I was out and about town this morning and ran into two young women who lost their jobs at Sanford today. They were told to go home. That was it. What a notice that was. There is very little in the way of severance, just a small amount for each year they worked there. Thank goodness they will be able to draw unemployment compensation. These were both young women with children, and they need to work to have that income for their families.
I remember when Jim and I were young and had a year-old son. He came in and told me he had been laid off from what was then AVCO in Nashville. (Now it's Vought, and they are currently having labor problems. The union is on strike at this time. There was an article in today's Tennessean about them.) Jim was fortunate that businesses were hiring at that time. He went to work two weeks later for Southern Airways, a regional carrier out of Atlanta which flew into Shelbyville in those days. After 36 years with Southern, which became Republic Airlines and then Northwest, Jim was able to retire.
The people who are now losing jobs won't be as fortunate as Jim was. Businesses aren't hiring. Due to the increase in food costs, I notice fewer people seem to eating out. That means restaurants won't need as many employees either.
I should probably be worrying about our own nest egg and what will happen to retirees, but I can't help but be concerned about these young people who need that income. How can this be resolved?