Word on the street is that the worst of the recession is over. Federal Reserve Chairman Ben Bernanke declared as much in mid-September, and the economy actually grew instead of shrinking in the third quarter of this year. So, in theory, things should be on the upswing.
But firsthand experience tells us maybe not so much. Consumer spending is down over last year as we all try to keep our holiday spending in check, and there hasn’t been much new job creation.
In fact, I’m still hearing stories from friends, state employees in particular, who are experiencing layoffs, pay cuts, and involuntary furloughs. What has your personal experience been?