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I am not trying to sound flippant, but layoffs happen, and especially at companies that are not doing well (and Citigroup is not managing money well) they are n
by ptero 3y ago
I am not trying to sound flippant, but layoffs happen, and especially at companies that are not doing well (and Citigroup is not managing money well) they are normal.
Then, those working at Citigroup are likely to get some form of severance. While I do not know the exact composition of the layoffs I suspect that many of those are well paid and have comfortable cushion. Furthermore, US economy is still chugging along and the unemployment is low by historical standards, so a significant portion of those laid off will likely find another job. They can also downsize and/or move to an area with lower cost of living.
None of this is pleasant, but it is not the end of the world. My 2c.
- oldpersonintx 3y ago[dead]
- pixl97 3y agoUnemployment is historically low, but costs are historically high. In 2008 we saw that the state change from good to bad can happen rapidly and contagiously between industries. > They can also downsize and/or move to an area with lower cost of living. No, not really. There are simply no housing units available in the US to do that. All new housing is huge 2000sq/ft +. In addition housing prices are just off the charts for small houses. Your low cost of living places (I have family that lives in places like that) still want $250,000+ for a house that was around or under $100,000 less than a decade ago.
- nradov 3y agoCome on, stop making up nonsense. Just to pick one example there are numerous single family homes near Cleveland on the market for under $100K.
- theossuary 3y agoCool, but Ohio just made it illegal for me to live there; so that doesn't do me a lot of good.
- pixl97 3y agoI don't think 390 results is going to solve the US housing crisis. In addition if pressure demands that lower priced houses are in demand those costs will go up. Lastly, hopefully you can remote work, or surviving on that $28 and hour in OH is going to be fun.
- nradov 3y agoAs I wrote, Cleveland is just one example. There are literally thousands of other cities around the country where housing is affordable and home ownership rates are very high. Broaden your horizons.
- gurumeditations 3y agoAny place where jobs are, house prices went up 50-100% or more since pre COVID.
- bugglebeetle 3y agoAh yes, a city famous for its myriad job opportunities, Cleveland.
- pixl97 3y ago[Cleveland, at least we're not Detroit!]
- bugglebeetle 3y agoDetroit has better food, music, and people, but is also half-abandoned and fairly dangerous.
- selimthegrim 3y agoHe/she/they/it is referencing a certain "hastily made tourism video" on YouTube
- nradov 3y agoThat's right, there are many job opportunities in Cleveland. The current unemployment rate there is only 3.7%. Anyone who actually wants to work can find a job.
- bugglebeetle 3y agoThe current unemployment rate in San Francisco is 3.5%, so this is not the clever demonstration of your point you believe it to be.
- nradov 3y agoYou really missed the point. Some commenters have falsely claimed that there are no jobs available in lower cost of living areas, which we can see is obviously wrong based on the unemployment rate. The fact that San Francisco has a slightly lower unemployment rate doesn't invalidate that point. Compared to SF, Cleveland has much better housing affordability as measured by absolute price, median price to income ratio, home ownership rate, or any other reasonable metric. And there's nothing special about Cleveland; many other cities have similar or better affordability.
- justin66 3y agoNot any good ones. I'm astonished at how prices have increased. People don't need to speculate, or engage in some kind of weighing of Cleveland as a place someone might want to live. Just bring up Cleveland in realtor.com and look at the very few, very low quality house options under 100k. And then consider that most people are going to be living in a suburb that's a lot more expensive anyway.
- UberFly 3y agoCan't tell if you're trying to be sarcastic.
- nradov 3y ago100% serious
- ptero 3y agoI did not claim that being laid off for those Citi employees would go unnoticed. Their standard of living would drop, but they would not have to live in a tent. There are many towns with low cost of housing. If those are too expensive to buy, one can rent (and probably should anyway, just to figure out the new area). The ratio of median house price to median household income today is a little higher than, say, the average over the last 50 years, but it is not 5 times higher. There is indeed plenty of housing scattered around the flyover counties. For sure, it is less pleasant than in a rich suburban town. Those small towns do not have walkable downtowns or many cafes and eating out means a basic diner (they do not have good restaurants and entertainment precisely because affluent families moved to metros). You are very unlikely to resell it later for a massive profit. But the basics (water, sewer, electricity, groceries) are there and one can certainly live there if laid off and not envisioning good prospects for the next few years. My 2c.
- dehrmann 3y ago> unemployment is low by historical standards, so a significant portion of those laid off will likely find another job It feels like the layoffs have mostly been in banking and tech, and that gets hidden in the overall unemployment rate.