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Once again, we
have a dubious data point (see "Exceptable
Jobs Report [sic]" for more on the
subject) suggesting that things are returning to
"normal."
And yet, we
have realities like this (via John Mauldin's Thoughts from
the Frontline) --
This chart, from Rich Yamarone of Bloomberg,...shows that government transfer payments have been an
increasing share of disposable income since the beginning of 2008. Without
that government spending, consumer spending would be much worse than it is.
But then so is the federal deficit. There is no free lunch. --
and reports
like this (via The Associated Press) --
In Buffalo,
N.Y., Rosanne DiPizio, vice president of her
family's DiPizio Construction, says there isn't
enough work for her company to justify hiring right now. It relies mostly on
government road-construction contracts. And governments have been cutting
back.
DiPizio
also runs a concrete plant that would normally employ 100. It's down to 85.
"We will
employ more if we have more work," she says. "It's that
simple."
In truth, now
is not the time to be betting on Washington-Wall Street fantasies. Now is the
time to be adjusting to a new kind of normal. For some insights on what
that might mean, check out a recent article from the Christian Science Monitor, "The
Job-Shifters: People Who Reinvent Themselves Mid-Career":
Reinventing
oneself for a new career is seldom elegant. It's usually born of struggle,
doubt, or loss. Sometimes all three. It's only afterward, as über-entrepreneur Steve Jobs once suggested, that
you can look back and see how every step and stubbed toe made sense.
But from the
turmoil come stories, sometimes dramatic narratives, of people who chuck the
safety of a paycheck, either by necessity or choice, to craft a new life
story worth telling. Often, the denouement involves less money and more fulfillment.
If the Great
Recession and its chaotic aftermath have a story line, it goes something like
this: The worst economic downturn in nearly 80 years throws millions of
Americans out of work – 15.4 million are unemployed at the peak, 13.1
million are still without a job two years later.
Out of that
crucible, an increasing number of workers are trying to reinvent themselves to fit in with a fragile, fast-moving world.
For some, it's a voluntary change. For many, it isn't. It's a
rough-and-tumble necessity. The future demands it.
"The
status quo doesn't work anymore," says Pamela Mitchell, founder of the
Reinvention Institute, a training and coaching firm
in greater Miami and author of "The 10 Laws of Career Reinvention."
Workers need to realize that there's no longer a "safe" industry
where they can serve out a career. "The only true safety is for me to
build my own personal job diversity," she says. "That's the 'aha!'
[moment]. Job security comes from within."
Michael J. Panzner
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