Americans haven’t seen this type of scare in a very a long time. Businesses closing, homes foreclosed, and the downward spiral of the stock market is proof that a possible depression has reared its ugly head once again.Since the 1920s, the U.S economy has been relatively smooth after the rough ends of the Great Depression. During that time period, the stock market crash had triggered a domino effect of events that caused America to go into an economic slump for about 10 years.
Because of the stock market crash, the value of certain assets seriously declined therefore causing many businesses to fail. With businesses failing, unemployment came to an all time high creating the Great Depression.
It wasn’t until recently economists began to find all the ingredients of what is said to be another depression. The current recession and unemployment have caused the economy to struggle.
It has become even more personal now that the affects finally reach the towns we call home. Ruston’s Goody’s location has been advertising their liquidation sale for the past few weeks with extremely large banners that read; “GOING OUT OF BUSINESS.” It has become a shock for all local Grambling/Ruston businesses big and small fearing that their’s may be next.
Goody’s employee Monique Pruitt, a senior at Grambling State has had the same luck with previous employers. She was a manager for two years at the Sonic in Grambling that closed in November 2007.
“Being that this is my second job to lose due to store closure, I’m finally going to sit back and enjoy my collegiate life.” Pruitt explains.
Apparently, Goody’s was given an eight week notice of the store closings. The 59 year-old chain now has already liquidated several locations and is now going into its fifth week.
Working at Goody’s, Pruitt has had several different reactions from the regulars that shop there. Their main concern has generally been the well-being of the employees. Some even offer a prayer for those who will not find work in time.
“Jobs are hard to find and hard to keep these days,” says Pruitt.
Like many other employee that have lost their jobs this year due to economic setbacks, Pruitt plans to draw unemployment and focus on graduating in the fall.