It’s funny how people perceive things. During the last recession (2001-2002), being laid off meant something different than it means today. Back then, lay-offs were mostly in the technology sector due to the huge Internet bubble. Today, it seems that no industry is left unaffected. Being laid off back in 2001-2002 was more “on to the next big thing” while now it’s “when will there be a next thing?”.
This recession is much broader and deeper than the 2001-2002 one. It seems that no industry is immune from poor financial management and the greed of the few. It is always been clear that credit is the lubricant that not only keeps the financial machine but every other industry as well. Without it, business cannot purchase raw materials or create innovative products. Consumers without credit grind the economy to a halt. This, reinforces financial institutions caution to stop lending, which drives companies to stop producing, creating layoffs and sapping consumer buying power that drives the economy in the first place. Its a self perpetuating cycle that needs something to unjam it.
Being laid off is a scary experience. Being laid off now is down right terrifying. Not knowing when things will get moving again just adds to the overall level of anxiety that most people feel. Some of this anxiety is healthy but the majority of it is just down right fear. Fear of the unknown tomorrow that only perpetuates the fear of today. We cannot be fearful now. We must be optimistic that this is just a temporary setup and that conditions will turn around — it is just a matter of time.