Tuesday, April 19, 2011

Dead Suit Walking

If this isn't the Great Depression, it is the Great Humbling. Can manhood survive the lost decade?



Brian Goodell, of Mission Viejo, Calif., won two gold medals in the 1976 Olympics. An all-American, God-fearing golden boy, he segued into a comfortable career in commercial real estate. Until 2008, when he was laid off. As a 17-year-old swimmer, he set two world records. As a 52-year-old job hunter, he’s drowning.

Brock Johnson, of Philadelphia, was groomed at Harvard Business School and McKinsey & Co., and was so sure of his marketability that he resigned in 2009 as CEO of a Fortune 500 company without a new job in hand. Johnson, who asked that his real name not be used, was certain his BlackBerry would be buzzing off its holster with better offers. At 48, he’s still unemployed.

Two coasts. Two men who can’t find jobs. And one defining moment for the men in the gray flannel suits who used to run this country. Or at least manage it.
Capitalism has always been cruel to its castoffs, but those blessed with a college degree and blue-chip résumé have traditionally escaped the worst of it. In recessions past, they’ve kept their jobs or found new ones as easily as they might hail a cab or board the 5:15 to White Plains. But not this time.


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Can Manhood Survive the Recession?

The suits a
re “doing worse than they have at any time since the Great Depression,” says Heidi Shierholz, a labor economist at the Economic Policy Institute. And while economists don’t have fine-grain data on the number of these men who are jobless—many, being men, would rather not admit to it—by all indications this hitherto privileged demo isn’t just on its knees, it’s flat on its face. Maybe permanently. Once college-educated workers hit 45, notes a post on the professional-finance blog Calculated Risk, “if they lose their job, they are toast.”

The same guys who once drove BMWs, in other words, have now been downsized to BWMs: Beached White Males.

Through the first quarter of 2011, nearly 600,000 college-educated white men ages 35 to 64 were unemployed, according to previously unpublished Labor Department stats. That’s more than 5 percent jobless—double the group’s pre-recession rate. That might not sound bad compared with the plight of younger, less-educated workers and minorities, but it’s a historic change from the last recession, when about half as many lost their oxford shirts. The number of college-educated men unemployed for at least a year is five times higher today than after the dotcom bubble. In New York City, men in the 35-to-54 kill zone have lost jobs faster than any other group, including teenage girls, according to new data from the Fiscal Policy Institute.


As if middle age isn’t bad enough. The moribund metabolism. The purple pill that keeps your food down. The blue pill that keeps another part of your anatomy up. Now you can’t get an effing job? Stuck in your own personal Detroit of the soul, with the grinding stress of enforced idleness. The wife who doesn’t look at you quite the same way. The poignantly forgiving sons. The stain on your masculinity for becoming the bread-loser. The night sweats and dark refuge of Internet porn. The gnawing fear that this may be the beginning of a slow, shaming crawl to early Social Security.


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There’s been little research on the psychic toll of the Mancession. But this month NEWSWEEK conducted an exclusive poll of 250 unemployed (and underemployed) men ages 41 to 59. Most of them are married, white, middle-class, and looking for work. The results (see chart) provide a rare window into the BWM and a characteristically male contradiction between feelings and action. As in: I’m never going to get a job as good as my old one, but I refuse to sell the house! Or: I’m depressed, I can’t sleep, my sex drive is shot, and my wife now has to support the family, but I don’t need marriage counseling! I’ll just give Mommy a back rub, do some housework, and we’ll be fine!

It might be tempting to snark at these former fat cats suffering lean times. But when Beached White Males suffer, so do their wives and children. Lives, marriages, and futures are at stake. Examining who these guys are, and what washed them up, is not an exercise in schadenfreude. It’s a cautionary tale. To quote Arthur Miller on the most famous Beached White Male, “Attention must be paid.”

Consider Brock Johnson, the executive who walked away from a Fortune 500 company two years ago and hasn’t found a job since. On a rainy Friday over lunch near his six-bedroom home, Johnson says his wife and five kids are wondering, “How much money do we really have? How long can we stay in this house?” He sends out 40 emails a day in search of the job that will put him back on top.

This wasn’t supposed to happen. At Harvard, friends joked that Johnson had “the CEO look.” At 6 feet 4, with a full head of close-cropped hair, he not only looks but talks like Alec Baldwin’s Jack Donaghy character from 30 Rock. His résumé lists his strength as “transformational change management.” On his LinkedIn page he describes himself as a CEO, as though it’s an immutable characteristic, like his lake-blue eyes.

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At first, he felt as if he was on vacation, but moved quickly into disbelief and despair. The family dynamic started to fray. “What was he thinking?” his preteen daughter asked her mom one night. “In this economy?” Every couple of weeks his middle-school son comes into Johnson’s home office to check on him. “Dad?” he begins. “Have you found any jobs you might like?”

“It’s humbling,” Johnson says. He started going to networking events, which only brought him lower. “A bunch of people get together, hang out, trade contacts. For me it’s kind of depressing … I’m not trying to be arrogant, but I have better contacts than most people.” At this thought, his cheeks redden. When he was employed, he didn’t do much to help those who weren’t. “I’m embarrassed to admit that.” He vows he’ll treat people differently now. He looks away.

The corporate warrior has begun to cry.

In California, Brian Goodell tells a similar tale of entitlement denied. The Olympic medalist is the kind of Wheaties-box hero whom corporations used to hire just to put on the golf course with clients. Those days are over. “I was one of the most recent hires, so it didn’t surprise me I was laid off, especially since we’d already experienced a round of layoffs. But I was surprised no one was hiring. I’ve always been able to find something within a few months. The negative thoughts,” he says, “can overwhelm you.”

Goodell, who is married to a successful real-estate agent in their Orange County suburb, says his joblessness has added “a lot of stress to the marriage. She feels like she can’t take a breath. She works around the clock, she’s so afraid of my situation. She’s under extreme pressure, and she resents it. So I can’t take a breath. My boys’ll say, ‘Hey, Dad, you wanna go to the beach?’ and I have to think about what she’ll think if I’m at the beach. I have to tell ’em, ‘I don’t think I better do that.’ ”

What whacked guys like him was nothing personal, just business. From the financial meltdown in late 2007 that led to the recession up to now, the rolls of all unemployed white professional men have more than doubled, to a million (not including sales jobs, which add another 300,000). Wall Street and the broader world of business culled the most, laying off more than 300,000 from their trading desks and cubicle farms. Firms that draw on computer skills also thinned about 50,000 men from their ranks. Architects and engineers, the hardest hit by the housing crash, saw almost 90,000 casualties. In each category, the unemployment rate doubled—and then some.

In some ways, it was inevitable. Automation isn’t just a blue-collar problem anymore. Powerful software programs replaced armies of financial officers, accountants, computer-chip designers, even lawyers, who now feed millions of documents into “e-discovery” programs. Job growth in management, technology, and other white-collar professions slowed to nearly zero. The media business has been perhaps hardest hit by technological change. Last year ABC News pink-slipped nearly 400 people—25 percent of its workforce.

Many of these guys may be great on the back nine but totally lack the skill set to get them through anything like this, says Judith Gerberg, a Manhattan-based executive career coach. “If you went to the college of your choice, married the woman of your choice, and bought the house of your choice, you’ve never dealt with rejection. You’ve never had to develop fortitude.” She gives her clients a chart with all the hours of the day, because corporate types are used to having other people color-code their life. If not quite the Great Depression, it is certainly the Great Humbling.

As the clock ticks toward noon, another supplicant shifts in the hot seat, trying to impress an interviewer who has seen it all. It’s day two of a six-day boot camp for unemployed professionals at Brandman University in Irvine, Calif. The atmosphere is a cross between a 12-step meeting and The Apprentice, complete with chest-pumping team names like “The Closers!”
Right now, the focus is one-on-one. John Hall, a 72-year-old silver fox known locally as the “John Wooden of career coaches” (after the legendary UCLA basketball guru), is conducting mock job interviews. It’s only an exercise, but the interviewees get nervous and forget their lines. You can feel throats going dry, shirts moistening with flop sweat.

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MOCK INTERVIEWER: “Did you have any trouble finding us?”

INTERVIEWEE: “Nope, I did a drive-by yesterday, so I knew exactly where to go!”

MOCK INTERVIEWER: “Tell me a little about why you’d be right for this position.”

INTERVIEWEE: “Oh, OK. Well, uh … ” [Awkward pause.]

It’s like a particularly grim night at the Improv. And it might be funny, if it weren’t so painful to watch.

Get them together, and it’s like group therapy. During a half-hour lunch break, some of the men in the class—all in their 40s and 50s—pull out brown paper bags and unpack the anguish that brought them here. “I feel like I’m wearing this neon sign on my car saying, ‘Unemployed Bum,’ ” says Chip LeDoux. At 42, he’s the baby of this luckless group, laid off from a sales job six months ago. Dave Santos, a 56-year-old former telecom salesman, has a longer tale of woe. He’s been unemployed for three years, but only his wife and sons know. When his mother calls, he lies. The hardest part, he says, is “looking in the mirror every day.”

While laid-off Europeans blame the System, Homo americanus blames himself. “It gets turned inward,” says Stephanie Coontz, author of Marriage, a History. “ ‘What’s wrong with me as a man?’ ”

They’re hurting, these men of a certain age. Losing their livelihood isn’t the only “transition” they’re going through. Dr. Jed Diamond, author of Surviving Male Menopause and The Irritable Male Syndrome, calls it a “double whammy.” The first: “a change of life, hormonally based, affecting our psychology and emotions from 40 to 55.” The second: unemployment. “It’s devastating. The extreme reaction is suicide, but before you get there, there’s irritability and anger, fatigue, loss of energy, withdrawal, drinking, more fights with their wives.”

And sex. Or lack thereof. In the NEWSWEEK Poll, 45 percent of men admitted to a diminished interest in sex. It’s a vicious cycle, Diamond says. “You don’t feel as manly because you lost your job. You don’t feel as sexy, so there are more problems with you and your wife.”

Intellectually, women can say, “It’s not his fault, he’s working hard to find a job.” Emotionally, it’s another story. This is a generation caught between two ideas of manhood, says Coontz: “Old enough to have been brought up with a model of male breadwinning. Young enough to feel they shouldn’t be threatened if their wife has a job.”

When downward mobility is being disguised, it’s often by the wife. UCLA sociologist Jennie Brand studies the life trajectories of “socioeconomically disadvantaged populations,” which now includes white males. When people lose jobs, she finds upticks in depression and declines in social participation. Others have found divorce—as well as a transfer to kids, whose report cards suffer. “Everything I’ve done so far suggests that there will be long-term ramifications,” says Brand. “Not only in two or three years, but 10 years from now we’ll be dealing with the effects of this recession.” John Wells, whose acclaimed drama The Company Men is about four BWMs laid off by a Boston manufacturing firm, calls it a “lost decade.”

If the career and life you trained for don’t exist anymore, one might tactfully ask, how about retraining? Companies used to pick up the tab for outplacement of canned personnel. Today those programs are rare. Some states pick up the slack with their own initiatives. But few seem to work. A 2008 Labor Department study found that the largest government retraining program offered “small or nonexistent” benefits. One unspoken reason: age.

Texas A&M economist Joanna Lahey found that 50-year-old white men are less likely to land jobs in states that enforce age-discrimination laws. Why? Firms, it seems, don’t want to get involved with members of a contentious group. The Equal Employment Opportunity Commission reports that age-discrimination complaints rose by 28 percent in 2008, a year when three quarters of job losers were male, and rose again in 2010, surging past 23,000. No wonder graying men are dyeing their hair.

Many of the newly jobless rebrand themselves as consultants. The number of so-called independent contractors is up by more than 1 million since 2005, according to Jeffrey Eisenach, an economist at George Mason University. More than one in five of them work in management, business, or finance. Boutique employment agencies are springing up to exploit this labor pool, which is attractive to companies that would rather not shell out for benefits or a 401(k). The New York–based Business Talent Group has a deep bench of BWMs (and some BWFs) for hire, many of them M.B.A.s with two decades of experience as managers, directors, or C-level boardroom players. BTG is on track for record growth this year, says Jody Greenstone Miller, an ex–Time Warner executive who founded the company in 2005. “We want people who treat this type of work as a permanent career,” Miller says. It typically takes executives six to nine months of looking for staff jobs, she adds, before they come around to the idea that no matter what you were before, you’re now basically a full-time temp.

Brian Goodell, who finished John Hall’s boot camp a month ago, is trying hard to be resilient. He and his eldest son, who just graduated from college, go to networking events together, as well as to the “job ministry” at Rick Warren’s Saddleback megachurch. And he’s training again with his old Olympic coach. The tough part for this onetime elite athlete is the pity. “Say you have a disease, like cancer, and you’re trying to be real positive and everyone’s like, ‘How are you doing?’ I’m like, ‘Don’t pity me. I’m strong. Don’t pity me.’ ”
He held the phone out to his wife, Vicki, who had just walked in and was running into the shower, taking a work call on her cell.

“Hey, hon!” Goodell called out, following her into the bathroom, laughing. “I think she’s taking her phone into the shower. Wanna talk to NEWSWEEK?”

You could hear her heels kick off onto the tile, the water turning on.

“No!” she shouted.

“She’s way too busy,” Goodell says.

Or she doesn’t want to talk about it.

Wednesday, March 30, 2011

Life Expectancy Hits All Time High


The good news is Baby Boomers can expect to live longer and healthier lives. The United States Center for Disease Prevention announced last week that life expectancy at birth rose to 78.2 in 2009, compared with 78.0 years in 2008. For men, the number hit 75.7 years while women can expect to live 80.6 years. The bad news is many Baby Boomers will have to rely on unemployment benefits or part time jobs to supplement dwindling cash flow from retirement funds, inheritance or Social Security benefits. Fortunately, Personal Business Advisors, LLC can offer Baby Boomers a solution to not only enjoy their golden years, but also supplement their retirement cash flow while creating jobs for other unemployed people across our nation.

Baby Boomers will live the longest of any generation before them in history. Just as a perspective, life expectancy when the Social Security Trust Fund was created was 58 for men and 62 for women. The longer lifespan is going to put a strain on the Social Security Trust Fund. Unfortunately for more and more Baby Boomers, living longer means needing income for a longer part of time. For most, that will mean part time jobs or, with the lack of jobs available across the country, collecting unemployment checks.

For entrepreneurial Baby Boomers, the solution to retirement cash flow won’t be as part time jobs or unemployment benefits. It will come by remaining active in life and the local business community by creating business opportunities. Personal Business Advisors, LLC can help connect Baby Boomers with opportunities such as starting a business, buying an existing business or even purchasing a distributorship to lower the unemployment rate in the nation by creating jobs for others.

Baby Boomers can expect to enjoy an active lifestyle in retirement. After working for years for another company, the opportunity now exists for Baby Boomers to unleash their passion in businesses that they now enjoy. Instead of part time jobs, launch a business. Don’t settle for unemployment when you can create jobs for others by buying and expanding a business. There are thousands of entrepreneurial opportunities all over the nation – from pet care facilities and quick serve restaurants to tax preparation firms or even mailbox stores. The opportunities are endless and firms such as Personal Business Advisors, LLC can help Baby Boomers create jobs by using their skills instead of simply working part time jobs or collecting 99 weeks of unemployment insurance.

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Monday, March 7, 2011

Cash-Flow Crisis Is Recession's Legacy for Small Biz

Companies reeling from stalled sales and tightened credit face formidable threats: customers paying more slowly and suppliers seeking to be paid more quickly

Custom cabinet seller M&J Kitchens survived the Great Recession even though its revenue from homeowners and builders dropped by more than half in 2009. Then, last August, with sales tracking 42 percent higher than a year earlier, owner Drew Davies shut the East Greenwich (R.I.) company after 26 years, unable to pay his bills. M&J was a casualty of a cash-flow crisis precipitated by his bank and trading partners who, Davies says, abandoned payment agreements that had been in place for decades.
More than a year into the official recovery, small businesses face what some say has become a permanent legacy of the recession: Their vendors are demanding faster payment even as their customers are taking longer to pay. Companies with the least bargaining power get squeezed the hardest. "The slowdown of currency, of money, the exchange, put us in a very precarious position," says Davies, 50. "We basically had panic from our vendors."
The problem that helped put Davies out of business is growing. The average time private companies took to collect accounts receivable increased to about 27 days in 2010 from about 23 days, the level it had been for the previous four years, according to data from accounting software maker Sageworks, which collects and analyzes financial statements from thousands of private companies. Likewise, average payment times jumped to about 24 days, up from 20 or 21. The largest corporations take even longer to pay. Companies in the S&P 500 paid vendors in 59 days on average in the most recent quarter and collected payments in 46 days, according to data compiled by Bloomberg.

Delinquent Dollars

Even as companies push for more time to pay their bills, more are falling behind the terms agreed on, data from credit bureau Experian show. In December, 14.3 percent of dollars owed were delinquent, vs. 12.5 percent at the start of 2010. The average time late payers took increased as well, to 6.5 days in December from 5.8 at the start of 2010.
In Davies' case, he had to float his own commercial customers—builders, architects, and home remodelers—who had slowed their payments, typically from 30 days to 60 or 90. At the same time, his own suppliers changed agreements that had been in place for decades by cutting credit lines or requiring deposits, which Davies says could tie up between $60,000 and $120,000 per month.
The late payments rippled through the supply chain. At Wood-Mode, one of the cabinet lines Davies sold, customers that normally pay in 30 days are taking closer to 60, and fewer are taking advantage of discounts for paying in 10 days, says credit manager Nick Yoder. In general, he says, the 1,100-employee Kreamer (Pa.) company has not changed terms and tries to be flexible with its 1,200 dealers, though in some cases Wood-Mode has begun asking for larger deposits or payment on delivery when buyers appear risky. "We have to reassess each individual's credit as different orders are placed with us, and we're reviewing how much we're going to give them as far as a credit line," Yoder says.
Changes in vendors' payment terms can have seismic effects on small businesses, particularly when bank credit is tight. Though Davies says he was current on his bank loans—an $800,000 commercial mortgage on his showroom and a $200,000 credit line—his lender called them in last March, saying he had violated a loan covenant that required a certain ratio of assets to liabilities. M&J Kitchens, which once employed 12 people and grossed $3 million to $4 million a year, went into receivership at the end of August. The business was one of 85,000 commercial bankruptcies in 2010, a figure up 30 percent from 2008, according to bankruptcy data provider AACER.

"New Normal"

Longer terms are part of the "new normal," says Joe Reini, founder of the 28-employee engineering services company Mason-Grey. "It seems to me that 'net 30' is gone," he says, referring to the practice of paying invoices in 30 days. "Customers are now asking for 45, 60, some are even asking for 90 or 120 days." About half the Atlanta company's customers, which include large industrial companies in pharmaceutical, energy, and metals production, have sought longer payment terms, Reini says.
Since 2009, he has been speeding up his cash flow by selling some of his invoices on The Receivables Exchange, an online marketplace where investors pay cash to buy unpaid invoices at a discount. Nic Perkin, co-founder of the New Orleans-based exchange, says larger companies stretching out their payments is a prime reason small businesses choose to sell their receivables. "The large corporations are in a position to drive terms. One of the terms they can drive is the payment cycle of their supply chain," he says.
The longer payment periods clog the pipes of commerce. Mike Mitternight, president of Factory Service Agency in Metarie, La., says about one-third of his revenue "is tied up in longer-than-normal terms." The nine-employee commercial air-conditioning contractor, with sales of $1.5 million to $2.5 million, installs and maintains AC systems in such places as churches, schools, and retailers. "The big chains are holding on to their money longer," he says.
The shift, which he says affects at least 40 percent of his accounts, means he can only buy from certain manufacturers "who will allow a little extra float." Mitternight avoids other suppliers that demand payment in 30 days when he knows his customers won't pay that quickly. Accounts receivable ballooning on his balance sheet makes Factory Service Agency look weaker on paper to potential lenders and insurers who provide the bonding needed for government contracts. "It's hard to expand and grow your business," he says.
Davies, of M&J Kitchens, says his vendors unintentionally helped cause the thing they were trying to prevent: By tightening their credit terms to reduce the risk of him not paying, they pushed him into receivership. "Without the cash flow we were used to and without the terms we were used to, we didn't have great negotiating power with the bank," he says. "We were getting squeezed from both sides."

By John Tozzi

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How the middle class became the underclass

The average American's income has not changed much, while the richest 5% of Americans have seen their earnings surge.
 
NEW YORK (CNNMoney) -- Are you better off than your parents?

Probably not if you're in the middle class.

I
ncomes for 90% of Americans have been stuck in neutral, and it's not just because of the Great Recession. Middle-class incomes have been stagnant for at least a generation, while the wealthiest tier has surged ahead at lighting speed.

In 1988, the income of an average American taxpayer was $33,400, adjusted for inflation. Fast forward 20 years, and not much had changed: The average income was still just $33,000 in 2008, according to IRS data.

Meanwhile, the richest 1% of Americans -- those making $380,000 or more -- have seen their incomes grow 33% over the last 20 years, leaving average Americans in the dust.

Experts point to some of the usual suspects -- like technology and globalization -- to explain the widening gap between the haves and have-nots.

But there's more to the story.

A real drag on the middle class
One major pull on the working man was the decline of unions and other labor protections, said Bill Rodgers, a former chief economist for the Labor Department, now a professor at Rutgers University.

Because of deals struck through collective bargaining, union workers have traditionally earned 15% to 20% more than their non-union counterparts, Rodgers said.

But union membership has declined rapidly over the past 30 years. In 1983, union workers made up about 20% of the workforce. In 2010, they represented less than 12%.

"The erosion of collective bargaining is a key factor to explain why low-wage workers and middle income workers have seen their wages not stay up with inflation," Rodgers said.

Without collective bargaining pushing up wages, especially for blue-collar work -- average incomes have stagnated.

I
nternational competition is another factor. While globalization has lifted millions out of poverty in developing nations, it hasn't exactly been a win for middle class workers in the U.S.

Factory workers have seen many of their jobs shipped to other countries where labor is cheaper, putting more downward pressure on American wages.

"As we became more connected to China, that poses the question of whether our wages are being set in Beijing," Rodgers said.

Finding it harder to compete with cheaper manufacturing costs abroad, the U.S. has emerged as primarily a services-producing economy. That trend has created a cultural shift in the job skills American employers are looking for.

Whereas 50 years earlier, there were plenty of blue collar opportunities for workers who had only high school diploma, now employers seek "soft skills" that are typically honed in college, Rodgers said
.

A boon for the rich
While average folks were losing ground in the economy, the wealthiest were capitalizing on some of those same factors, and driving an even bigger wedge between themselves and the rest of America.

For example, though globalization has been a drag on labor, it's been a major win for corporations who've used new global channels to reduce costs and boost profits. In addition, new markets around the world have created even greater demand for their products.

"With a global economy, people who have extraordinary skills... whether they be in financial services, technology, entertainment or media, have a bigger place to play and be rewarded from," said Alan Johnson, a Wall Street compensation consultant.

As a result, the disparity between the wages for college educated workers versus high school grads has widened significantly since the 1980s.

In 1980, workers with a high school diploma earned about 71% of what college-educated workers made. In 2010, that number fell to 55%.

Another driver of the rich: The stock market.

The S&P 500 has gained more than 1,300% since 1970. While that's helped the American economy grow, the benefits have been disproportionately reaped by the wealthy.

And public policy of the past few decades has only encouraged t
he trend.

The 1980s was a period of anti-regulation, presided over by President Reagan, who loosened rules governing banks and thrifts.

A major game changer came during the Clinton era, when barriers between commercial and investment banks, enacted during the post-Depression era, were removed.

In 2000, the Commodity Futures Modernization Act also weakened the government's oversight of complex securities, allowing financial innovations to take off, creating unprecedented amounts of wealth both for the overall economy, and for those directly involved in the financial sector.

Tax cuts enacted during the Bush administration and extended under Obama were also a major windfall for the nation's richest.

And as then-Federal Reserve chairman Alan Greenspan brought interest rates down to new lows during the decade, the housing market experienced explosive growth.

"We were all drinking the Kool-aid, Greenspan was tending bar, Bernanke and the academic establishment were supplying the liquor," Deutsche Bank managing director Ajay Kapur wrote in a research report in 2009.

But the story didn't end well. Eventually, it all came crashing down, resulting in the worst economic slump since the Great Depression.

With the unemployment rate still excessively high and the real estate market showing few signs of rebounding, the American middle class is still reeling from the effects of the Great Recession.

Meanwhile, as corporate profits come roaring back and the stock market charges ahead, the wealthiest people continue to eclipse their middle-class counterparts.

"I think it's a terrible dilemma, because what we're obviously heading toward is some kind of class warfare
," Johnson said. 

By Annalyn Censky 


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Thursday, February 17, 2011

Gallop Poll Cites Unemployment as Major Problem in United States

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A Gallop poll released just last week announced that Americans feel unemployment and the lack of jobs is the biggest problem currently facing the nation. A full 35 percent of Americans said that jobs and unemployment was their biggest concern, the highest percentage since the Great Recession started and the highest rating since the jobless recovery of the late 1980s. It was the second month in a row that unemployment topped the polls with the economy placing second and healthcare third. However the unemployment survey data doesn’t come to a surprise for online senior level career transition websites such as Personal Business Advisors.

 Throughout 2009, the economy was the major issue facing most Americans. With the unemployment rate now consistently over 9 percent and the lack of jobs available for unemployed job seekers, unemployment has replaced the economy as the main concern of most Americans. According to Personal Business Advisors, the job loss impact to C-level Baby Boomer executives is even more significant.

Back in late January, Gallop released another study about job creation and unemployment stating that most Americans are pessimistic about job creation and six in ten unemployed people feel that the next job they get will not be the one they want. However, they will have to simply settle for whatever job they can find. On average, unemployed workers have spent 27 weeks looking for a job and have applied on average for 45 different jobs.

With a full 42 percent of senior level executives unemployed; many now seeking jobs and career opportunities have started looking at websites such as Personal Business Advisors to locate alternative sources of employment. In fact, experts believe that many people, especially Baby Boomers, have simply stopped looking for jobs during a long period of unemployment and instead are creating their own job – by working for themselves.

Companies such as Personal Business Advisors are helping C-level executives transition from unemployment to creating new businesses using franchising, buying an existing business, being a distributor or by licensing a product.

The wealth of knowledge available at websites, such as the Personal Business Advisors, is often a great starting place for senior level executives dedicated on fighting unemployment and lighting the entrepreneurial spirit to create a job of their own.

The government continues to believe that the economy will be slow to recover and jobs will be slow to appear with a continued drag on the unemployment rate. While this is a concern to many Americans, as displayed in the Gallop polls, many people are choosing a different route and instead deciding to create their own job by bootstrapping a new business.

With a wide level of natural management skills, senior and c-level professionals can use online resources such as Personal Business Advisors to recreate themselves and develop their own job in the face of lagging unemployment.

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Tuesday, February 15, 2011

Boomers Finding Slim Job Prospects in Unemployment

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Boomers Finding Slim Job Prospects in Unemployment

The jobless recovery now taking place in the United States is especially tough on Baby Boomers; Americans aged 47 to 65 years old. In fact, the Equal Employment Opportunity Commission is seeing an increase in complaints from Boomers aggressively seeking jobs while collecting unemployment benefits. Websites catering to the needs of unemployed Baby Boomers looking for alternative employment, such as Personal Business Advisors, are also seeing an increase in traffic as more senior level executives find themselves on unemployment and looking to create their own business opportunities, which create jobs.

A full 39 percent of Baby Boomer men were less likely to get a job each month compared with younger unemployed workers according to a job and unemployment survey conducted by CNN. According to Personal Business Advisors, 76 percent of the 77 million Baby Boomers plan to seek a job in retirement and currently 42 percent of senior level executives are unemployed.

Compounding the issue for most Baby Boomers is the fact that they need to rely more on job income due to the minimal return on bank savings accounts and the recent correction in the stock market. Many Baby Boomers are finding that their retirement accounts are no longer replacing their job income and have to find alternative methods to job income.

Personal Business Advisors is dedicated to rebuilding the world one business at a time. Their philosophy is by helping unemployed Baby Boomers make a career transition to alternative employment, they will be creating a business opportunity, and creating jobs, instead of relying on unemployment. They focus on creating business opportunities by purchasing a business, starting a new business, licensing a product or by joining a franchise opportunity.

A key group of Baby Boomers are freeing themselves from unemployment and finding job satisfaction by starting their own business. In fact, a recent survey for C-level executives by Personal Business Advisors found that 82 percent of Baby Boomers say they are going to start their own business eventually. The transition from unemployment and lack of job prospects are turning more American’s towards starting their own business.

 A number of C-level executives are also joining the ranks of firms such as Personal Business Advisors to become high-level business consultants helping other entrepreneurs start their business or helping other Baby Boomers make the career transition from job and unemployment to long term opportunity.

Baby Boomers have been able to reinvent their job and career outlook in past recessions and are taking the recent downturn and high unemployment rate to truly relaunch themselves towards rebuilding the world one business at a time.

By: Personal Business Advisors Admin