Business and Economy , National

When economic downturn hits... What's your backup plan?

By Adnaan Wasey

April 29, 2008, 03:21 PM

The government has stepped in with an economic stimulus plan that returns $168 billion to taxpayers. The Federal Reserve continues to cut interest rates. Consumer confidence is at a five-year-low. And unemployment is at a two-year high. What's your plan to make ends meet when an economic downturn hits you?

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#1 Posted by Richard Duffy, April 29, 04:54PM

What do you mean"WHEN"? I've already decided no retirement. I need a second job there are no better jobs floating around. It's not getting any better if this country doesn't get up off it's lazy butt and change the what we're doing. Put the country into a "war time" mind set and get us off of OIL. We have the technology, just not the political willpower to make any changes. McCain's not going to do it and neither is Hillary. Obama might, but it seems like the people need to make it happen without the government's help. NOT easy, but the internet just might be the way to organize a complete revolution in what makes this world move and that's where the future is, if we don't want be left behind. "to arms to arms, the British are coming"

#2 Posted by Josh L., April 29, 08:46PM

This downturn doesn't endanger college educated, healthy and motivated Americans, especially entrepreneurs. This is a rich country and we are fortunate. For the well educated and well raised, it's mostly a matter of walking out your door and choosing a direction, any direction.

#3 Posted by Russ, April 29, 09:51PM

What happened?!?!?! With so many professionals working together on this show, how did it turn out so LOUSY?! I can't get AM radio, so I'll be waking up to a CD tomorrow morning. . . . I just can't imagine sitting through that pointless BANTER again. . . . "And in a few minutes, we'll be hearing from a REAL FARMER!" . . . . AHHHHH!!!!! . . . What did the old ad used to say? . . . . Calgon, take ME away!!!!!!

#4 Posted by Cynthia , April 30, 01:29AM

We are not getting a penny from W. But this is what we have been doing in our family before this mess started:

we don't get cable TV

infrequent meals out

very little packaged food or junk food

we grow our own herbs and summer vegetables

mow our own lawn and rake our own leaves

clean our own house

the commuter drives a hybrid (50+ mpg last tank!)

we only buy cars when the old ones die

donate dead cars to the food bank for a tax benefit

opt for free health care (Kaiser) instead of a pay plan at work

sent our child to public schools

we are sending our child to a public university

had only one child

mom went to work part time instead of staying home full time

we mostly rent movies instead of going out

use energy efficient light bulbs

program heat low during the day and nights

we never take financial risks

pay off our credit cards every month

we put money in our savings and investments every month

we don't own a boat, RV, jet ski, snowmobile, SUV, time share, etc.

bought less house than we could afford

our only debt is our mortgage

etc.

As a result, we have money in the bank.

Cynthia

#5 Posted by Karen, April 30, 03:48AM

The whole economic downturn has been caused by speculation and greed and the whole crazy system we've been using. Now it's time for an alternative plan - and this will involve a new way of thinking, a shunning of the old ways and more community building concepts. As a futurist, I have been preparing for this time for a long time because I could see the writing on the wall.

My new book "AlterQuest - the Alternative Quest for Answers" offers a myriad of practical ideas which have been put into practice by individuals and communities all over the globe, and which have allowed them to overcome the hardships of the 21st century.

AlterQuest is also uniting people all over the world with its Global Network, which is a venue where everyone can exchange ideas and learn how to work together to shape a better world.

See: www.alterquest.org

#6 Posted by wilson kidde, April 30, 07:06AM

I was very upset at your 'joke' this morning on the takeaway about Obama and CLinton not being as ready as you at three in he morning. Let's not add WNYC and NPR to the list of news organizations who are trivializing the current Democratic candidates. This is possibly the most important election in the history of our Republic.

#7 Posted by John G, April 30, 07:28AM

My Plan B is to become an online vendor of custom-crafted limericks for all occasions. To wit:

The Takeaway Hosts they were two,

Who talked 'til their faces turned blue,

But of Morning Edition, they spoke no sedition,

"C'mon guys," quoth John, "we're just new."

We need new. I'm also hoping we need limericks...

#8 Posted by Dave, April 30, 08:46AM

Backup plan? Save money by not renewing my membership with WNYC. The Takeaway is a terrible show - BRING BACK BOB EDWARDS ON MORNING EDITION!

#9 Posted by Rich Croteau, April 30, 09:32AM

Well, I work for a BioPharmacuetical Company, and I’m a member of the Army National guard who Deployed to Iraq for 15 months in 06-07 .

My wife asked me the same question a few months ago when we were going through Mass layoffs.

I said to her , with a straight face…

There’s always Iraq or Afghanistan. 

As long as we have a war, I’ll have a job.

#10 Posted by Marc A. Pitman, April 30, 11:23AM

I'm also encouraging nonprofits to recession-proof their fundraising by resisting the urge to get pessimistic, cut back on their fundraising, or to apologize when asking.

Times like these really show the generousity of Americans!

My article on recession-proofing your fundraising is available at:

http://www.pnnonline.org/article.php?sid=8116

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