A.R. Rahman's Journey to the Oscars - International Indian

INDIAN AMERICANSth16ANNI V ERSARYEconomy Perils forIndian Americansby: Prem Souri KishoreNine in ten Indian Americans say theyare worried. “ I‘m panicking“ says VirShah, a computer executive on a workvisa“ Two million jobs have been lost,several industries‘need to be bailedout, factories are closing, and the Dow is plungingevery day. I hate to wake up in the mornings.”It’s 2009. Revenue declines are dramaticallyworsening every day.Consumers are desperatelycutting back on spending whilemergers and aquisitons take adive and credit markets collapse.Unemployment is rising and realestate values are sliding evenmore rapidly. It’s deep recessionin America.How did this happen?The financial disaster wasinevitable for the nation’sborrow recklessly and spendlavishly mentality for the past30 years. “People lived farbeyond their means and theynow want federal help, benefitsand mortgage modifications.”says an enraged analyst. ”What did you expect usto do when cars tempted us with their latest models,homes were available for a song, and vacationdreams were just a click away;“says Chetan a youngmarried computer executive who works in UCLA.“Who is guilty, the entrepreneur and advertiserwho made fantasy dreams come true or the gullibleconsumer who lived irresponsibly? “ he adds.Many Indians have given up their vacation, staying longer hours at theoffice to make themselves visible as hard workers, hoping they willnot be put aside when the crunch hits their particular job.Unemploymentis rising and realestate valuesare sliding evenmore rapidlyIt’s recession inAmerica, DeepRecession.“Why have we allowed fat salaries for the topguns?Why have we not protested,” rages Anuradha, acommunications, development director in the artsfacility. “Health insurance benefits are being cutthanks to CEO’s retiring with colossal amountsof money flying in private planes, vacationing inexotic locations and buying up islands. What is thesolution? It’s clear we have to restructure our lives.We have to recreate jobs in theinternal market. We must lookfor opportunities and challengeourselves, and downsizedrastically. As for my family wedo not overspend, we did notinvest blindly, we did not lose,we pay as we go, so we havenot fallen into credit pits nor wedid we borrow money. So weare okay. We did the right thing.But what happens if we lose ourjobs? Thankfully we still havesupport back in India but whatof the others?”“Every investment isbecoming worthless , warnsDeepak a financier”, only goldis of value. But be careful hew warns, “you may beburglarized or worse because everyone know Indianshoard gold.” He adds it is wise to think of foreigninvestments. “Immigration attorneys and collectionagencies are the only flourishing professions in theUS today,” is his parting shot.Indian professionals are worrying about layoffsas companies will certainly reduce hiring abroad to‘save money. The rising employment is making laidoff Indian workers scramble to law firms to see howlong they can staylegally in a countrywhile looking forjobs. Half a millionworkers are onwork or H-IB visasand have appliedfor green cards.Many came todo their graduatestudies andcontinued to work.Economists predictthat unemploymentwill hit an all timehigh this year andkeep climbing.”You could qualifyfor unemploymentbenefits for sometime,” suggests Vinitha, a lawyer “but you will haveto get a job quickly bec`ause these benefits alsomight dry up.”An American business friend however isalarmed at the layoffs. “What will happen if all thebright, intelligent workers return to their homelandsand create projects over there? America will be theloser,” he says anxiously. For sure, as companiesbelt up, fewer visas will be issued to foreignworkers. Hiring abroad will certainly take a backseat. Following the dot com bust, hundreds of Indianworkers have already returned home after losingjobs in management, manufacturing and technologycompanies. “I only hope if I lose my job, I will gettime to hunt for a job, switch to another visa,or settlemy affairs, like selling my condo, which of coursewill be a heartache as prices have fallen, “moansRajesh a software engineer.”I know it is uselessapplying for a green card now as there are thousandsin line and it will take years.”My retired doctor friend Viji, a general physicianconfided that she will have to go back to work thisyear and if they cannot afford me on a fulltimeplan, I hope they offer me part time,” she said. Belttightening consumers are trying to avoid bankruptcyas they struggleto make endsmeet. Couples aredelaying havingkids during therecession. Thechief of obstetricsat UCLA, DrKhalil Tabshin an article inthe LA Timessays, “Peoplewill think twicebefore havingkids, Parents whoalready have oneor two or threekids will probablydefer pregnancyuntil things getbetter.” Fertility specialists have seen fewer clientsappearing in their office. They are even offeringdiscounts. Those looking to adopt are putting theirplans on hold.In the entertainment industry, networks restructure,fire, and battle with advertisers. Fewer films willbe produced this year. Scriptwriters, musicians,technicians, production crews have been laid off bythe hundreds in Los Angeles.Raghu and Deepa who have been in the actingindustry for the past ten years are not being calledto auditions nor can they get voiceover work as theentertainment industry is refusing to take on newprojects fearful of the future. They are consideringdoing solo acts and taking their show to universitiesand schools. The community college near my homeis cutting 20 classes this year and firing at least 40teachers. Some accept the decision gracefully,” saysYasmine an administrator, ”Others breakdown andcollapse. It is heartrending.”Losing a job could mean not being able to visityour family back home. Many Indians have givenup their vacation, staying longer hours at the office64The International IndianThe International Indian 65