Here's the "Bad" and the "Economy" part:
For 8 months in 2008, the Handy Husband was asked to participate in a voluntary salary deferral. The company had high expenses due to an ongoing lawsuit. They promised to repay the deferred salary at some future date, and offered $1 in stock options for every $1 of salary deferred. We looked at it as a forced savings plan, and he deferred 10% the first month and 20% for the months after. Happily for everyone, the lawsuit was settled to everyone's satisfaction and the deferral was stopped in October. However, by that time the economy was in the toilet so he has only had one month's deferral repaid so far. Now, because of the economic situation, they are asking for another voluntary deferral. Following the example of their board of directors, they are asking for 40% for two months from those who are able. Ouch. That's almost half. We can manage, by paying only the minimum on credit cards and the home equity line, but I hope it doesn't go on longer than two months!
In addition to that, I learned yesterday I am definitely being laid off as the school plans their worst-case scenario.
Here's the "Good" part:
At least he has a job! There's a lot of interest in the company's new product from parties that will be getting stimulus money. So their sales should take an upturn within a couple months.
As for me, I will also be the first aide rehired if the school scrapes up any additional funds.
But wait, there's a silver lining, and it's truly Excellent:
We are getting a big tax refund!!! W00T!!! The first thing I thought was: I can get the rest of my windows!
P.S. I'm not blogging this to get sympathy. We'll be fine. I just wanted to talk about what is really happening. The Bad and the Economy are happening everywhere. There are so many folks in a worse situation. One of my co-workers -- I just heard through the grapevine today her husband was laid off a few days ago. I assure you all, the Handy Husband and I are focused on the Good and the Excellent.