Yesterday, Megan McArdle speculated how our lives will be reshaped now that we live in a No-Growth Economy. I have some ideas. And not good ones.

My husband has been in the finance industry for 13 years. In that time, workers in that industry have seen a MAJOR reversal  in fortune. His old firm, like so many others in the finance industry, has cut tens of thousands of workers. My hubby survived several rounds of layoffs and worked double time to make up for the lack of staff, until he was finally cut himself. All these laid off workers have flooded the market and now work for a fraction of their former salaries in temporary positions. And those are the lucky ones.

The entire area, which lived on the spoils of Wall Street, is under stress. Contractors and service workers and other blue collar workers are also hurting now. Yes, it is a good thing that the million dollar stock brokers got a much needed reality check, but Wall Street is made up of far more middle class workers than one percenters. There is no sign that the situation will improve. 

Megan wonders if we will deal with the new economic reality by changing our consumption patterns. I'm not sure. I don't think we're there, yet.

Sadly, some are dealing with the stress by bad behavior or by frantically working harder for less money. Young people, known as 22-22-22 workers, are exploited. Freelance journalists are expected to work for free. Women are exhorted to work harder. Working parents cannot expect flexibility. Women bosses are shitty to women who are lower down the totem pole. 

Unless the economy rebounds like Lazerus in the next few years, there will be more changes.