On Tuesday, The Huffington Post published a story documenting a disturbing post-recession trend: for many unemployed workers, finding a new job can mean a significant step down the professional ladder. For those lucky enough to find new work -- any work -- their old careers and lives often remain out of reach.
(Scroll down for HuffPost readers' stories)
More than 8.84 million private sector jobs were lost during the downturn. Despite steady job creation this year, there are still more than four unemployed workers for every job opening. The job recovery has also been cruelly uneven. A full 40 percent of the jobs lost during the downturn came from high-wage industries -- yet high-wage industries accounted for only 14 percent of the new positions created in the first year of the recovery, according to a report released in February by the National Employment Law Project.
We asked HuffPost readers to answer basic questions: have you had to take a lower-paying job because of the financial crisis? Have you had to switch industries, accept a big change in quality of life, relocate or cut back?
The response was overwhelming. More than a year into the recovery, our readers' responses offer a sharp counterweight to newspaper headlines proclaiming the labor market recovery is "gaining traction."
One response described a reader's path from making $90,000 a year as an executive for an entertainment company to making minimum wage at a sewing store. After several months, she received a job offer as the office manager for a one-person law firm, making $50,000 a year. "Ironically, this was nearly the same job I had when I was putting myself through college to earn my bachelor's degree. So, I've come round circle career-wise," she wrote.
Many readers described the shock they felt when the industry they spent their life working in was decimated and the uncertainty they felt when trying to start over in an unfamiliar field.
"Started out as tech writer, industry disappeared, went through 2nd grad program to become licensed counselor, jobs required to become licensed have disappeared, have been walking dogs," reader elljayo wrote, tracking a downgrade from $80,000 a year, to $10,000. "Can't afford to pay off loans...Surviving-but that's all."
Echoed through many replies is the feeling of loss -- not just of a decent paycheck -- but of the sense of security, purpose and direction that a career provides.
"[I]t is hard at the age of 45, after more than a dozen years of success, to feel like you are starting at the bottom again," wrote reader RBB05, who was making $150,00 as a radio manager but is now making half that at his new position. "At least back then, it was just me. Now it is my wife and 12-year-old daughter going along for the ride. When I do go to work in the morning there are days when I wake up invigorated and glad to be doing anything. Then there are days when I pray for a call, any call, that lifts me anywhere close to the world I used to be in."
Disturbingly, many HuffPost readers said they were barely hanging on and struggling to make ends meet.
"Depending on where they started on the economic ladder," said Carl van Horn, a labor economist at Rutgers University who studies the effects of long-term unemployment and trading down in the workplace, "that downward mobility can be somewhere from inconvenient to actually pushing them into poverty."
Read more HuffPost Reader responses below:
Trading Down
Kellogg MBA Handing Out Samples At Sam's Club(01 of39)
After 30 years of increasingly responsible corporate executive positions, I was laid-off from a VP position with a company that was going through a planned bankruptcy in early 2008. My annual salary there was about $172K. Having 3 kids in high school or college to support and my wife's salary as a Social Worker of about $32K, I had to get some income coming in beyond the unemployment compensation. It became quickly apparent that no one was hiring in my field and I decided to start a business with my family. Business has been OK thanks to some early publicity, but it has produced only a small but steady profit. I also did some substitute teaching to supplement the business income. When the unemployment compensation ran out, I found a part-time job with a company that does demos and sampling at the local Sam's Club for $12.03 an hour. It was little embarrassing at first to be seen by neighbors and friends in my uniform at the store, but they all understood I was doing it for my family. Last year, I was recommended for a consulting assignment that lasted for about 7 months and that provided some real income for the first time in over 2 years, but that project is pretty much done now. I am still hoping for a return to what I used to consider normal, but I'm afraid my days of supervising dozens of people and handling multi-million dollar budgets are probably over. I will just be happy to find something steady that pays enough to cover my bills and maybe put save a little for retirement. Fortunately, before all this happened, I had saved a nice amount for retirement, but I have had to dig into that several times to pay bills and for college tuition.
Worked For 10 Years In Tech Industry...After Layoff 25% Cut In Pay(02 of39)
Gregory L Cody:
Lost job to outsourcing of professional technology services overseas and ended up with a 25% cut in pay once I found a new job. I need the health care coverage so now I'm paying an extra $700/mo in healthcare costs along with 25% reduction in pay. Talk about the new slave labor especially when CEOs are getting paid $84M. Time for a new way of thinking for our laws on incorporation.
Lost job to outsourcing of professional technology services overseas and ended up with a 25% cut in pay once I found a new job. I need the health care coverage so now I'm paying an extra $700/mo in healthcare costs along with 25% reduction in pay. Talk about the new slave labor especially when CEOs are getting paid $84M. Time for a new way of thinking for our laws on incorporation.
Trading Down(03 of39)
iowasharon:
I was laid off from a job I had held for nearly 14 years when the parent company that owned my business decided my department could work just as well out of Madison, Wisconsin. They told me I was welcome to apply for my old job, but at a starting salary. I spent 6 months unemployed and eventually ended up taking a part time job, which is where I still work now nearly a year later. It's a good thing I'm married, since I had a pre-existing health condition for which I wouldn't have been able to buy insurance without his group rate. My kids are covered through the state. Strangely enough, unemployment worked out better than I could have expected. I stopped paying for daycare, so I saved money on that expense. Our income fell low enough that we were able to get caught in the safety net of state health insurance and reduced price lunch. I had taxes taken out of my unemployment reimbursement, which led to a fairly healthy return this year. Probably not the common story, and without the federal extension on unemployment benefits (I still collect some benefit over the pay I make for my part time job) things wouldn't be going so well for me, but that's my story.
I was laid off from a job I had held for nearly 14 years when the parent company that owned my business decided my department could work just as well out of Madison, Wisconsin. They told me I was welcome to apply for my old job, but at a starting salary. I spent 6 months unemployed and eventually ended up taking a part time job, which is where I still work now nearly a year later. It's a good thing I'm married, since I had a pre-existing health condition for which I wouldn't have been able to buy insurance without his group rate. My kids are covered through the state. Strangely enough, unemployment worked out better than I could have expected. I stopped paying for daycare, so I saved money on that expense. Our income fell low enough that we were able to get caught in the safety net of state health insurance and reduced price lunch. I had taxes taken out of my unemployment reimbursement, which led to a fairly healthy return this year. Probably not the common story, and without the federal extension on unemployment benefits (I still collect some benefit over the pay I make for my part time job) things wouldn't be going so well for me, but that's my story.
$120K Per Year To $30 An Hour(04 of39)
Bill Koerner:
I was making $120k a year in 2003 when I was laid off. I did not find a paying opportunity until May of 2008, and that was as a contract project manager 1,400 miles away from home. When that contract terminated early, I was unemployed for 17 months, until a friend of my wife found me an engineering contract opportunity that is paying $30 an hour. That is at least 50% of what I was making in 2003 (no benefits as a contractor). (credit:AP/FILE PHOTO)
I was making $120k a year in 2003 when I was laid off. I did not find a paying opportunity until May of 2008, and that was as a contract project manager 1,400 miles away from home. When that contract terminated early, I was unemployed for 17 months, until a friend of my wife found me an engineering contract opportunity that is paying $30 an hour. That is at least 50% of what I was making in 2003 (no benefits as a contractor). (credit:AP/FILE PHOTO)
Almost Two Years(05 of39)
jallenc:
I was laid off in May 2009 and had been in my industry for over 20 years. I was making $20 per hour (plus overtime) which had amounted to a 2008 income of $49,500. I am a single dad with two kids. For the area of the country that I live in, this was a very good wage. I had never had to look very hard for a job and had always moved up when I had changed employers. Now almost 2 years later, I have only been able to find part-time and seasonal work at max of $9.25 per hour with no benefits. I have no health insurance. I have lost my home to foreclosure and spent my savings. I had to cash in my retirement and sell personal property. I moved into a small apartment with my son.Now at age 51, I feel that I am being turned away at interviews because of my age. My personal budget now is half of what we used to live on. I am afraid to make any purchases other than necessities because of uncertainties. If the gas prices continue over $4 per gallon, a lot more of my earnings will be negated by driving to work (25 miles each way). We have no mass transit where I live and most jobs are 20-30 miles from where I live. (credit:AP/FILE PHOTO)
I was laid off in May 2009 and had been in my industry for over 20 years. I was making $20 per hour (plus overtime) which had amounted to a 2008 income of $49,500. I am a single dad with two kids. For the area of the country that I live in, this was a very good wage. I had never had to look very hard for a job and had always moved up when I had changed employers. Now almost 2 years later, I have only been able to find part-time and seasonal work at max of $9.25 per hour with no benefits. I have no health insurance. I have lost my home to foreclosure and spent my savings. I had to cash in my retirement and sell personal property. I moved into a small apartment with my son.Now at age 51, I feel that I am being turned away at interviews because of my age. My personal budget now is half of what we used to live on. I am afraid to make any purchases other than necessities because of uncertainties. If the gas prices continue over $4 per gallon, a lot more of my earnings will be negated by driving to work (25 miles each way). We have no mass transit where I live and most jobs are 20-30 miles from where I live. (credit:AP/FILE PHOTO)
Corporate Law To Public Interest(06 of39)
Scott Kohanowski:
I was laid off in 2008 when I worked as a law firm associate engaging primarily in commercial real estate transactions - relatively benign leasing, acquisitions/sales, and finance. I hated my job and had been looking for a way to transition into a more rewarding career. I was out of work for a year and spent most of that time engaged in pro-bono work. The director of one of the not-for-profits with which I volunteered approached me with a part-time position. I accepted immediately. The position soon turned into a full-time job. I now engage in home owner foreclosure defense work. I love every moment of my job. I earn about a quarter of what I did three years ago but I don't consider it a downgrade in the least. My coworkers and I all have the same progressive politics, the clients are incredibly appreciative, I feel good when I go to bed about the work I did that day and what I will do the next, and this rapidly-changing area of the law is incredibly interesting. (credit:AP/FILE PHOTO)
I was laid off in 2008 when I worked as a law firm associate engaging primarily in commercial real estate transactions - relatively benign leasing, acquisitions/sales, and finance. I hated my job and had been looking for a way to transition into a more rewarding career. I was out of work for a year and spent most of that time engaged in pro-bono work. The director of one of the not-for-profits with which I volunteered approached me with a part-time position. I accepted immediately. The position soon turned into a full-time job. I now engage in home owner foreclosure defense work. I love every moment of my job. I earn about a quarter of what I did three years ago but I don't consider it a downgrade in the least. My coworkers and I all have the same progressive politics, the clients are incredibly appreciative, I feel good when I go to bed about the work I did that day and what I will do the next, and this rapidly-changing area of the law is incredibly interesting. (credit:AP/FILE PHOTO)
Systems/Server Engineer To P/T Delivery Driver(07 of39)
SirVantes137:
Lost my job running a software test lab managing almost 200 systems and desktops. Two years later I ended up delivering food for a local kitchen twice a week.
Lost my job running a software test lab managing almost 200 systems and desktops. Two years later I ended up delivering food for a local kitchen twice a week.
Took 25% Pay Cut, No Benefits To Work Again(08 of39)
EverybodyKnows:
What is really annoying is the high student loan payments, when the degree isn't getting you the pay that it should. My generation was told that student loans were good debt and a path to high paying jobs. That is where much of the deep imbalance is now. People have invested their own money in their skills and simply not getting the return at this time. Employers are taking large advantage at this time and I sense that folks may be getting tired of it. Employers are taking the knowledge and skills, but not paying for it. But I also feel somewhat to blame for not saving more and not saving more NOW that I am working. Old spending habits have been hard to break, admittedly.
What is really annoying is the high student loan payments, when the degree isn't getting you the pay that it should. My generation was told that student loans were good debt and a path to high paying jobs. That is where much of the deep imbalance is now. People have invested their own money in their skills and simply not getting the return at this time. Employers are taking large advantage at this time and I sense that folks may be getting tired of it. Employers are taking the knowledge and skills, but not paying for it. But I also feel somewhat to blame for not saving more and not saving more NOW that I am working. Old spending habits have been hard to break, admittedly.
Making Less Than I Did Before Before Two College Degrees(09 of39)
Cindy Bloom:
I was making $90,000 as an exec for an entertainment company as a financial director. I was laid off in March 2009. I have 20 years of progressive experience, a BA in TV & Film and an MBA. I had another decent job lined up right after I got laid off. But, when it was time to start, that company implemented a hiring freeze, so again, I was out of luck. I got about 5 job interviews, all for positions that were beneath my former position. There were always "more qualified" candidates than me and at age 53, I strongly felt that companies were looking for someone younger (and cheaper). After being unemployed for nearly 1-1/2 years, I took a job at minimum wage at a sewing store. I took it even though I was still receiving unemployment benefits (which were reduced so I was actually losing money because of commute costs) because I needed to be working, not because of the money. I then got another job making $38,000 (what I made in 1985 as a legal secretary with no college degree). Two months later, I was offered a job at $50,000 as an office manager for a one-person law firm. Ironically, this was nearly the same job I had when I was putting myself through college to earn my bachelor's degree. So, I've come round circle career-wise. However, I love my current job and that's more important to me than the money at this point in my life. But, I frequently reflect on how hard I worked to earn those two college degrees (with no financial assistance and while working full time) and if they were even worth it since I'm now doing what I did before I went to college.
I was making $90,000 as an exec for an entertainment company as a financial director. I was laid off in March 2009. I have 20 years of progressive experience, a BA in TV & Film and an MBA. I had another decent job lined up right after I got laid off. But, when it was time to start, that company implemented a hiring freeze, so again, I was out of luck. I got about 5 job interviews, all for positions that were beneath my former position. There were always "more qualified" candidates than me and at age 53, I strongly felt that companies were looking for someone younger (and cheaper). After being unemployed for nearly 1-1/2 years, I took a job at minimum wage at a sewing store. I took it even though I was still receiving unemployment benefits (which were reduced so I was actually losing money because of commute costs) because I needed to be working, not because of the money. I then got another job making $38,000 (what I made in 1985 as a legal secretary with no college degree). Two months later, I was offered a job at $50,000 as an office manager for a one-person law firm. Ironically, this was nearly the same job I had when I was putting myself through college to earn my bachelor's degree. So, I've come round circle career-wise. However, I love my current job and that's more important to me than the money at this point in my life. But, I frequently reflect on how hard I worked to earn those two college degrees (with no financial assistance and while working full time) and if they were even worth it since I'm now doing what I did before I went to college.
Unemployed(10 of39)
Jill Lancaster:
I am 59 years old and owned my own mortgage business for 12 years. As the bottom fell our of the real estate and financial markets in 2007 - 2008, I closed my company and there was virtually no real estate business, overnight! I decided to look for employment as a financial services representative but have found that for every position, there were about 200 applicants and mostly younger people who are more "employable" that a 59 year old. I do believe that the 50 - 65 year old age group is the hardest hit group when it comes to unemployment and the most likely to have to trade down to a lower paying or part time job out of their field of expertise. Most have no choice and it becomes a means to simply survive.
I am 59 years old and owned my own mortgage business for 12 years. As the bottom fell our of the real estate and financial markets in 2007 - 2008, I closed my company and there was virtually no real estate business, overnight! I decided to look for employment as a financial services representative but have found that for every position, there were about 200 applicants and mostly younger people who are more "employable" that a 59 year old. I do believe that the 50 - 65 year old age group is the hardest hit group when it comes to unemployment and the most likely to have to trade down to a lower paying or part time job out of their field of expertise. Most have no choice and it becomes a means to simply survive.
Just Accepted A Lower Paying Job And Couldn't Be Happier(11 of39)
mrshawk:
I was laid off in June and have been looking for work since November. Just yesterday, I accepted a job that is a step up in terms of responsibility and career level but a $20,000 step down in pay. After searching for 6 months, I have found that the market simply just doesn't support someone at my level making what I make anymore. With employers having so many candidates to choose from for every position, they are able to lower the pay and still make a good hire. The level I was able to reach in the last four years is not realistic in these times. I am excited to have found a position that will further my career and have come to terms with the fact that the pay cut is not a reflection on my skills and experience, but on the state of the market. (credit:AP/FILE PHOTO)
I was laid off in June and have been looking for work since November. Just yesterday, I accepted a job that is a step up in terms of responsibility and career level but a $20,000 step down in pay. After searching for 6 months, I have found that the market simply just doesn't support someone at my level making what I make anymore. With employers having so many candidates to choose from for every position, they are able to lower the pay and still make a good hire. The level I was able to reach in the last four years is not realistic in these times. I am excited to have found a position that will further my career and have come to terms with the fact that the pay cut is not a reflection on my skills and experience, but on the state of the market. (credit:AP/FILE PHOTO)
Went From A Radio Manager Making Upwards Of $150k Per Year To Now Making Half Of That(12 of39)
RBB05:
Spent 12 years as a very experienced radio manager in Los Angeles, making $150k-$175k per year. The industry went through a period in 2009 where middle management got cut everywhere. I was out of work for a year and a half. Did some odd jobs and small time consulting work just to keep a second income coming in. My wife also works but when I got let go we lost 70% of our household income. All of a sudden that 30% of HHI was the breadwinner. We struggled to keep our home, even enlisting the help of a US Congressman to help us with the bank. Finally I caught a break in the media world....but it was with a print publication at about half the salary. I took it because it was better than nothing. While it is still media, there are people 10 years younger than I, who have been here 15 years and are trying to teach me the way things work here. Sleep is pretty much non existant because while we have two incomes again we are working our way out of the financial hole unemployment created. We did not fall off the cliff in just one month and so I know it will take time to rebuild. But it is hard at the age of 45, after more than a dozen years of success, to feel like you are starting at the bottom again - like when you were right out of college. At least back then, it was just me. Now it is my wife and 12 year old daughter going along for the ride. When I do go to work in the morning there are days when I wake up invigorated and glad to be doing anything. Then there are days when I pray for a call, any call, that lifts me anywhere close to the world I used to be in. While people have all sorts of phobias, mine was always being out of work....Ilived my phobia for 18 months and am now trying to start over. (credit:AP/FILE PHOTO)
Spent 12 years as a very experienced radio manager in Los Angeles, making $150k-$175k per year. The industry went through a period in 2009 where middle management got cut everywhere. I was out of work for a year and a half. Did some odd jobs and small time consulting work just to keep a second income coming in. My wife also works but when I got let go we lost 70% of our household income. All of a sudden that 30% of HHI was the breadwinner. We struggled to keep our home, even enlisting the help of a US Congressman to help us with the bank. Finally I caught a break in the media world....but it was with a print publication at about half the salary. I took it because it was better than nothing. While it is still media, there are people 10 years younger than I, who have been here 15 years and are trying to teach me the way things work here. Sleep is pretty much non existant because while we have two incomes again we are working our way out of the financial hole unemployment created. We did not fall off the cliff in just one month and so I know it will take time to rebuild. But it is hard at the age of 45, after more than a dozen years of success, to feel like you are starting at the bottom again - like when you were right out of college. At least back then, it was just me. Now it is my wife and 12 year old daughter going along for the ride. When I do go to work in the morning there are days when I wake up invigorated and glad to be doing anything. Then there are days when I pray for a call, any call, that lifts me anywhere close to the world I used to be in. While people have all sorts of phobias, mine was always being out of work....Ilived my phobia for 18 months and am now trying to start over. (credit:AP/FILE PHOTO)
Same Industry Less Pay(13 of39)
mlandis:
I'm writing to express the reality of my situation as I have had to "trade down" in my career. I'm a mid 30's IT Professional in the Credit Union industry. I spent nearly 10 years as the VP of IT for a small credit union in the Denver area. After completing a merger with a larger credit union I was laid off last December. Months prior to my layoff my wife left me for my best friend. Though this has nothing to do with the economy (technically) it did impact our household. I was lucky and out of work only a short time. I found myself back in the Credit Union industry at a larger organization, still doing what I've always done but at a pay cut of over $13,000 a year. The loss of income and the loss of that second income resulted in a net $2700 per month no longer coming into our home. I'm losing my house and my car and looking at bankruptcy in my not too distant future. But i'm ok with it. I wasnt out for 2 years, I'm not at the end of my career, and I have confidence I will be able to survive and raise my children. I wont however; have the lifestyle I had, or the home I built, or the ability to even dream about a vacation for my children for many years. Not a poor me story, just the reality of where we are in this country. I look forward to picking up a 15 year old vehicle in the next week saving it from donation to public radio, and to moving my children into our first rental home in over 10 years this summer. Though this comes with a lot of sadness, I have learned that as long as I have my children in my life everything else will be OK. We have had to redefine what our "means" are and thats OK with me. I consider myself lucky to have found a new employer so quickly and to have an attitude of figuring things out to make it work... and I hope my ability to see the silver lining is an inspiration to others. (credit:AP/FILE PHOTO)
I'm writing to express the reality of my situation as I have had to "trade down" in my career. I'm a mid 30's IT Professional in the Credit Union industry. I spent nearly 10 years as the VP of IT for a small credit union in the Denver area. After completing a merger with a larger credit union I was laid off last December. Months prior to my layoff my wife left me for my best friend. Though this has nothing to do with the economy (technically) it did impact our household. I was lucky and out of work only a short time. I found myself back in the Credit Union industry at a larger organization, still doing what I've always done but at a pay cut of over $13,000 a year. The loss of income and the loss of that second income resulted in a net $2700 per month no longer coming into our home. I'm losing my house and my car and looking at bankruptcy in my not too distant future. But i'm ok with it. I wasnt out for 2 years, I'm not at the end of my career, and I have confidence I will be able to survive and raise my children. I wont however; have the lifestyle I had, or the home I built, or the ability to even dream about a vacation for my children for many years. Not a poor me story, just the reality of where we are in this country. I look forward to picking up a 15 year old vehicle in the next week saving it from donation to public radio, and to moving my children into our first rental home in over 10 years this summer. Though this comes with a lot of sadness, I have learned that as long as I have my children in my life everything else will be OK. We have had to redefine what our "means" are and thats OK with me. I consider myself lucky to have found a new employer so quickly and to have an attitude of figuring things out to make it work... and I hope my ability to see the silver lining is an inspiration to others. (credit:AP/FILE PHOTO)
Real Estate Meltdown(14 of39)
raybonent:
I was a Senior Property Accountant working in Atlanta for the largest condo developer in this area. I was making $60,000 plus 10% in bonuses, etc. Then, layoffs hit and I couldn't find a job for 3 years. Thank God I had my real estate license; however, that couldn't help me with my house. I had to take out my 401k and Uncle Sam hit me with a huge penalty (of course this was after the market hit my 401k first). Three years later I get a call from my old workmate. She told me about a position paying $40,000 per year! I took it. I had no choice. Now I am thinking about getting a 3rd degree. I have a B.B.A in Business Management and 12 years in the Accounting field and now I need ANOTHER DEGREE!! Yikes!! I also have a MPA. I am slowly thinking about it even though it will cost me $10,000. The sad thing about this whole situation is that I did everything right. I bought below my means and my car is 12 years old. I am only 42 years old and I have 4 kids. It sounds ignorant but I don't trust 401k's, banks or mortgages. This is a mess and I don't know how to get out. My parents don't understand. My dad was in the Air Force all his life and STILL works on the base in civil service (double dipper). My mom is a RN and has never had a problem with jobs or money. (credit:AP/FILE PHOTO)
I was a Senior Property Accountant working in Atlanta for the largest condo developer in this area. I was making $60,000 plus 10% in bonuses, etc. Then, layoffs hit and I couldn't find a job for 3 years. Thank God I had my real estate license; however, that couldn't help me with my house. I had to take out my 401k and Uncle Sam hit me with a huge penalty (of course this was after the market hit my 401k first). Three years later I get a call from my old workmate. She told me about a position paying $40,000 per year! I took it. I had no choice. Now I am thinking about getting a 3rd degree. I have a B.B.A in Business Management and 12 years in the Accounting field and now I need ANOTHER DEGREE!! Yikes!! I also have a MPA. I am slowly thinking about it even though it will cost me $10,000. The sad thing about this whole situation is that I did everything right. I bought below my means and my car is 12 years old. I am only 42 years old and I have 4 kids. It sounds ignorant but I don't trust 401k's, banks or mortgages. This is a mess and I don't know how to get out. My parents don't understand. My dad was in the Air Force all his life and STILL works on the base in civil service (double dipper). My mom is a RN and has never had a problem with jobs or money. (credit:AP/FILE PHOTO)
20% Cut(15 of39)
SFGiantsfan:
My company filed for bankruptcy protection in December of 2008 and was taken over by a competitor. I lead a national team of people and had to move to a individual contributor role and take a pay cut. This is a much better firm and optimistic that long term I will be better off. The worst part of the experience was I had to let go 75% of the team prior to acquisition, was promoted and told to start hiring only to have my entire team cut shortly thereafter. I found the job market to be active with good opportunities. (credit:AP/FILE PHOTO)
My company filed for bankruptcy protection in December of 2008 and was taken over by a competitor. I lead a national team of people and had to move to a individual contributor role and take a pay cut. This is a much better firm and optimistic that long term I will be better off. The worst part of the experience was I had to let go 75% of the team prior to acquisition, was promoted and told to start hiring only to have my entire team cut shortly thereafter. I found the job market to be active with good opportunities. (credit:AP/FILE PHOTO)
Starting Over @ Nearly 50(16 of39)
stormyrain:
I not only got caught up in a company "downsizing" but a divorce, lost my apartment due to the unemployment benefits in FL (or lack thereof) and loss of medical benefits with my health issues. I can truly thank my great family for their continued support. Couch surfing is not so fun. I have a job after 18 months of unemployment. It doesn't compare to my previous position but it will do for now.
I not only got caught up in a company "downsizing" but a divorce, lost my apartment due to the unemployment benefits in FL (or lack thereof) and loss of medical benefits with my health issues. I can truly thank my great family for their continued support. Couch surfing is not so fun. I have a job after 18 months of unemployment. It doesn't compare to my previous position but it will do for now.
59 But Still Fine(17 of39)
jdkatz0212:
Went from $105k to $65k with two years in between jobs. Now downsized back home and making $0k for last 12 months. I am educated, energetic, and experienced in the leadership of not-for-profit organizations.What's wrong with this picture?
Went from $105k to $65k with two years in between jobs. Now downsized back home and making $0k for last 12 months. I am educated, energetic, and experienced in the leadership of not-for-profit organizations.What's wrong with this picture?
Can't Even Get An Interview For A Job Paying Less Than Half Of What I Made(18 of39)
MsFury:
I have been unemployed for 2 years. I will shortly be 49. I have looked applied for jobs at less than half of what I used to make and can't even get an interview. Although I am still looking for work, I don't believe that I will get anything. People my age appear to be permanently unemployed. (credit:AP/FILE PHOTO)
I have been unemployed for 2 years. I will shortly be 49. I have looked applied for jobs at less than half of what I used to make and can't even get an interview. Although I am still looking for work, I don't believe that I will get anything. People my age appear to be permanently unemployed. (credit:AP/FILE PHOTO)
Completely Change The Way I Do Business(19 of39)
wendoxia:
I am a home stager, and I have had to completely change the way I do business to stay afloat. I now accept deferred payment after escrow closes, because my clients dont have the money to stage homes they are selling because they can no longer afford. I often wait 3 months or more for payment, every job is a gamble.
I am a home stager, and I have had to completely change the way I do business to stay afloat. I now accept deferred payment after escrow closes, because my clients dont have the money to stage homes they are selling because they can no longer afford. I often wait 3 months or more for payment, every job is a gamble.
I was incredibly lucky!(20 of39)
I was let go in Feb. 2010 and got hired at a higher salery by a better firm in Aug. 2010, at the age of 58! Looking for work that 6 months was the hardest thing I've ever done. I still can't believe how fortunate I am to have this fantastic job now, which I will cling to like grim death.
Barely Above The Poverty Line(21 of39)
cocodash:
I lost my $53,000+ a year (plus bonuses) job when a combination of lousy management and George Bush's special skills tanked my company. I was two weeks shy of becoming a 99-er. I am now back in the newspaper industry, doing the same job I did at another paper ten years ago for $36,000, except now I make $9.50 an hour. (credit:AP/FILE PHOTO)
I lost my $53,000+ a year (plus bonuses) job when a combination of lousy management and George Bush's special skills tanked my company. I was two weeks shy of becoming a 99-er. I am now back in the newspaper industry, doing the same job I did at another paper ten years ago for $36,000, except now I make $9.50 an hour. (credit:AP/FILE PHOTO)
Salary Down 40%(22 of39)
kahuna760:
I got laid off November 2008. I found consulting work but my peak income is off 40% and I don't think it will ever return.
I got laid off November 2008. I found consulting work but my peak income is off 40% and I don't think it will ever return.
Making Less Now Than I did in 1993(23 of39)
Susan Tabet:
After 40 years of working my way up to a salary of $67K a year I've had to settle for a bookkeeping job that pays $14 per hour after losing my job in California and moving to Montana. My husband can't find gainful work since moving to Montana 8 years ago - they consider $8 per hour a good wage. We can't even sell our home to get out from underneath and will probably end up losing it and our life investment. y. (credit:AP/FILE PHOTO)
After 40 years of working my way up to a salary of $67K a year I've had to settle for a bookkeeping job that pays $14 per hour after losing my job in California and moving to Montana. My husband can't find gainful work since moving to Montana 8 years ago - they consider $8 per hour a good wage. We can't even sell our home to get out from underneath and will probably end up losing it and our life investment. y. (credit:AP/FILE PHOTO)
Pay Cut, But Still Employed(24 of39)
illegalsecy:
I work in an administrative position in the legal field for a mid-sized law firm. After a couple of rounds of lay-offs, my firm implemented 5% pay cuts for all admin staff. It was a bit shocking, but it obviously saved jobs. There have been no further lay-offs. Perhaps if the firm had done this earlier, we would not have lost some very good friends and co-workers. While I am still not back up to the salary I was making in 2008, I am very happy to still have a job. (credit:AP/FILE PHOTO)
I work in an administrative position in the legal field for a mid-sized law firm. After a couple of rounds of lay-offs, my firm implemented 5% pay cuts for all admin staff. It was a bit shocking, but it obviously saved jobs. There have been no further lay-offs. Perhaps if the firm had done this earlier, we would not have lost some very good friends and co-workers. While I am still not back up to the salary I was making in 2008, I am very happy to still have a job. (credit:AP/FILE PHOTO)
Private To Public(25 of39)
red wolfe:
I worked in video post-production, having adopted computer-based skills early on. I was laid off after 9/11. It took 18 months to find a job in higher education. Today, I make the same annual salary I made in 1997 and substantially less than I did in 2001. My salary is being frozen for at least the third time in 5 years while my medical goes up. Now, I have to worry about further budget cuts.
I worked in video post-production, having adopted computer-based skills early on. I was laid off after 9/11. It took 18 months to find a job in higher education. Today, I make the same annual salary I made in 1997 and substantially less than I did in 2001. My salary is being frozen for at least the third time in 5 years while my medical goes up. Now, I have to worry about further budget cuts.
Teacher in WI, Enough Said(26 of39)
ksforee:
While I haven't been laid off (thank god), I have taken a $550/month pay cut. Ouch. There goes rent.
While I haven't been laid off (thank god), I have taken a $550/month pay cut. Ouch. There goes rent.
Forced To Retire(27 of39)
Leothelion33:
I worked for many years as a social worker. My last job, County Home Director, paid great money, but the County closed the Home, which was a haven for folks with low incomes. No jobs were available so I received unemployment for as long as I could, but of course it ran out. I was then sixty-two so I really had no choice but to retire. I make less than half of what I made working as a social worker. I am now sixty-five and will soon be eligible for Medicare. I have been fortunate medically because I am a veteran so I have been able to continue my regimen of medicine. Funny I guess because I feel fortunate. There are many with stories much worse than mine.
I worked for many years as a social worker. My last job, County Home Director, paid great money, but the County closed the Home, which was a haven for folks with low incomes. No jobs were available so I received unemployment for as long as I could, but of course it ran out. I was then sixty-two so I really had no choice but to retire. I make less than half of what I made working as a social worker. I am now sixty-five and will soon be eligible for Medicare. I have been fortunate medically because I am a veteran so I have been able to continue my regimen of medicine. Funny I guess because I feel fortunate. There are many with stories much worse than mine.
I Had To Close My Real Estate Publishing Business After 19 Years(28 of39)
newunderground:
I am a liberal who grew up in the 70's and came of age in the 80's. I was 20 in 1980.I didn't buy into Raygun's politics, but I did buy into the entrepreneurial zeitgeist of the time. Times were very good during the Clinton years, and began to slowly slide with the economy during the Bush years, and finally blew up after the Bush financial crisis of 2008. We were able to hang on through June of 09.After one year of unemployment, at the pricely sum of $400/wk, I was able to get a job as a substitute teacher, paying $90 a day. Don't get me wrong, I'm grateful for that, but it's less than a quarter of my previous income. Luckily, I do have some reserves,and we are not starving. It's funny that people believe small business owners when they whine about taxes and regulation. Small business owners have so many deductions not available to the wage earner. I have a high paying sales job coming up in the next couple weeks, but it's straight commission.
I am a liberal who grew up in the 70's and came of age in the 80's. I was 20 in 1980.I didn't buy into Raygun's politics, but I did buy into the entrepreneurial zeitgeist of the time. Times were very good during the Clinton years, and began to slowly slide with the economy during the Bush years, and finally blew up after the Bush financial crisis of 2008. We were able to hang on through June of 09.After one year of unemployment, at the pricely sum of $400/wk, I was able to get a job as a substitute teacher, paying $90 a day. Don't get me wrong, I'm grateful for that, but it's less than a quarter of my previous income. Luckily, I do have some reserves,and we are not starving. It's funny that people believe small business owners when they whine about taxes and regulation. Small business owners have so many deductions not available to the wage earner. I have a high paying sales job coming up in the next couple weeks, but it's straight commission.
Trading Down(29 of39)
I've got 30 years of experience as a legal secretary. Prior to 2009, I was used to making at least $25 an hour. Prior to that, I had been offered a job on every interview I've ever been on. I was laid off my job in 2009 as a real estate closer handling complicated multi-million dollar commercial transactions. It took me over a year to find a temporary job paying $12 an hour working as a paralegal on two complicated contested probate cases. Before I took that temp job, I was at the point where my electricity was about to be shut off and two months before the homeowner's association was going to foreclose on me. My temp job will be through in about a month and the firm I work at does not have enough work to keep me on. I'm sick to my stomach with worry as I have not found another job yet. Prior to that temp job, my unemployment benefits ran out. I've been looking for another job and, as before, am not even getting a response to my resume. I'm starting to feel myself fall again into a deep depression. I'm trying my best to keep a positive aspect, but the tears are starting to come to my eyes even as I write this. Of course, I have no health insurance to get help. I'm 58 years old and see not much of a life ahead of me.
I Just Turned 40, But Now Make Less Than I Did At 30(30 of39)
Pleasedontdelete:
I worked for a retail company for over 15 years as a store manager, working my way up to a livable salary. When that retailer went belly up in 2006, I was quickly recruited to work for a supplier, but after only 2 1/2 years, they made huge cut backs, and cut my division just days before the financial melt down. I got my notice, as did several hundred others, via a company voice mail. The first disturbing truth: At 40, I seemed to be to old to work as a speciality retail manager.The second disturbing truth: The pay scale for retail managers had drastically decreased.The third disturbing truth: Many retailers added a 4 year degree requirement (I was already managing a store by the age of 20).Fourth disturbing truth: 15+ years of loyalty with a single, failed company, is almost worthless. After 2 1/2 years, several resume updates and tweaks, and hundreds of applications, I took a job with discount retailer as a department manager earning less then half of what I previously earned (which wasn't impressive to begin with). Even though I have found employment, I still haven't stopped looking for a suitable job, with a better salary, but it still looks very grim. Experience seems to have lost it's value. When I turned 30 I was on my way up, but as I turned 40, it seemed more like I was cast aside. (credit:AP/FILE PHOTO)
I worked for a retail company for over 15 years as a store manager, working my way up to a livable salary. When that retailer went belly up in 2006, I was quickly recruited to work for a supplier, but after only 2 1/2 years, they made huge cut backs, and cut my division just days before the financial melt down. I got my notice, as did several hundred others, via a company voice mail. The first disturbing truth: At 40, I seemed to be to old to work as a speciality retail manager.The second disturbing truth: The pay scale for retail managers had drastically decreased.The third disturbing truth: Many retailers added a 4 year degree requirement (I was already managing a store by the age of 20).Fourth disturbing truth: 15+ years of loyalty with a single, failed company, is almost worthless. After 2 1/2 years, several resume updates and tweaks, and hundreds of applications, I took a job with discount retailer as a department manager earning less then half of what I previously earned (which wasn't impressive to begin with). Even though I have found employment, I still haven't stopped looking for a suitable job, with a better salary, but it still looks very grim. Experience seems to have lost it's value. When I turned 30 I was on my way up, but as I turned 40, it seemed more like I was cast aside. (credit:AP/FILE PHOTO)
Trading Down Isn't Even Close!(31 of39)
dorym:
My husband and I own a small survey company in Lake Havasu City, AZ. My husband has had this company since 1987. he has made a nice living. Now, after wallstreet stole our savings, our home value and our livelihood,we toil for nothing. Seriously. My husband makes minimum wage and I actually PAY TO WORK. I made NO paycheck last year, yet I still OWED the state of arizona for taxes!!! We are 60, and we should be sliding into retirement, after a lifetime of work (both of us, since we were 15 years old!) only there will be NO retirement for us. Ever - and, we'll be lucky to WORK UNTIL WE DIE!!! (credit:AP/FILE PHOTO)
My husband and I own a small survey company in Lake Havasu City, AZ. My husband has had this company since 1987. he has made a nice living. Now, after wallstreet stole our savings, our home value and our livelihood,we toil for nothing. Seriously. My husband makes minimum wage and I actually PAY TO WORK. I made NO paycheck last year, yet I still OWED the state of arizona for taxes!!! We are 60, and we should be sliding into retirement, after a lifetime of work (both of us, since we were 15 years old!) only there will be NO retirement for us. Ever - and, we'll be lucky to WORK UNTIL WE DIE!!! (credit:AP/FILE PHOTO)
From Financial Operations Support To AR(32 of39)
Eno:
I went from making over 70-75K a year as a well-experienced trade settlements specialist, to making barely 40K a year as an entry level AR Associate.I worked in finance for almost 10 years, was out of work for a year and a half and took a 30K pay cut when I finally found a job.
I went from making over 70-75K a year as a well-experienced trade settlements specialist, to making barely 40K a year as an entry level AR Associate.I worked in finance for almost 10 years, was out of work for a year and a half and took a 30K pay cut when I finally found a job.
Same Job - Half Pay(33 of39)
Peacefrogger:
I still have the same job. I work for a small company but they DO offer health insurance. They pay 60%. However due to the economy things have been tight. I now work the same job that I was paid 13.20 and hour and now make 7.25 an hour. Because I have lupus my insurance is very high and I can not afford to take another job that does not have it. I am 58. I do not see anything getting better.
I still have the same job. I work for a small company but they DO offer health insurance. They pay 60%. However due to the economy things have been tight. I now work the same job that I was paid 13.20 and hour and now make 7.25 an hour. Because I have lupus my insurance is very high and I can not afford to take another job that does not have it. I am 58. I do not see anything getting better.
Yes I Have And I Am Not Ashamed Of My Action(34 of39)
Larraine Martin:
When the difference for me was collect unemployment or take a pay cut I chose the later. I believe that continuing to develop myself would be more beneficial for my family as well as myself.
When the difference for me was collect unemployment or take a pay cut I chose the later. I believe that continuing to develop myself would be more beneficial for my family as well as myself.
$60,000 To Zero For 2 Years Now(35 of39)
Mary Jane Blatchford:
After 5 years of excellent performance reviews, the director used a lame excuse (had nothing to do with work) to fire me from a Senior Planner position and trim department budget. Still furious. Have a job making $9.95/hr stocking merchandise; hours are VERY sparse so many weeks I earn nothing.
After 5 years of excellent performance reviews, the director used a lame excuse (had nothing to do with work) to fire me from a Senior Planner position and trim department budget. Still furious. Have a job making $9.95/hr stocking merchandise; hours are VERY sparse so many weeks I earn nothing.
Pay Cut(36 of39)
Frank J Reed:
My entire fire department has taken pay cuts, lost PTO and opened up our contract to help the city meet its financial obligations. I remind all interested that we are union, but we have shown a willingness to help our city make ends meet while maintaining service to our citizens. With collective bargaining, however, we negotiated some triggers that will help us restore pay and benefits the moment the city shows signs of recovery. It's a classic example of how unions and municipalities can work together and provide the citizens with the best service at the most economical cost.
My entire fire department has taken pay cuts, lost PTO and opened up our contract to help the city meet its financial obligations. I remind all interested that we are union, but we have shown a willingness to help our city make ends meet while maintaining service to our citizens. With collective bargaining, however, we negotiated some triggers that will help us restore pay and benefits the moment the city shows signs of recovery. It's a classic example of how unions and municipalities can work together and provide the citizens with the best service at the most economical cost.
Are We Having Fun Yet?(37 of39)
Kristin Lisa:
On 9/11/2001 I was living in Seattle, Washington as a single parent supporting three children by myself. My estranged husband and the father of my children made it his purpose in life to avoid paying child support.By Halloween of that year my three year contract was terminated two years early. My consulting company lost its biggest (and only client). No one was traveling so airlines cancelled orders for planes. The company ended most of its contracts with vendors and began laying off employees. Suddenly there were hundreds if not thousands of unemployed people in the Seattle area with my skill set (software development for relational databases)My savings ran out around April 2002 and for the next year I was forced to depend on the kindness of strangers and my extended family.In February 2003 I packed up my kids and moved to Sacramento, California where we moved in with my parents. I finally found a job in Sacramento working for the State of California. The pay was less than in Seattle - about a third what I had earned before. I took a government job for the stability. It was less money but safe, or so I thought. Apparently state workers in California work 'at the Pleasure of the Governor'.I realize times are tough all over and I am grateful to have a job, however it is not my fault that the Governor and the Legislature for the State of California cannot seem to do their job.I have no control over the state budget, yet the Governor liked to blame the ills of the state on state workers. The last time state workers got a pay raise was in 2005, before that it has been almost ten years since state workers had seen a pay raise.For a year and a half, thanks to Governor, we were forced to take a 15% cut in pay via three mandatory furloughs a month. Those furloughs ended in July 2010, but we are still being forced to take one furlough a month. They have also increased our union dues and our mandatory contributions to our pensions from 5% to 8%. My take home pay today is less than it was 6 years ago.In June of 2008 my estranged husband died of stage 4 mestacized pancreatic cancer. It was very sudden and unexpected. Now I am a widow supporting three children on my salary from a government job. Currently I have one child in college and a second child starting college next fall. The only saving grace is that they qualify for financial aid, both Pell grants (Federal) and Cal grants (State) and lots of student loans.And the new wrinkle is that the Governor and the State of California legislature keep cutting funds for state colleges and universities while also cutting Cal grants while at the same time that the President and his legislature are also cutting funds for higher education and Pell grants.Will the fun never end?
On 9/11/2001 I was living in Seattle, Washington as a single parent supporting three children by myself. My estranged husband and the father of my children made it his purpose in life to avoid paying child support.By Halloween of that year my three year contract was terminated two years early. My consulting company lost its biggest (and only client). No one was traveling so airlines cancelled orders for planes. The company ended most of its contracts with vendors and began laying off employees. Suddenly there were hundreds if not thousands of unemployed people in the Seattle area with my skill set (software development for relational databases)My savings ran out around April 2002 and for the next year I was forced to depend on the kindness of strangers and my extended family.In February 2003 I packed up my kids and moved to Sacramento, California where we moved in with my parents. I finally found a job in Sacramento working for the State of California. The pay was less than in Seattle - about a third what I had earned before. I took a government job for the stability. It was less money but safe, or so I thought. Apparently state workers in California work 'at the Pleasure of the Governor'.I realize times are tough all over and I am grateful to have a job, however it is not my fault that the Governor and the Legislature for the State of California cannot seem to do their job.I have no control over the state budget, yet the Governor liked to blame the ills of the state on state workers. The last time state workers got a pay raise was in 2005, before that it has been almost ten years since state workers had seen a pay raise.For a year and a half, thanks to Governor, we were forced to take a 15% cut in pay via three mandatory furloughs a month. Those furloughs ended in July 2010, but we are still being forced to take one furlough a month. They have also increased our union dues and our mandatory contributions to our pensions from 5% to 8%. My take home pay today is less than it was 6 years ago.In June of 2008 my estranged husband died of stage 4 mestacized pancreatic cancer. It was very sudden and unexpected. Now I am a widow supporting three children on my salary from a government job. Currently I have one child in college and a second child starting college next fall. The only saving grace is that they qualify for financial aid, both Pell grants (Federal) and Cal grants (State) and lots of student loans.And the new wrinkle is that the Governor and the State of California legislature keep cutting funds for state colleges and universities while also cutting Cal grants while at the same time that the President and his legislature are also cutting funds for higher education and Pell grants.Will the fun never end?
What To Do?(38 of39)
I was just laid off from my job this morning, 4/19/11. My last day will be June 20th, 2011. I have a mortgage and a family and not much direction at this point. There is a decided dearth of technical jobs in this area, so having to change fields, take a paycut, or even relocate have all become a sudden new reality. I'm already living paycheck to paycheck, so any cut in pay will absolutely devastate my family. The only thing I have left to cut back on is my cable bill, and that won't save me much. Now I will need to put off my daughter's braces until I can find comparable work.
Living The American Dream(39 of39)
Maureen Festa:
In just 6 weeks in 2009, my (now ex) husband, who was already out of work, and I separated, we sold our house at a loss, and I was laid off. After 9 months of searching, being on my own for the first time in almost 20 years and paying rent I couldn't afford much longer, I networked myself into a job. With a 30% pay cut and far more stress, but still...I consider myself lucky. I'm doing similar work to what I'd been doing (I was a corporate librarian, now a development researcher at large university). I can afford my rent if not actually put anything into savings. The time I had off was incredibly stressful, although I was able to pursue some artistic interests of mine I'd not had as much time for before. Still, taking that much of a hit in pay is very hard, and knowing I'm not nearly as senior as I've been in the past also is disheartening.
In just 6 weeks in 2009, my (now ex) husband, who was already out of work, and I separated, we sold our house at a loss, and I was laid off. After 9 months of searching, being on my own for the first time in almost 20 years and paying rent I couldn't afford much longer, I networked myself into a job. With a 30% pay cut and far more stress, but still...I consider myself lucky. I'm doing similar work to what I'd been doing (I was a corporate librarian, now a development researcher at large university). I can afford my rent if not actually put anything into savings. The time I had off was incredibly stressful, although I was able to pursue some artistic interests of mine I'd not had as much time for before. Still, taking that much of a hit in pay is very hard, and knowing I'm not nearly as senior as I've been in the past also is disheartening.
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