Streams

Earnings Down

Tuesday, August 04, 2009

Till von Wachter, economics professor at Columbia University, discusses his troubling findings about the long-term earning effects of being laid off.

Have you found a job since being laid off? If so, have you been able to replace your previous earnings? Give us a call or comment below!

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Till von Wachter
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Comments [11]

NJTom from Bayonne, NJ

I was laid off 3 years ago. I found a job in a different field a year later, and I still have that job. I am happy that may pay was within $10,000 of my former salary. I am now within $4,000 of my past salary.

I am in a new field. I contribute, but I'm learning. I bring a new view point, but I'm learning the way things are done here.

Aug. 04 2009 11:24 AM
John Stone from Brooklyn

Luckily they are givingout raises at citibank

Aug. 04 2009 11:22 AM
dgsbdy from Bronx

Doesn't the theory hold that the purpose of a recession is to wring the excess out of a boom economy? Isn't some of that excess people being paid more than the value they add?
Isn't it possible that the wage levels that people fall from are based on an unsustainably tight job market?

Aug. 04 2009 11:21 AM
Robert Surles from NYC

In 1999, I lost my job as a Human Resources Executive with an Airline where I was making $90,000. I was 57 years old. I searched for a job in the same field/same salary for 1 year and it didn't happen. Then i went to culinary school and reinvented myself as a chef. My first job was a $9.00 per hour. I'm now an Executive Chef and earning $80,000. It's been along hard climb.

Aug. 04 2009 11:20 AM
dana

There is the feeling among many young people that they cannot get jobs because the older workers are not retiring. Is this true?

Aug. 04 2009 11:20 AM
Franci from NYC

I was laid off in early 2008, annual salary of more than $90,000, editorial manager. In May 2009, I got a job as a Census worker, hourly rate of $18.25/hr, which was supposed to last 8 weeks. I was thrilled until we were told we were so efficient our time was shortened to 3 weeks. Very depressing.

Aug. 04 2009 11:18 AM
Melissa from Jackson Heights, Queens

I have never fully recovered from the recession of 2001, having always been in Sales I tried real estate which is more customer service than sales, stayed there for 4 years and then took a job well below my skills and talents, I was laid off and now am looking again.

I think you should also address the fact that a huge number of the people laid off are over 50 years old, already a group which is pressured in the market place.

Aug. 04 2009 11:14 AM
Jon from NYC

My last paycheck as a freelance video editor paid $40/hr - a sharp decline from the pre-recession rate of $60/hr.

Considering that all of the potential employers are looking to unpaid interns as a cheaper alternative to a professional's pricetag, odds are that if I *do* find a job, I'll consider myself lucky if I get $25/hr.

Aug. 04 2009 11:14 AM
Gene

This makes total sense--the first to be laid off are those that cost the most--quite possibly, those considered to be overpaid.

No wonder they can't match their (possibly inflated) salaries.

Aug. 04 2009 11:13 AM
John from Bergen County NJ

This is too depressing. I am shutting off my radio. Don't take it personally, Brian.

Aug. 04 2009 11:13 AM
Maria from Harlem

What are the pros/cons for instead of having unemployment benefits get job training in growing fields like nursing, paralegals, electricians, and other service industries?

Aug. 04 2009 11:09 AM

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