How do you feel about 2011?

I keep hearing the economy is getting better, and the 401k is certainly going up, but the economy doesn't seem to be getting better.

-The unemployment rate is 9.4%, but apparently a lot of people have just run out of benefits, so I'm not sure how valid the number is.

-14% of the population is using food stamps

-ARMs and interest only loans will still be resetting for the next couple of years, and 2006 and 2007 had a pretty big rise in these type of loans.

-Food prices are going up steadily

-Gas prices are going up steadily

-Home construction is at all time lows

So, is it going to get better or worse for 2011?

I dunno how it's going to turn out but I know how it's starting. I'm more than a little pi$$ed off that our fine state just passed a 66.7% income tax increase. No word on any spending cuts.

Flyer_PE said:

I dunno how it's going to turn out but I know how it's starting. I'm more than a little pi$$ed off that our fine state just passed a 66.7% income tax increase. No word on any spending cuts.

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I second this.

In general, I am pretty optimistic. I think for the folks that weathered the storm, thing should be ok, but it may take a while for some to get back on their feet.

Flyer_PE said:

I dunno how it's going to turn out but I know how it's starting. I'm more than a little pi$$ed off that our fine state just passed a 66.7% income tax increase. No word on any spending cuts.

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I can't really sympathize with the income tax, since even with your increase we're still taxed at a higher rate than you are.

Capt Worley PE said:

Flyer_PE said:

I dunno how it's going to turn out but I know how it's starting. I'm more than a little pi$$ed off that our fine state just passed a 66.7% income tax increase. No word on any spending cuts.

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I can't really sympathize with the income tax, since even with your increase we're still taxed at a higher rate than you are.

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If you look at income tax alone, I would agree. When you add in all the other taxes and fees, I think SC was cheaper before they bumped our income taxes.

Flyer_PE said:

Capt Worley PE said:

Flyer_PE said:

I dunno how it's going to turn out but I know how it's starting. I'm more than a little pi$$ed off that our fine state just passed a 66.7% income tax increase. No word on any spending cuts.

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I can't really sympathize with the income tax, since even with your increase we're still taxed at a higher rate than you are.

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If you look at income tax alone, I would agree. When you add in all the other taxes and fees, I think SC was cheaper before they bumped our income taxes.

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Yeah, but income tax is easy to compare. I lived in Fairview Heights IL for a while in 91/92. Except for income tax, it was pretty comparable back then. But a lot can change in almost 20 years.

For me personally I feel really good about it. Im expecting a raise, got a bonus for passing the PE, my 401k is climbing and my company is nailing projects left and right (job security).

I realize things are not so good for a lot of people still but hopefully things will pick up this year.

So to answer the question about how I feel about 2011: Cautiously optimistic

really depends on what sector you work. 2010 was a great year for where mr snick works. his bonuses have been and are going to be used to put $ and jobs in our local economy. we tried to buy as much locally for our bathroom remodel and this yrs projects are all outdoors and will require contracting out to local business. New driveway and new shed.

Not at all optimistic. Not for 2012 either, since even if the economy adds 200k jobs a month (which would be relatively gangbusters) unemployment will still be over 8% in two years from now. Wages will continue to stagnate since there will be huge applicant pools for every job opening, inflation will hit hard at some point - no way it won't with rates being at 0 for this long and frequent "pumps" from the fed.

FWIW, I think we're better off than we were in 1981. At least we don't have the crushing interest rates.

It's not getting any better, and probably won't until people feel like the government is in control of the spending. Most people realize that government spending generally means higher taxes, so most will just wait it out.

We're not doing ANY new construction type projects OTHER than federally funded ones, so until I see these types start to pick up a bit, I say we're where we are going to be for a while. I think we're almost 2 years away from real recovery.

FusionWhite said:

...I realize things are not so good for a lot of people still but hopefully things will pick up this year.
So to answer the question about how I feel about 2011: Cautiously optimistic

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What he said.

scared as hell, and I am a government worker with union back up. 15 years seniority.

Private sector here - Industry.

We're lucky enough that my company has decided to pull in work from outsource shops into my plant (mostly vacant). So, 2011 for me in particular will see a sizeable investment in infrastructure and building improvements / equipment installation and about a doubling of our plant's workforce.

I EXPECT a raise in February. I'd better good god **** get one too.

As a whole, I think this will be a continued hopeful stop the bleeding of job loss year... losing some and adding others. Don't know if we'll get to the positive, but from where we are now, it'll be a significant amount of time before anything really "recovers". Years and years.

2011 is looking good for me - starting a new job in a few weeks, converting that into an even better job within a few months. Getting new experience that will open up lots of future jobs. But for the country as a whole, I just don't see how it can "recover." What will be the source of jobs? There's basically no manufacturing left. There's way too many homes laying around for construction to boom again. Are people just going to go to work at Walmart and McDonald's?

I guess I shouldn't be so pessimistic. There's always going to be a need for engineers, as long as people need places to live and work, and ways to get between both. Not to mention all that constant eating, drinking, and pooping. But the society that supports us engineers, I just don't see how it can be as prosperous as it was in the past, which means to me that we will all see wages stagnate, and the economy, as a whole, won't ever be like it was. Sure, the Dow will look great, but only because the money has moved on to greener pastures in Asia and elsewhere.

Personally, I feel pretty good about it, at least until the end of Sept (when my current contract is up). Overall, however, I don't see the economy improving much in general this year. All the direct employees where I work just got hit with a two year pay freeze, which has got them (understandably) pissed off. And it's increasing the overall angst towards contractors such as myself, although the immediate group I work with has been fine.

I'm a little concerned about next fall, if my contract isn't renewed, or the overall contract changes hands, I might have to work out of town for a while. Normally that wouldn't be a big deal, but my wife is working on an advanced degree, so I'd have to travel for work without her for 6 months or so, which would suck. But its too far away to get worked up over now, a lot can change between now and then.

I'll find out on Feb 2 what my bonus is as well as raise. I'll let you know then.

Other than that, I work in a chemical plant providing power and steam to the site. People need both or we turn the light out. I'm feeling pretty good as long as my key still works in my door.

I think things are slowly turning back up. I don't expect a rapid recovery, nor do I think that would be a good thing.

Looking back at my company's revenues for the past 10 years, I note that 2006 and 2007 were my best years. In 2008 and 2009 business plummeted, with my work basically half of what I did in 2006. 2010 was much better - about 75% of 2006 levels.

humner said:

scared as hell, and I am a government worker with union back up. 15 years seniority.

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hahahahaha!! i same situation with u...

Just found out that 28 other people also applied for a small promotion that would require a move to the mountains. On top of that the state's unemployment rate just ticked up a bit more.

Yeah, everything's just fine.