The American Dream?

The American Dream! I used to believe that I would get a job out of school, progressively advance, and retire at a reasonable age, when I would still have all of my faculties. Then I would travel the world and pursue my hobbies.

Reality! I’m over 50 and have lost my job. I have two college tuitions and a house payment. I will never retire, because I have used up my safety net of savings and now keep borrowing additional funds to survive.

So what happened? Where did we go wrong? I have an MBA. This degree should have set me up for life. My children are working and contributing to their rising expenses, but I feel like a bad parent for letting them start out in life with huge debts. The holidays are coming up and I’m devastated because we cannot celebrate in the manner we are used to. Not that we were extravagant to start with. However, this year we will be lucky if anyone gets any present over $20 bucks.

Can I blame this on the economy? Wall Street did this to me? I live in New Jersey, where much of the work force is involved with the pharmaceutical industry. These giants are either moving, merging, or slashing their own budgets and people. Because of the ease of transportation into New York City, New Jersey has also become the bedroom community for all those who make a lot of money in the city, but want a house and yard for the kids. Now that the financial institutions and banks are in trouble, the repercussions will be felt over the river.

So what do we all do? What do we tell our kids? I can’t listen anymore to all of the talking heads on television, telling us how to save and stop living beyond our means. However, we did save and didn’t live beyond our means and have a good credit record and a lot of good it will do us if we got $5,000 left in the bank. Translation – a couple of months left to live.

Go get a job, any job. Great advice! First, they look at someone with my credentials and don’t believe that we will stay in a position that is below what we used to do. So we don’t get hired. Second, a career switch is not a viable option, since there are so many other people seeking employment, hirers have a glut to choose from and can afford to be selective to those with experience. Third, my industry is laying off people left and right, especially since we are dependent on other companies as clients. Therefore, these jobs are infrequent. Finally, as I mentioned earlier, I am over 50. Although it’s not overtly stated anywhere, many companies will not hire and, indeed are getting rid of people of this age, because they are the ones with the higher salaries and will require retirement funding in the near future. Younger individuals are easier on the bottom line. This is astounding to me, because I never considered myself old. My mother is still alive and working! People are living longer and yet, we are not deemed employable after a certain age, and that age is closer to 50 than 65!

The presidential elections are coming up soon. I am hoping, as many others, that the economy will take a turn for the better after the race for the White House is settled. Call me an optimist, but the alternative is too horrible for me to consider.