Essay on Economic Crisis Harms Middle-Aged Workers

1941 Words 8 Pages
Unemployment is at an all time high. No group of people has been more devastated than older workers. Older workers are defined as individuals in their 50’s and 60’s. These older workers are at a phase in life when they should be saving for the final years of retirement and living a quiet life. Instead, people must take low-paying jobs, or start spending down retirement funds just to make ends meet. Many have turned to drugs and alcohol as a way to cope with the problems of their daily lives. This group is more impacted than younger workers for various reasons. First, they are at an age when the changes in their financial lives are hardest to cope with, having lived middle-class lives for the better part of their adulthood they now have to …show more content…
Fast paced modifications in expertise and information technology put pressure on workers and companies to garner not only innovative skills and understanding, but challenge the ability to deal with all this change; and, finally, “global competition and emerging new markets in parts of Asia, Europe and other locations have resulted in acquisitions, mergers, downsizing, and the exporting of jobs outside of the country” (Wing Sue, Parham & Santiago 1998). If the previous decades were labeled a time of massive change and over-whelming prosperity, then the last 20 years were certainly measured as an age of “belt tightening, downsizing, mergers, acquisitions, hostile takeovers and general workplace insecurity” (Wing Sue, Parham & Santiago 1998). Most upsetting, though, is how these companies and their employees are now reacting to each other in the framework of these workplace transformations.
. Historical data available outlines the how and why America’s economic conditions have become devastated by the current economic conditions. As cited by Fruend & Heller (1994), “My concern is that downsizing and increased efficiency, worldwide, have cost millions of jobs. Some say that millions of new jobs will be created. How? For whom? We need smart designers of products . . . some financiers and technicians . . . perhaps, an economist or two. But we don't need as many managers to

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