If You Lose Your Job, You Had Better Have a Fallback Plan
The USA gained 155,000 jobs in December 2012. In December 2011, it added 200,000 jobs. Something is wrong. Job growth is slowing down.
Why? One reason is Obamacare. It now pays firms with about 50 people on their payrolls to fire workers, or to cut back their hours below 30 a week. This makes these workers ineligible for the program. Firms began preparing for the change last year.
Labor force participation is lower today than it was in January 2009, when Obama was inaugurated. People have dropped out.
There are new taxes on business investment. So, businesses don’t invest as much. They don’t hire new workers.
What will it take to get the unemployment rate to 6%? Net new jobs of 356,000 a month for three years. Is this likely? No.
So, if you lose your job, you are in big trouble. It will not be easy to get re-hired at anything like your present salary.
You must stay in defensive mode. You must make yourself fireproof.
You must also have a fallback plan in case you do get fired. Work on this constantly.
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Published on January 7, 2013. The original is here.
In 2013, the economy was just barely starting to recover. It had been four years since the bottom of the recession.
Today, we are in the longest recovery phase in the history of the modern American economy. People have forgotten how bad it was in 2009 through 2012. Younger people have never experienced it. People tend to forget what their emotions were in the dark times of their lives. I don't blame them. It's better to focus on the positive. It's better to have good memories than bad memories. But, when it comes to investing, career decisions, and making fallback plans, it is better to pay attention to the bad memories than the good ones.
If you focus only on pleasant memories, you will not make fallback plans. People don't make fallback plans for good times. Yet they ought to. It's when things are going smoothly that people tend to make big moral mistakes. When things are going really badly, people make better moral decisions. They make promises to God, themselves, and to their spouses that they will do better next time. They won't make this mistake next time. They will reshape their lives now. They are ready to reform themselves. But, when things are going hummingly, most people tend to get complacent. Complacency is a major mistake.