Article by TCole –Originally Posted in OUR FlyPaper Newsletter

If you listen to Bush and his people they would like to have you believe that the 2008 economy is not headed for a recession. If you watch the news and morning shows they have expert after expert regularly warning that the U.S. IS INDEED on the verge of a major recession. While they argue about whether it is or isn’t, Flypaper decided to examine the evidence and let you draw your own conclusion.

By definition, a recession is a decline in a country’s gross domestic product (or GDP which is the total market value of all final goods and services produced within a given country or region in a given period of time, usually a calendar year), or negative real economic growth, for two or more successive quarters of a year. Selected reports have stated that this is in fact the case.

The U.S. Department of Labor reported its first negative job growth for two consecutive months since 2003 in January and February of this year. In January alone there was a loss of 63, 000 jobs nationwide. The New York Times noted that “every time such a slump has occurred since the early 1970’s a recession has followed-or already been under way.”

We all remember hearing about how retail sales were down in the 2007 Christmas season, and with gas prices estimated to approach the $5 per gallon mark this summer, who knows what to expect. Recession or not, we all have to look at ways to make it through the undeniable hard times that the country as a whole is facing.

Are you valuable to your job? Would they consider you an asset? There are steps you can take in order to make sure, your presence is both felt and valued in the workplace. Volunteering for long-term projects, taking additional training, picking up an additional job-related skill or two, and participating on committees are all ways that you can let your superiors know that you are not dispensable and ensure that your name is low on the chopping list.

Having more than one stream of income is the best thing that you can do for yourself and your family in 2008. Legal hustles are the best thing since sliced bread. It also gives you an opportunity to profit from something you are good at or enjoy without having to depend on it totally. Having a backup plan ensures that you won’t find yourself unable to pay important bills in the event that your department gets cut, or your position gets downsized. The upside of this is that if you manage to keep your job, your side gig can push you into a new tax bracket.

Curbing unnecessary spending is also imperative in times of staggering economic growth. Not going out to eat as much (i.e. packing a lunch or eating leftovers for once), carpooling, buying generics, spending less money on entertainment (like going to the club and only having one drink or going to the movies and not buying the ridiculously overpriced snacks) are just a few of the many things that can be done to hold on to some green. As a culture we have been programmed to go, see, and spend without a conscious. Being mindful of your money and where it goes is crucial in times like these, keep a journal if you have to. Chances are if you do, you’ll see that those lunch outings add up to a lot more than you thought.

VIA eweek.com, asternglance.com

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