Member-only story
Rumours of A Recession in 2020 are on the Horizon -Are You Prepared?
I am at the leading edge of Generation-X if you use 1966 as the cut off between Boomers and Gen-X. We are going to see a recession in the next couple of years, given that on average we have had a recession once every 4.5 years, we are overdue for one.
This recession will be the first where Generation-X will take a significant portion of job losses on the chin in large part due to our age when the cuts start to happen. How do I know this? Because this is what has happened in the past and the past for some reason tends to repeat itself. At our age, we are now at the peak of our earnings power. We are also at the height of our spending commitments; many of us have kids heading to college, larger homes with mortgages, and fancier cars with financing. Some of us are also starting to develop health concerns. When companies begin to trim headcount, the biggest bang for the buck are those with the larger salaries. I won’t say it will be those with the most significant salaries as those C-suite people seem to be pretty protected for the most part.
Ageism Is A Real Thing
Age correlates with the experience that, in turn, relates to earning power. I think it is safe to say that a large part of the layoffs…
