Overseas-based Guyanese hope 2011 will be an economically better year

The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession during mid-2008; and many felt the effects of that recession in 2010. Many Guyanese who live in the U.S. were not spared the effects of the slump. Guyana Times International spoke with some Guyanese in New York about the economic challenges they faced in 2010, and their expectations for 2011. 

By Natasha Waldron Anthony

Marcia Chandler – Brooklyn, NY:

As a teacher at a private school, I, thankfully, have been spared from the layoffs caused by the recession. However, I have felt its effects personally in the rising prices and the downfall of the stock market, which caused me to lose a sizable portion of my life’s savings. Also, any bonus or overtime I had expected during the holiday was no longer available. The holiday season, for my family and I, was very much limited.  We didn’t even go on a vacation this year, as I had to work during the summer to make up for my losses.  This year, I just hope for more stability and a chance to at least get back all that was lost, if not do marginally better. At least we still have our health.

Veronique Hollingsworth – King Solomon Logistics, NY:

2010 was a horrible year, based on the fact that most of our customers lost their jobs and were unable to help their families in the Caribbean, be it in Trinidad, Guyana, etc. I am hoping that, in 2011, things get better economically; people get their jobs back and are able to send more. They did send, however, it is not in the quantity that they used to send in the past. So we are looking forward to a brighter year, and we are hoping things pick up.

Naushad Ali – Queens Village, NY:

I am looking forward and hoping that 2011 will be much better with President Obama promising that things will be changed, get better. The last two years have been rough. I had lost my job, my company closed down. I was working for a Chevy dealer and they lost a franchise. The company just closed suddenly since 2008, and I’ve been out of work; and I’ve been looking for work in that area, because I have been doing it for 29 years now, and on to now I haven’t been able to do it. I work as an auto parts consultant. 2010 has been very rough for me. I have been on unemployment, and my unemployment has run out. And I was one of those people considered to be the 99ers. Those people who would be receiving unemployment for 99 weeks and that has run out; and economically, financially it’s been very, very rough to live in this city here. Every time you turn around, there’s a bill on you. It has been very hard, very, very hard. I am hoping in 2011 things will improve and we will get back on track.

Chanrajit Rama – Queens, NY:                                                                   

 It wasn’t so bad, so bright, but you got to make it. It was kind of rough, the economy,  for me and my family, but we  did it. I hope things go well in 2011 for it to be better. I am hoping, so I (am) being strong and I (am) holding on.

Horace Nelson – Far Rockaway, NY:

It has definitely been an upswing for me. It has not been such a bad year compared to the previous years; I would say it is quite rewarding. Fortunately for me, I am in the type of job that was not affected. I am not employed by the government, so to speak. I am employed by an international organization, and most of the hardships that would have affected others did not come by my front door. I am hoping in 2011 for pretty much what I experienced in 2010. Once my health is here with me, I think I’ll have a quite productive 2011.

Sheila Nelson – Far Rockaway, NY:

Economically, it has been a bit of a strain. I am one of the fortunate ones who did not lose my job; but the hours were cut, they weren’t paying any more overtime, so you had to work just your flat 40 hours. And that was a kind of strain, because, in this country, all this is an extra dollar. In 2011, I would hope the economy picks up, (and) they have more jobs made available so that people could make an honest living. 

Reports are that the domino-like collapse of the economies of Iceland, Greece, Ireland, and possibly Spain, is coming also to the United States. The U.S. economy has already experienced, between 2008 and 2010, its roughest period since the Great Depression. And many aspects of the U.S. economic machine, such as housing and employment, have shown little signs of life yet.

Reports suggest that, at the end of last month, two million idle workers who were collecting unemployment were dropped from the rolls. At the end of this month, another two million workers will join the ranks of those who have exhausted their unemployment benefits; and a total of four million Americans will be facing destitution without unemployment checks.