When will The Recession End?

Just when we thought things were getting a bit better, the US economy is showing some alarming symptoms of staying in the pits! After almost half a million jobs were cut in June, 2009, the jobless rate is at 9.5 percent. Folks, that is getting really close to 10 percent, and that number probably does not take into account many millions of people who are underemployed or who have just given up on the job hunt for right now.

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Well, now there is no doubt about the fact that the US, and the world, is enduring an economic downturn. We have been watching financial leaders and politicians deny if long enough, but even they are admitting it now. However, as much as we are all struggling to watch our expenses and keep our savings, we do find that some people do ok during a recession, and some people even prosper! What is the difference between those that can barely survive the crisis, and those that make out ok? I think the difference is being, just like a Boy Scout, prepared!

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You Can Prepare For a Job Loss

A good friend of mine had been a very productive team member at his job for years. In fact, his team even got recognized for a couple of patents, and he was certain that his company valued the contribution he made. A few short months after he brought home his certificate and bonus money, the company decided to outsource his group. He arrived at work on Friday and was told he would not need to report in on Monday. Needless to say, he was unprepared for the job loss, financially or emotionally, and it was a devestating event in his life.

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We haven’t been getting very good news about employment in the US lately. And of course, all economic news, with the bailout of the mortgage giants, is pretty grim. In fact, home foreclosures hit a record in the 3rd quarter of this year. And if you think that the bailout will help the situation, you might want to read this article: who does the mortgage giant bailout help?

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Lose Your Job and Dental Benefits?

One of the big stresses during a period of unemployment is the loss of benefits. Of course, the loss of health insurance is major, but you may have a COBRA health plan extension available.

A more immediate program may be dental care, and sometimes it can be tough to find an affordable dental plan for the unemployed.

However, large dental discount plans cost a few dollars a month and many offer very cheap, or even free, routine dental care like checkups and cleanings. Other services, which cannot be deferred until a job is found, are also offered in the network at greatly reduced prices.

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US Home foreclosures in July, 2008 were up 55% over the previous July, and many Americans are concerned about their financial stability these days. Companies are eliminating positions, and state unemployment benefits will not cover the mortgages, auto loans, and other bills that most families have. That is why many people are planning ahead by looking for mortgage unemployment insurance.

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