Recession hits the Valley hard

February 17, 6:25 PMSan Fernando Valley ExaminerWyatt Shev

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The recession that has shaken the foundations of America’s financial system is now poised to wreak havoc on the businesses and industries of the San Fernando Valley. In the past few months, several iconic and well-established Valley businesses have closed their doors forever, the latest victims of an economy on the brink of collapse.

On February 9th, Courtesy Chevrolet, a mainstay of Thousand Oaks for over 40 years, was forced into closure. The dealership had been hit hard by the losses suffered by the Big Three over the past few months and years. With over 80 part and full-time employees now out of work, the closure will no doubt have negative repercussions in the community for years to come. In yet another blow for the Valley’s once-impressive auto industry, aluminium wheel maker Superior Industries has shut down a large manufacturing facility in Van Nuys. Almost 300 jobs were terminated instantly.

The damage done by the recession is indeed wide reaching, with all manner of industries at risk of disappearing completely. Many industries once considered ‘recession proof’ are now starting to feel the heat, and making the necessary lay-offs to stay afloat. Large HR cuts have been made by entertainment juggernauts Disney and Warner Brothers. And in spite of mass job-cuts last year, the Yahoo! offices in Burbank axed over 160 employees this past month.

Even the healthcare industry is suffering, with hospitals and facilities across the Valley closing down departments and waving goodbye to talented staff members. What’s worse, ER doctors have filed a class-action lawsuit against the state of California, seeking emergency funding to maintain our lacking emergency care facilities. When patients across the board are unable to pay their bills, healthcare faces a very grim future indeed.

Of course, the little guy is always the hardest hit. The proof of this recession’s veracity can be found on almost every street, in every neighbourhood. ‘FOR LEASE’ and ‘CLOSING SALE’ signs dot an increasingly bleak landscape, as family-owned and operated businesses are wiped out en-masse. For those who still question whether or not the United States is really going through a recession, the answer should now be painfully obvious.