Hard Times

London protesters leave their mark (AP Photo/Simon Dawson)

Here in Chicago, it seems like everywhere we go, whatever we do, we are constantly reminded that we are experiencing an economic crisis. But I think it is also worth noting that we are not alone in this situation. Recently, the G-20 leaders  pledged more than $1 trillion in hopes of aiding the global economic crisis. Will it work? Will the economy improve? Guess we’ll have to wait and see. In the meantime, many people are skeptical over this budget. As the G-20 leaders met in London, thousands of people around the world had been protesting. They are against the leaders giving off money to the banks. Instead, they hope that the money goes to the thousands of people who have no jobs and also to help aid the cause of the environment.

Protesters in Indonesia wearing masks of global leaders (AP Photo/Dita Alangkara)

As the economy continues to decline, men are going to be feeling the effects more than women. According to a Chicago Tribune article, the government’s report on employment will reveal more job losses for males.

When the recession began, the unemployment rate for both genders was nearly equal. The rate for males was five percent and 4.8 percent for females. In February the rates rose to 8.8 percent for men and 7.3 percent for women.

“I don’t see it as going away,” Mark Perry, an economist at the University of Michigan said. Perry believes the gender divide in unemployment will continue to grow as the recession continues.

The difference in unemployment rates is due to several factors. When the recession began, it started in predominantly male fields; the housing market, construction, manufacturing and financial services.

Differences in pay may also play a role. Women are paid less than males, so it would be cheaper for a company to keep a woman over a male.

Women are believed to be better at communicating than males, which could decrease the chances of them being fired.

Ever since women have entered the work place, they have had to prove themselves and continue to do so this day. If a woman works harder, she will be kept on the payroll at the company.

Differences in education also factor into the gender divide in unemployment. Women are earning more bachelor’s degrees and master’s degrees than their male counterparts.

Even with higher degrees and huge layoffs in predominantly male career fields, women still hit their heads on teh glass ceiling, which prevents them from attaining high level jobs.

I recently visited the Anti-Cruelty Society for my profile article and discovered (very thankfully after looking at all those adorable cats and dogs) that everything is still running smoothly at 157 W. Grand Ave. There are still good education and humane investigation programs, low-income pet owners can still come in to get their pets sprayed or neutered for cheap and the vet is still available at a low cost.

However, adoptions and fiscal donations are the two aspects taking a hit from the recession. Adoptions decreased for the first time last year, with close to 400 less pets being adopted between 2007 and 2008. However, as Elliot Serrano, a community outreach specialist for the society explained to me, there is hope that this will not happen again and the turnaround rate, or the number of pets coming in and leaving later to a better home, is still pretty even. The people I spoke with said that for them, money isn’t an issue when adopting a pet- they just want to give the animals a good home, no matter what the cost.

The fiscal donations are the bigger problem. Serrano said there is no immediate worries, but it is evident that people just don’t have a lot of money to donate in these hard times because sometimes the society will receive donations with little notes saying the donors are sorry they couldn’t contribute more. But Serrano made a good point- even though people feel silly donating in small amounts like $1 or $5, if each person in Chicago could donate just $1 to the Anti-Cruelty society, or in my eyes, any non-profit organization with a good cause, there would be an accumulation of millions of dollars!

Also, as a side note, I was recently browsing around the Chicago Tribune Web site and I found they added a new topic on the left hand side of the screen. It’s called “Recession Guide.” Isn’t it so depressing that a category like this even needs to be made? However, it offers a lot of great discussion and various topics surrounding the bad economy and I would highly recommend looking at it.

I really enjoyed this article from CNN. It provides updates on past profile stories on families and individuals affected by the recession. Reading these stories which give a face to this depression we’re in truly humanizes it and brings universality.

My favorite is this one about a woman and her husband who move in with the woman’s ex-husband to try and recover their financial stability:

Nicole Thompson-Arce: Living with an ex-husband and current husband

“We believe that if it isn’t broken, then why change it,” he said.

This post is not related to any article I read but I am sure that there are articles about this out there.

In one of my classes I overheard a classmate saying that her parents “forbid” her to go back to school to get her masters after she graduates this year. I asked her why and she said they told her they could not afford to pay for any more schooling for her or her siblings. Luckily, she’s graduating with her undergrad degree this year.

This short conversation stuck with me and throughout the day I asked others if they had heard of similiar things. The responses all had the same theme- either parents and students were happy to be graduating this year solely for financial reasons or parents and students were opting out of furthering their education after they completed their undergrad.

With student loans soaring, and the job market looking anything less than inviting, what is a college student who is about to graduate to do? Do you continue to accumulate student loans and hope that when you finish your masters that you will be able to find a job? Do you graduate and put your dream of earning a masters on hold for a few years?

Luckily, I have a full year to see what the economy does before I have to make a decision whether I am going to go back right away and get my masters or if I will have to put it off or not. For those of you graduating this semester, Good Luck!!!

Since this global financial crisis began, my father has been coining a new catch phrase. Any time he thinks it can fit into a conversation, the sentence falls out of his mouth. For example, “Dad, it’s cold in Chicago. Let’s go somewhere for spring break.” He says, “We’re in a recession.” I say, “Dad, I need a new pair of shoes.” He says, “We’re in a recession.” “Dad, I’m really sick of hearing about this recession business.” He says, “Well, we are in a recession Maddie.” I’ve listened to his new catch phrase so many times I can hear it when I close my eyes to go to sleep.

But it is not just my father, it’s everywhere. Newspaper articles, television shows, retail marketing, conversations on the street…it makes me want to scream. I know, it’s a big deal and it’s affecting every single person. It just bums me out thinking about it and constantly hearing the dreaded word recession, and knowing how much it is affecting each individual person.

While browsing looking for something to inspire me so I can write about it, I stumbled across a new video series on the New York Times website. Our blog, Hard Times, has a very similar idea. People’s stories, while sometimes very depressing, help me to learn about what is going on in the world instead of reading about it in a general news article.

The series is called “The New Hard Times,” and will focus on different people’s feelings on the past and uncertain future during this…r word. It’s very well done, and adds a new and interesting element to journalism’s role in covering this crisis. I would recommend checking it out. But even after, try to refrain from using that nasty word when I’m around, so you don’t have to hear my grunts and grumbles on the topic.

Today, President Obama announced GM and Chrysler will be given “adequate working capital” for restructuring, “which will involve working with creditors, unions and other stakeholders.”

The article from cnn.com explains that the automobile industry has always stood as a symbol of the American spirit and President Obama says “We cannot, we must not, and we will not let our auto industry simply vanish.”

General Motors and Chrysler have already received nearly $17 million in emergency federal assistance.

The president stated:

While Chrysler and GM are very different companies with very different paths forward, both need a fresh start to implement the restructuring plans they develop. That may mean using our bankruptcy code as a mechanism to help them restructure quickly and emerge stronger.

How do you think the automotive industry’s problems ought to be resolved? Do you think federal financial assistance will be effective for getting the industry back on its feet?

President Obama discusses American Automobile Industry
Photo by Gerald Herbert/AP

Aside from the gratification that comes with making something yourself, there’s often a fiscal bonus, as well. Take food, for example. For the price of a 12 oz. steak at a restaurant (especially in Chicago), I can buy two pounds of the same meat at a grocery store.

While making your own food is nearly universal, making other things is another matter completely. With the economic downturn, however, some people have been looking for ways to re-use and re-create household items in useful ways. Enter the DIY/Craft movement.

The DIY movement is just what it sounds like– literally, do it yourself. Want a scarf? Knit it. Want a 35mm DOF adapter for your camcorder? Put it together yourself. Want to run your car on trash? Put in the plumbing to make it happen.

This weekend, the Chicago Craft Mafia hosted an event called “Do It Your Own Damn Self,” which I documented. Not only was there a great turnout (exceeding the organizers’ expectations), but the people there actually wanted to talk on camera! It was a welcome change of pace from the near-universal camera-shyness I find in the city.

Keep an eye on the DIY/Craft movement– it’s the next big thing. You heard it here first.

Michigan State’s stunning upset win over Louisville Sunday, which advances them to the NCAA Final Four, won’t help fix Michigan’s extreme economic woes or get Ford, Chrysler, and GM out of bankruptcy, but it will serve as a much-needed bright spot that can temporarily distract Michiganders from the state’s bleak economic outlook.

Michigan, America’s most economically battered state, not only is facing the uncertainty of Detroit’s automotive future, but has been hit by the recession harder and longer than any other state. Michigan’s 12 percent unemployment rate is the highest in the country and most reports show that the state has been dealing with an economic downturn since 2000.

“Michigan could use a little levity right now, as you know. The state’s economy is a disaster. It’s in an eight-year depression, and counting. President Obama’s work on the auto industry bailout was the headline item on Google News as the Spartans were finishing off their dissection of the Cardinals…Having a basketball team reach the Final Four will not fix any of this, not even a little bit. It might not even make everyone in Michigan feel good…But it’s something: A moment’s respite from the crushing daily avalanche of negative news.”

MSU’s big win actually wasn’t the only good news for the state of Michigan this weekend. Rick Wagoner, Ford’s CEO, was allegedly asked to step down by the White House as a precondition for the company to receive additional bailout money from the government. Therefore, this news may be viewed as a first step towards stabilizing the crippled auto industry and allowing them to reinvigorate their company.

Regardless, it will be quite some time before Michigan sees anything that even remotely resembles an economic recovery, but at least having MSU vying for a chance to play for a national championship in Detroit next week will help to dull the pain.

The swelling Red River in Fargo, N. Dakota, may or may not have crested at 42.8 feet. The levees can withstand 43 feet of water. Needless to say, everyone is holding their breath.
My cousins and many of my friends stood in the trenches this week, shoveling sand into bags and piling them into walls around properties. Schools were even cancelled to allow the students 6-7 hours of the back-breaking labor. But what happens next?
Fargo mayor Dennis Walaker, 68, claimed that the city never received money to build strong dikes after the last devastating flood in 1997. And with the potential damage to businesses, schools, and homes, this is hopefully the reminder the federal government needs to build some.
But on a lighter note, President Obama addressed the natural disaster with a positive outlook. Volunteers have collaborated with the help of the Army Reserve and the Red Cross to feed the sand bagees.
For now, the city crosses its fingers, praying, “Please hold, please hold, please hold.”