was important for the first job you get in accounting.  It's definitely different in sales/marketing, where no one really cares what your GPA was, as long as you didn't get kicked out of school.
 
I'm surprised to hear you're having trouble finding work, but I do remember hearing my friends at the Big 4 mention that the incoming classes are getting smaller by the year.  I always thought accounting was one of those recession-proof fields, since the amount of accounting you need will always be generally proportional to how much business you're doing.
 
That's especially scary if you're having trouble finding work in the field given who I think your alma mater is.
 
I'm glad to hear you've survived the budget situations, too, ChipnDalebowl. Most of the younger teachers I know have exited the job for whatever reason, and it seems particularly grueling, especially with class sizes getting bigger and budgets smaller.  I just heard the other day that even in upscale districts, teachers are asking parents to donate reams of paper, otherwise the teachers need to buy paper themselves.

That would never happen in Canada. Doesn't your country care at all about the education of it's workers?
 

 

[vinnievidi]

Proving my GPA was a big deal for getting this current job.  I had to show my transcripts and diplomas.  My field is pretty strict that way in general--GPA and alma mater matter a great deal--but I was told that another reason is because a lot of people have been lying about their education background since the recession.  It's just another way to vet new employees.
 
Regarding school budgets, I heard of instances like this in NYC as well.  There was a PTA meeting at the PS by my apartment the other day where they were asking the parents to donate $1-2K for basic supplies.  It caused a bit of an uproar on WNYC public radio because callers see it as signaling a greater divide between the public schools in affluent neighborhoods and those in lower income sections of the city, where the parents can barely afford any form of donation.  Personally, I think this is horrible.  And to think there is a segment of the population that wants to defund the Dept. of Education.
 
Quote:

Sorry to hear about your experience.  I didn't realize GPA was important for the first job you get in accounting.  It's definitely different in sales/marketing, where no one really cares what your GPA was, as long as you didn't get kicked out of school.
 
 
I'm glad to hear you've survived the budget situations, too, ChipnDalebowl. Most of the younger teachers I know have exited the job for whatever reason, and it seems particularly grueling, especially with class sizes getting bigger and budgets smaller.  I just heard the other day that even in upscale districts, teachers are asking parents to donate reams of paper, otherwise the teachers need to buy paper themselves.

 

 

[Uncle Erik]

Not too much.

But I yanked back, hard, on spending in '08 when Depression 2.0 kicked off. I changed to getting rid of debt and saving. Living cheap isn't so bad - I've come to enjoy it. I'll play it conservative untol things feel certain again. Though there really isn't a need for any major purchase. What I already have is really nice. I enjoy cooking for myself and a new video or music disc once a week makes me happy.

I realize that cutting back spending hurts the economy in a general way. But simpler things are better. Rice, veggies and a chicken breast make me happy. A $1 RedBox rental, listening to music and holding the cat make me happier than buying something expensive.

 

[wind016]

 
Quote:

Sorry to hear about your experience.  I didn't realize GPA was important for the first job you get in accounting.  It's definitely different in sales/marketing, where no one really cares what your GPA was, as long as you didn't get kicked out of school.
 
I'm surprised to hear you're having trouble finding work, but I do remember hearing my friends at the Big 4 mention that the incoming classes are getting smaller by the year.  I always thought accounting was one of those recession-proof fields, since the amount of accounting you need will always be generally proportional to how much business you're doing.
 
That's especially scary if you're having trouble finding work in the field given who I think your alma mater is.
 
I'm glad to hear you've survived the budget situations, too, ChipnDalebowl. Most of the younger teachers I know have exited the job for whatever reason, and it seems particularly grueling, especially with class sizes getting bigger and budgets smaller.  I just heard the other day that even in upscale districts, teachers are asking parents to donate reams of paper, otherwise the teachers need to buy paper themselves.

GPA is a huge deal in accounting. Even small CPA firms are demanding 3.7 GPAs minimum out of their prospective interns for unpaid internships. Simply ridiculous. Sure they won't get 3.7 UC accounting students handing them their resumes, but they seem to be perfectly happy with State U students. I also know some older people with 20 years of accounting clerk experience that can't find another clerk job in the past 6 months.
 
LA is doing much better as far as I know accounting-wise. SF has taken such a huge hit but I can't really leave the place due to certain reasons. AFAIK, sales and tech positions are doing fairly well here, but I don't see any other fields having that kind of luck during this time. I thought solar companies might be doing well, but I see people getting fired as well while I was doing some temporary clerk work for a company. I'm just going to see where the next tax season takes me since the last firm used me as a slave working 7 days a week (not that I mind if the rewards are worth it, but I was just used and dumped after the tax season was over). I'm not even sure if I really want Big 4 accounting as a goal, but I'm not even sure what I'd want to do either.