IS ANYONE'S JOB . . . Recession Proof?
HEALTH CARE PROFESSIONALS? MORTICIANS? ATTORNEYS? FEW PEOPLE COMPLETELY IMMUNE TO ECONOMIC DOWNTURN!
Several of our Dean's Team Chicago clients are what many outsiders would consider "Immune to the Recession." Police Officers and Fire Fighters. Doctors, Nurses. Undertakers (or, as they would prefer, those in Mortuary Science). Educators. Lawyers. And more!
But are these professions really "Recession Proof?"
According to Wayne Hummer, of Chicago-Based Wayne Hummer Investments, as quoted in a Chicago Tribune post today by Reporter Greg Burns, no one is immune to the effects of an economic downturn.
Well, yes, some professions are faring better than others. Bankruptcy Lawyers, for example, are likely doing well these days - but they might fare less well during stronger economic times.
City workers? Police? Fire Fighters? Many municipalities have had to cut these ranks as well, especially civilian support staff. The new Illinois State Budget calls for roughly $1 Billion in payroll cutbacks, and the City of Chicago recently cut 400 Union Workers to slash expenses.
Doctors? Nurses? Other Medical Professionals? Discretionary and optional medical procedures suffer in a recession. When times are really tough, people also put off non-essential doctor visits until times improve.
Even Morticians? Yes, people always die - but, during tough times, costly add-ons to the average funeral become less desirable.
In the past, recessions have typically hit the middle class and the poor the hardest. This time around, however, even the Ultra-Wealthy have not been safe. Much of the asset-value falloff has been in the real estate and equities markets this Recession, where many of the wealthy save, invest, and build their fortunes.
Those lucky enough to pull their funds out of the stock market or the real estate market before the downturn hit, or those ultra-conservative investors who invested only in the safest of investments - low-yielding bank accounts and money-market mutual funds exclusively? Well, in recent years, those investors strictly fitting this profile are few and far between.
DEAN MOSS & DEAN'S TEAM CHICAGO
