As an adult, I have been through three recessionary business cycles; ’90-’91, 2000-2001, and this one. This seems to be far and away the worst. Of course that could just be the advantages of time. In 1990, I was trying to get a job in the banking industry at a time that the thrift loan failures were at their peak. I spent 9 months unemployed so maybe it was worse – but right now this feels worse.
That doesn’t mean it is.
I read this brief article that said the “misery index” is measured by unemployment and inflation and it reached it’s highest number in 3 decades at 13. However in 1980 when we had both unemployment and inflation the index reached 20 http://lifeinc.today.msnbc.msn.com/_news/2011/10/27/8510395-good-graph-friday-and-you-thought-you-were-miserable.
The fact is, while 9% of us are out of work, 90% of us are employed. In the last three years Americans have increased savings at the highest rate in decades and shed debt at the same time at unprecedented levels.
Maybe I’m wearing rose colored glasses, but it seems to me that all this upheaval is creating new opportunities somewhere.
Now if I could only find where I left that “finding opportunity” manual.