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Terrible economic situations are upon us. Worldwide. And big-time, too. Unfathomable economic situations are suddenly imposed on individuals and corporate settings that, in their wildest imagination, would not have been assumed possible. Middle class families are in real economic trouble, and corporations galore are declaring bankruptcy.

Job and wage insecurities are rampant. These once-secure situations in numerous sectors began to go by the wayside years ago in numerous employment settings ... along with defined pensions. Once-safe jobs are being pared left and right ... and might not return.

United Airlines is reportedly about to furlough almost 1,000 pilots and ground several airplanes in dealing with the current economic crises. General Motors is reported to be shedding 18,657 workers with buyouts, retirements, etc. Replacement workers at the automotive giant will earn around $14 an hour, far less than the workers they will replace.

At the time that job and wage insecurities are wreaking havoc on millions of American families, newly minted millionaires are showing up all over the planet, with more running toward becoming financially successful individuals. In truth, these are the best of economic times for some people; these are the absolute worst of economic times for others.

With job and wage insecurities being what they are, entry-level and veteran workers must avoid being left further behind during the current economic crisis. Here are seven suggestions presented in the July 2008 issue of Money Adviser to assist with the process:

1. Don’t assume you are safe from cutbacks. These are rough economic times. Expect the worst yet.

2. Stockpile cash. Accumulate 6-9 months of living expenses in accessible accounts.

3. Deal realistically with the dreaded pink slip. Upon its presentation, negotiate with an employer on severance pay, outplacement services, medical insurance, etc.

4. If you think your job is in jeopardy, shore up your reserves by cutting back on household spending.

5. Purchase disability insurance. About 43 percent of all 40-year-olds will experience a disability lasting 90 days or more by age 65 (Insurance Information Institute).

6. Tap your resources. Strive to keep your job available should sickness or disability prevent you from working.

7. Find ways to make up for income gaps. Should an injury or sickness occur to you, seek ways to gain emergency assistance, subsidized health care or other program benefits available to you.

Throw away any preconceived notion that the current economic crisis will be easy in negotiating.

This economic crisis is destined to get worse due to rising gasoline, food, housing and other costs. The crisis is for real ... with no relief on the horizon.

But it is possible to guard against some of the troubling aspects of job and wage insecurities. By all means, do what you must do to make economic matters palatable to your wants, needs and desires. This is what prudent individuals must do time and again.

You may reach T&D Columnist Howard D. Hill, Ph.D., via www.educationconsultant @sc.rr.com

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