Final Online Journalism Story

Many economists believe that the world is entering the worst economic recession since the Great Depression. Many experts have gone public about what they believe to be the causes and the possible effects of a worldwide economic crisis. However, many Americans are still unsure of what this will mean to them.

Here is a timeline of some of the more localized effects of the recession that have happened this year:

• U.S. employers laid off 63,000 workers in February of 2008, the most in five years.• In April 2008 nine U.S. states were declared to be in a recession by Moody’s.
• In October of 2008 the Bureau of Economic Analysis reported that an additional 156,000 jobs had been lost in September.
• In December 2008 the National Bureau for Economic Research published a report for Economic Research. It stated that the U.S. has been in a recession since December 2007, when economic activity peaked.


Despite these warnings, many Americans are unaware of how this will actually affect them. A group of people that is among the most greatly affected by this recession is the small business owner. From bakery owners to technology consulting firm owners, the economy is an issue that weighs heavily on everyone’s minds.

Judy Ghosin, owner of Purple Awning Pastries in Endwell, New York, says that owning her own business during the current economic recession is difficult. “It's extremely difficult right now, mainly because I don't know yet how we'll be affected. We're anxious to see if people are cutting back over the holiday season, or how the first of the New Year is, or if brides cut back on the size and style of their wedding cakes. It's really the uncertainty that is creating angst right now.” Though, despite the uncertainty, so far, the bakery has not seen a drastic decrease in business. In fact, Ghosin adds that Purple Awning Pastries has seen a 20 percent year-to-year increase since last Thanksgiving. Regardless of the strain and the 60-hour workweeks that Ghosin must put in to keep the bakery running, she says that it is totally worth it. She says, “It's my business-to succeed or fail with, but it's pretty much on my shoulders. I'm not tied to corporate policy. I am corporate policy! I’m not tied to inefficient co-workers. You pull your weight here or you go. I’m not tied to the whim of some executive. I am the executive-in-charge here.”

Eric Camplin, the Executive Vice President and co-managing partner of Piocon Technologies in Oak Brook, Illinois also has voiced concerns over the current state of the economy. Camplin explains the purpose of Piocon;“We are a technology consulting firm. We focus on building business solutions for our customers, mostly around Oracle database software and something called 'Business Intelligence' (BI). BI is all about getting important information, usually in the form of measures or metrics, to key executives in a timely manner. The metrics help them see the state of their business at any given time.” Like Purple Awning Pastries, Piocon has not seen a significant decrease in business. Camplin says, “Fortunately, we've been somewhat insulated from the economic downturn. I say, ‘somewhat’ as we have seen the signs and our customers are certainly being more careful. The good thing about BI is that it is very important in a bad economy to be able to see what's going well or not so well and being able to react quickly. This is exactly what we provide, so our services are important in these times!”

So, while many are struggling in the current economic conditions, there are companies that continue to be successful. However, even these businesses must work hard and be dedicated to survive the recession.