Doing Very Well
The number of people unemployed in this country is higher than it has ever been. The number of people using food stamps is higher than it has ever been. The number of one-person households is declining. The percentage of American cars sold in the total market is declining. Our economy is riding in the doldrums. Yet many people do not feel any pressure in their lives. For them, it is business as usual.
For those who have jobs, the nonworking group appears to be some sort of alternative universe. Having a job means they are insulated from pain and are not pinched in any way, life goes on day after day as usual. Yes, they notice some prices rise and they create some inconvenience, but, for the most part, they are able to handle it.
There is a third part of the labor force that is doing very well. These are the people that have jobs in industries or companies that have found that adding workers in this part of the business cycle is cost prohibitive. It is such a high cost that paying overtime for any additional work required is cost beneficial. A worker in this situation, that is willing to work overtime, does very well. If fact, the longer this business cycle continues the better they do. The truly ambitious will give up vacations, work when not feeling good, work on Sundays, work two shifts straight, etc., to rake it in when it is available. They fish rather than cut bait.
This "doing very well" has a downside for the unsuspecting worker. Some believe that these times will go on forever and get themselves into trouble with a slide into expensive lifestyles, outlandish expenditures, acquiring things or toys - the money is there. When the boom eventually busts, and it will eventually bust, there is some deep remorse in the realization it was all wasted away.
The wise worker will realize that the extra income is temporary and will save some of it, invest most of it, and let it serve as a nest egg for a rainy day.
For those who have jobs, the nonworking group appears to be some sort of alternative universe. Having a job means they are insulated from pain and are not pinched in any way, life goes on day after day as usual. Yes, they notice some prices rise and they create some inconvenience, but, for the most part, they are able to handle it.
There is a third part of the labor force that is doing very well. These are the people that have jobs in industries or companies that have found that adding workers in this part of the business cycle is cost prohibitive. It is such a high cost that paying overtime for any additional work required is cost beneficial. A worker in this situation, that is willing to work overtime, does very well. If fact, the longer this business cycle continues the better they do. The truly ambitious will give up vacations, work when not feeling good, work on Sundays, work two shifts straight, etc., to rake it in when it is available. They fish rather than cut bait.
This "doing very well" has a downside for the unsuspecting worker. Some believe that these times will go on forever and get themselves into trouble with a slide into expensive lifestyles, outlandish expenditures, acquiring things or toys - the money is there. When the boom eventually busts, and it will eventually bust, there is some deep remorse in the realization it was all wasted away.
The wise worker will realize that the extra income is temporary and will save some of it, invest most of it, and let it serve as a nest egg for a rainy day.
posted by Marcel at
7:39 AM
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