Raise your hand if you're getting hammered by the economy.

In My Humble Opinion
41

Yup. To add some context, I live in a rural, agricultural area, so both wages and cost of living tend to be lower. As of the 2000 census, my city’s median income for a household was $34,897, and per capita income was $19,498. I’m a single man, I’ve never married and have no children out there to support, so I get by on what I make.

The nature of the restaurant business doesn’t readily lend itself to staying in one job long-term — there’s rarely much room for advancement, especially when your immediate superior is the person who owns the restaurant; no retirement plan, no insurance, paid vacations are rare. So when a cook inevitably grows bored with cooking the same menu, we just move on to someplace else. This is common enough that “job hopping” isn’t especially detrimental, as long as it’s not a case of “3 months here, 6 months there, 4 months over there”.

It took me 22 years to finally get a cooking job that paid me $10/hour (I started in 1983 at $3.35), but I actually left that job after only 5 weeks, having come to the conclusion that the owner was an underhanded, unethical, incompetent buffoon who had absolutely no business trying to run a restaurant (people’s paychecks were bouncing left and right, though I was fortunate to not have that happen to me, vendors insisted on “cash only” because his checks to them were bouncing, etc., etc.) That restaurant went out of business a couple months after I quit.

In 2006 I finally got a restaurant job with potential. I decided to apply for a cooking job at the fancy restaurant on the top floor of the nicest hotel in town. At the time, they didn’t need any cooks … but they needed a dishwasher. My first response was, “Erm, thanks, but no thanks.” But then the sous chef filled me in: union job, 401k, medical/dental/vision insurance, paid vacation. It also occurred to me that the restaurant/hotel combination also offered a number of options for advancement. So I went ahead and took the dishwashing job, knowing that a cooking spot would eventually open up and that I could easily slide into it at that time.

What happened instead was that I soon got myself transferred from the restaurant to the convention center next door. (The CC is owned by the city, but the hotel has a contract to staff it.) So for almost two years now, I’ve washed the dishes for conventions. And strangely, I’ve found that I really enjoy it. I’ve twice been offered cooking positions back at the restaurant, and I’ve turned down both offers. One reason is simply financial — cooking at the restaurant I’d get 40 hours/week and between $9 and $10/hr to start …

… but I actually make considerably more washing dishes at the CC, thanks to overtime pay and the fact that I receive a share of the gratuity for every event. Also I’m the only dishwasher at the CC so if there’s an event, I’m working it and I don’t have to split the hours with anybody (before I came along they would often bring one, two, or even three dishwashers over from the restaurant to “help” during big events, but I rock so much that that’s no longer necessary - of course, they’re going to be screwed if I ever get sick, which fortunately I never do). The result for 2007:

1687.5 hours worked (avg. 32.45 hours/week, though in reality my hours vary from less than 10 hrs/wk in January and August, when very few events are booked, to more than 60 hrs/wk during the peak convention season)

Average hourly rate, once overtime pay and gratuity are figured in: $12.14/hour.

On top that, I live only three blocks from my workplace, so getting to work doesn’t use much gas, and in fact I can easily walk, or bicycle if the weather is good enough.

As far as advancement, I’ve already had a discussion with the general manager of the hotel. I let her know that, while I’m enjoying what I’m doing, I naturally don’t look at dishwashing as a long-term career. But at the same time, I have no interest in going back to cooking. What I’m interested in is eventually moving into office work. Specifically, our accountant/HR director is over 70 (I’m guessing - my mom is almost 64 and the HR lady looks much older than her) and is going to have to retire eventually, which means there will be an opening in that department (I assume one of the other people in the department will be promoted to the vacated spot, leaving another position open). I have an accounting education and some limited work experience in that area, and wouldn’t mind getting back to that. On the other hand, I have no interest whatsoever in any of the “customer service” positions (my experience tells me that I’m utterly unsuited to that kind of job :smiley: )

42

I have a lot less to complain about than most other people, but the lower interest rates are slowly eating away at my savings. I have always lived frugally, but the current U.S. interest rates are about 1-2% below the inflation rate, so my savings are quietly declining 1-2% a year.

43

More like 20% if you account for the weak dollar. Just by holding Euros with zero interest you’d have done well. I don’t know if any US-based bank will open a Euro account (I have not found one) but I have moved most of my money out of the US and keep it in several foreign currencies.

For example, if I moved $5000 into Czech Crowns in late 2005, I’d have gotten 25 to the USD so I’d have 125,000 CZK. Today the dollar only buys 16 Crowns (which means you only need 16 Crowns to buy a dollar). So the 125,000 Crowns is worth $7812.

Not bad at > 50% in a bit over 2 years.

44

Not really, yet. Advantage to being a civil servant. Kids have to be taught no matter what the economy is like. But my Debate team budget is going to get slashed next year, I’m sure. We’re already planning the fundraising activities we will need to make up the loss. The wife’s work is fairly recession-proof as well. People always need nurses.

45

Besides Phase42’s considerations, In-N-Out is pretty well known for treating their employees exceptionally well for a big fast-food-service chain.

46

I’m not getting hammered yet but I’m nervous. I’m in a industry that is traditionally very, very stable even in recessions (civil engineering) but TxDOT is pulling all sorts of weird manuevers which have resulted in lay-offs at some local firms. It wouldn’t really bother me but I took the plunge last year and bought a house knowing full well that I might have been buying at the peak.

The mortgage is the only thing that stresses me out. If I rented, I could always find a cheaper place if I had to. I can ride my bike everywhere if gas gets to be very expensive. I live very frugally other than what I spend on clothing and shoes and that can easily cut back on.

47

Lots of them here in Cape Town - Maersk, Ned-Lloyd, etc. I know because I was in their yards taking photos last month, and there’s quite a build-up since the last time (2 years ago).

48

Watch out for that. SoCal school districts are cutting waaaaaaaay back. One district, Capistrano Unified, is having to cut $28 million out of the budget next year. Over 400 people are being fired in the next couple of months- 27 administrators, and the rest are teachers and classroom aides. Class sizes at the elementary level are blowing up to 32 : 1 in some cases.

:frowning:

49

I’d kill for 32:1! Most of my classes cap at 36.

We haven’t set up any layoffs, but they are chopping budgets right and left and letting attrition take care of the rest. Few of our retiring teachers are being replaced. we will all be teaching packed classrooms next year.

They can fire all the Administrators they want. I’ll even give them a list to start with. :smiley:

50

They’re now getting up to classes of 32 students? Man, I grew up in the wrong country. I had classes of ~30 students up to about seventh grade (so 1990-98) and then it was only because of people dropping out of immersion that I had smaller ones.

Y’all are spoiled.

51

Where I work we are paid by contract, so when there’s nothing to do we don’t go in and we don’t get paid. I made less money than the year before. I’m making a lot less money so far this year than I did at this point last year… and my job search to find something better has been fruitless for months - lately nearly 75% of the want-ads in the local paper are for people in healthcare and I’m not qualified for any of that. (and it’s hard to “network” instead if you don’t know anyone with a decent job, you know?) So in short, yes.

52

They have tried to hold the line at 20:1 or 22:1 in the elementary grades in recent years.

I don’t understand the hate for administrators, though- they do work for a living, and plenty of them put in their time as teachers and principals. And that money isn’t going to a “better cause”- it’s just gone.

Bad all around.

53

One Canadian banks offers a savings account in euros, but the terms are very restrictive. It’s not insured under the CDIC (the Canadian equivalent of the FDIC), which makes me think that it’s an offshore account internally somehow.

Is there some restriction that would disallow US banks from denominating accounts in euros? Or any other non-US currency?

54

One good thing about being a cop, job security. There are always knuckleheads doing bad stuff. And in NJ being a cop pays pretty well. What has really got me is the gas prices. I used to have a 5 mile commute. Then we moved so I have a 45 mile commute, about 4 months before Katrina and gas prices going through the roof. Great timing.

55

Count me in as one of the economically hammered. I work in the roadway design industry and locally we’ve been in a recess…, ah, slump for at least 4 years now. Most of what I do is paid for by gas taxes and in spite of the gas price increases, the gas tax for Minnesota has not been increased since May 1988. (Yes, 20 years ago.) So with inflation, higher material prices, unfunded legislative mandates and policy decisions that stripped away additional funds, the number of county and city road projects available for consultants to work on has slowly diminished.

In the past 4 years I’ve had stagnant income and 12 months of unemployment or underemployment. I’m gainfully employed again (since last September) and am digging my way out of the financial hole. The future looks brighter work-wise due to a gas tax increase that survived the pathetic-excuse-for-a governor’s veto. However, my 11-year old car crapped out on me last fall, the replacement vehicle I bought died a few weeks ago and just today I paid $1,000 for brakes, shock and struts on our “good” car. This weekend we look for another vehicle, but it is all causing problems with the debt repayment plans.

What helped us to keep the house during my unemployment is the fact that we have only one car payment, dial-up Internet, no cell phone or high-buck toys. It has been a frugal several years and I’m tired of it.

The vacation I had planned as a reward to the patient and long-suffering wife (a semi-frugal trip to Utah, Grand Canyon and Las Vegas involving driving and mostly camping) we decided to put on hold when we found out about the latest car problems. Dammit! I have an engineering degree, an MBA and 26 years of experience in my field. When does it start getting better?!

56

::raises hand:: me

Over the last ten years, I slowly worked my annual income back from being laid off of a good union job, but is worth much less because of inflation.

My commute of 62 miles per day, even in my little econo-truck has eaten into my disposable income through both gas and repairs (tax refund has gone to replace the clutch and starter in the past month). I had planned to trade it this summer (it’s five years old), but now will hold out for another year. This means that I will likely have to replace the brakes and tires before the trade.

Groceries are now about 20% of my income, where they used to be more like 15%. I used to eat out a couple of nights a week in a sit down restaurant, but now seldom do.

My annual CoL raise was about 2% below the inflation rate.

Right now, it looks like any vacation that I take this year will involve staying with relatives or tent camping (not that I mind either, but like one vacation involving staying in an air conditioned hotel).

Although it is squeezing me, I feel that I am fortunate compared to some of my fellow dopers.

57

I am owner/teacher of a small English school in Japan. The economy is biting here, too. It’s now the end of the academic year, and I’m advertising for new students from April.

The 1000 dollar series of ads in the local paper have so far netted ONE phone call. (She joined, thank goodness.) However she’ll only bring me 800 dollars in the next year. So I need one more person to break even, and ideally 12 more kids and 5 more adults. Last year’s ads brought them in, but not this year.

I also teach doctors, and their administrator called me in a snit last week, saying my contract is too expensive and he wants to renegotiate. If they try to cut my pay then I will quit as it will not be worth my while. However that will be another chunk of mony down.

In the meantime prices are going up and up. In particular, heating oil is now three times more expensive than it was four years ago, but we don’t use any less…

58

The U.S. is exporting mayonnaise? Jesus, how the dollar has fallen. Pretty soon Europe will start sending dirty laundry our way, since it’ll be cheaper to ship it here than to run a washing machine in Calais.

59

Well, for the last three years my cost of living for essentials (food, gas, utilities) has grown faster than my raises. It’s no fun being in a job where, even with the best performance review possible, my salary is slammed against the economic ceiling.

My wife is a new-ish college graduate, but hasn’t been able to find “real” work for two years now (i.e. degreed-level requirements that pay as such, instead of temping, non-degree cheap labor, or HR depts demanding degrees but paying sub-20k salaries).

So we aren’t getting hammered yet, barely holding on by our fingernails to the cliff though. One major car repair or veterinary bill could push us over the brink though.

Thought I’d pass along an interesting economic observation as well…most fast food and entry-level retail employees in my area are now predominantly made up of 40-50 year olds–it is no longer the domain of high school kids. Chillingly sobering.

60

Mine sounds whiny in light of the fact that some people can’t get financed for a mortgage, but here 'tis: I had to move for a new job and have been carrying two mortgages for eight months. My old house has sat empty and I’ve had six offers fall through b/c of the mortgage market.

Every month is a crapshoot of what’s gonna get paid. I have to keep all the utilities and the heat on at the empty house to avoid pipe ruptures and other damages and the uts bill at my live-in house are astronomical. It’s the first time in my life that I’ve been behind on important bills like housing and car payments and I’m in a panic.

I am grateful to have a very secure job, tho’ the pay isn’t great.