Now this should come as no surprise. Anyone involved with anything scientific knows the U.S. Science, Technology, Engineering and Mathematics Professionals have been getting the financial and career shaft for years now.
The San Jose Mercury New is reporting an alarming increase in career long technical professionals are being forced into bankruptcy.
A growing number of high-tech professionals are filing for bankruptcy, joining real estate, finance and construction workers who were in the first wave of bankruptcies last year.
Overall filings were up 50 percent to 2,399 in the first three months of this year over the first quarter of 2008, according to records of the U.S. Bankruptcy Court in San Jose. The court covers Santa Clara, Monterey, San Benito and Santa Cruz counties.
As local tech workers enter bankruptcy, their plight is becoming intertwined with the foreclosure crisis, though in a different way than homeowners who bought houses they couldn't really afford. Hit by layoffs, furloughs and pay cuts, some of these tech professionals are losing homes. They've lived in for years, their lawyers say.
"It's not just Realtors and mortgage brokers" who are seeing their incomes shrink, said San Jose bankruptcy lawyer James Shulman. "We're seeing cutbacks in electronics and at Sun, Yahoo — large numbers of people are having their income cut, and for many it's making their house unaffordable," he said.
Charles B. Green, a San Jose bankruptcy lawyer for 36 years, said he's seeing more high-tech professionals, "people in their mid-50s, formerly with Hewlett-Packard, Cisco Systems, Intel and Applied Materials."
"They've been with these employers, in some cases, for decades. They are engineers, highly skilled people, and now they're being laid off.
Oh yeah, that's the innovation of the future, guarantee anyone who excels in these fields, who happens to be over the age of 35 and a U.S. citizen will end up with nothing in the end. That's a motivator. Add $100k of debt from the get go too while trying to get the required advanced education and skills to even work in the field.