I think some of you guys are going to be in for a shock. Last year due to government spending, it added 10% to GDP ON TOP of what the government normally spends as part of GDP. Keep in mind, that was record deficit last year, record spending. More government spending last year than from like 1900-2000 combined (I don't know the years off the top of my head). Now, can the government keep that spending up? Anyone follow tax receipts or bond auctions?
You may want to do some research on demographics, most notably baby boomers, and peak spending. Also, you may want to note the record number of business bankruptcies last year.
You guys have to face reality, in which there is a HUGE number of accounting jobs which in the past 2 years, have disappeared and will not be coming back for at least a decade, if ever. For the past 10 years we have lived in an artificial bubble economy in which most growth was strictly due to credit...its not real.
Its going to be very competitive for a long time when it comes to finding a good job. For every business that goes under, that is 1 or more less accounting jobs needed. For those of you who are just graduating college - its not you that is the problem, and certainly has nothing to do w/ your GPA - its simply the fact that the actual number of jobs has greatly diminished.
Accounting is a subsidiary of other businesses, ie, it is not needed simply on its own. Just like mortgage servicing would not be needed if nobody had a mortgage. Manufacturing stands on its own, so when one manufacturing firm goes down, the surviving firm can now take on that portion of business. However, the firm who did the accounting for that dead manufacturing firm, has now lost that business for good, and it needs a new business created to make up for that. There is simply far more businesses going under, than being created.
I'm not an optimist, I'm not a pessimist, I'm a realist. Its a pretty bleak picture, but that is the reality of it. I currently have a job where I don't have much work to do, so I spend my time effectively studying financial markets, economics, currency markets, commodity markets, demographics, business, the mortgage industry, etc. Over the past 2 years I have probably well over 2000 hours committed to learning and studying about this stuff. Most people have their head in the sand and think I'm crazy (including my family), they think all is well and it will soon be back to normal. You can believe me or not, it really doesn't matter to me, but my advice is to take the job you're offered and hold onto it as well as you can.
AUD - 81, BEC - 74, 80, FAR - 82, REG - 81
Done!
