No money, no honey!

As I read that the state of California is ready to begin today layoff proceedings for 20,000 government workers, I had to take a pause to pick my jaw off the floor.

We all know that the global economy is going through one of the worst crises in decades; but when full countries (Iceland, and apparently now Ireland) and an American state the size of a small country go bankrupt or are on the verge of total financial collapse, I cannot stop wondering what is coming next.

Because this is only the beginning. In some small countries, the symptoms are just starting to be felt. Cypriots, for example, are acting as if nothing can or will ever hit them. They are actually thrilled that shopping trips to London are so cheap these days (!). But wait until the summer comes, when the hotels stay empty from British tourists, and this tourism-oriented economy will then feel the full blow of the situation.

Fortunately, my daughter is still young and with many years to go before she goes to college and then joins the workplace. I trust that the situation will be more than stable when the time comes for her to take that “What shall I study, where shall I work” decision. But, I cannot stop thinking what would I tell a teenager who is going to college this fall about his or her possible future. Yes, one of those kids born in 1991 (nineteen-ninety-one!!!!) who will be enrolling in one university or the other in a few months time, and who in four years will be ready to start a career and making a living out of it.

And what about the kids (not so kids by now) who are graduating from college this summer? Class of 2009 graduates are going to find themselves job-hunting for jobs that don’t exist anymore in industries that are about to crumple.

Forget about high grades and award-winning dissertations. I think that only those who can join their parents in business or who have a great idea and capital to start it will have a head start in this race for the survival of the fittest.

Another good reason to love being in my forties!