Economic Recession Effect

The recent Economic Crisis America faces has forced businesses to make adjustments and it has increased fear among people. People are making changes to their lifestyles and worry more. While some businesses have seen a huge increase in unemployment or profit decrease, other businesses have seen little change.

Janet Cooper, the Office Manager at an Orthodontic Business in Milford, said, “We have seen a small decrease in production and people cancelling the start of their treatment because they lost their jobs”. She said this was only a small number of people but they also have adjusted to people’s needs by making their down payment less. Janet said for instance many times they will split up a 20% down payment over a few months.

Dr. Pete Haggenjos, a Chiropractor in Cincinnati, said that the recent state of the economy has increased people’s awareness of insurance coverage and costs. He said there have been two cases where the father has lost his job, because of this they have come in for care less frequently.

“No matter what the economic conditions people are always looking for strong leaders in every field and that a lot of the economic issues are a matter of perception,” Dr. Pete said. He said that he must be a strong leader and get people through these tough Economic times. He does not want people to become overly negative to the point where the crisis is more of an internal problem.

Dr. Pete said that the trend in Chiropractic during this recession is an increase in headaches and neck pain among patients created from more uneasiness among people. Theye have more stress to pay bills and keep their jobs. Another trend he has observed is Chiropractors are putting in more hours whether it be treating patients or advertising and marketing to maintain production before the crisis. He said they have to work harder to market their business because their patients no longer do because they know money is tighter with their friends.

Janet said she is fearful that the upcoming production review will result in freezes in employee pay. She said they more than likely will not experience any raises. There is uneasiness in her office about how much employees will get paid.

“Of all the different fields when there has been a downfall in the economy, the health and medical fields are not affected as much because people need care in order to be productive at work,” Dr Pete said.

There have been larger numbers of unemployment in the business AK Steel and Rogers Jewelers shutting down a store and Circuit City completely shutting down their business. Jim Wainscot, the president of AK Steel, said 1,000 out of 6,500 employees have been laid off according to The Journal. Rogers Jewelers shut down one of their stores in Middletown because “it was profitable but not profitable enough,” according to the Middletown Journal. The thousands of workers at Circuit City are now unemployed.

These numbers show that people value health and appearance over luxury materials and forms of entertainment. The current state of the economy has affected all businesses.