I find it to be a little hypocritical to view the layoffs as just a problem of an individual. I understand the free market and the right of a company to take their business elsewhere, but when layoffs are done in regions such as Michigan, where the community is heavily dependent on the automotive industry and in multiple companies ( Ford, GM, potentially Chrysler) and when they impact tens of thousands of families this issue is becoming a social problem, a potential crisis. What happens when tens of thousands of workers hit the job market in an industry that is shrinking and in an area that was troubled, to say the least, in the social sense. This should have been handled with more care and in correlation with the authorities. They had many ways to handle this and they chose the worst one.
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I agree the layoffs are a social issue for the local area such as SE Michigan. But today’s economic environment is a thousand times better than what was experienced in 2008 or 1982 when the radio would give out recipes the included the surplus ingredients given away by government via the local charity. Local real estate values should see little impact unless your middle management in your McMansion.
Time to prepare 2020 crash and burn coming
Layoffs are the manifestation of an economy built to benefit only those at the very top at the expense of everyone else.
And smartly, those benefiting from it manage to get a lot of the masses to go along with it by getting people to believe in one of two things:
1) Some other force (aside from those at the top hoarding wealth) is to blame for your own personal lack of success. They blame it on the broader economy, other countries, immigrants taking your job, etc... Anything to keep you from noticing that it's actually those at the top that are bankrupting everyone else.
2) If you work hard enough, you too can one day come out on top and be fantastically wealthy. And if you believe this, you'll come to the defense of the wealthy, believing that one day you'll be one of them.
The reality is in this country, unless you were born into wealth to begin with, your chances of achieving it on your own are very slim. The deck has been stacked against you. If you believe anything else, you're delusional, and people depend on you buying into that delusion so you'll defend the system that makes an elite few wealthy, because you think you have a chance of being on the receiving end of all that wealth.
But it's time to wake up. Everyone in this country that's not extremely wealthy is on the same team, and we need to band together against this completely unfair system that benefits a select few.
https://theweek.com/articles/822188/immorality-layoffs
Yep, agreed.
the obvious answer is to BEAT it out of TOWN before the DAM breaks.
Seriously.
The Auto Industry is CONTRACTING g-l-o-b-a-l-l-y folks...
and This is really terrible news for many persons here in Mich.
Get ready for some Wealth transfer!
Housing Foreclosures immediately come to mind.
Will probably be a Great time to STEAL a home or 2; add to that Rental-property portfolio.
CASH will be KING (once again).
As for the rest of us... get ready for your new career in the competitive SERVANT class:
Uber/Lyft me around town.
Door-dash me some fast food.
Grocery-shop me some groceries.
Stand in line for me for the next iPhone.
Walk my dog.
you get the point...
So yeah, to bring this Full Circle...
Get OUT while you can.
Reinvent yourself while you can.
Downsize your lifestyle while you can.
Depending who you listen to.. it's not going to be pretty.
And for those of you who think you're "SAFE" just because you dont work in the AUTO sector.....
Think Again.
It's not just the Auto-bubble;
People (more smart than you & i) have been warning about the "Debt-bubble" crashing.
Global Recession folks...
Agree. The layoffs have ripple effects to businesses, tax rolls, and housing values.