Well, the word among the economic wonks is that this recession is going to get worse before it gets better.

A snippet from a University of Michigan report on Thursday (Consumer Alert! also linked to this and you will find a story on page 4B of today’s print and e-editions of The Monroe Evening News.)

Economists at the University of Michigan confirmed today what many Americans already believe—that the nation is in the throes of recession.

And it’s a recession that will bottom out in mid-2009 with only modest economic growth expected in 2010 and unemployment hovering above 8 percent throughout that year.

ABC News also has a report today called the Layoff Domino Effect. A snippet:

“I’m not trying to sound ghoulish … but these are going to be difficult times. I think there is no question about it,” said Lawrence J. White, an economics professor at New York University’s Stern School of Business.

If you have lost a paycheck, or are having a hard time paying the bills, you can’t expect that all of your family’s expenses will be taken care of by government or non-profit groups.

Yes, there are programs and services available for unemployed families. And I do recommend following up on and applying for any assistance resource for which you qualify.

But especially in times of high demand, those funds will be stretched thin. You will have to get very creative in finding the financial resources that are available to your family, and making them last as long as possible.

Bottom line: the person who is going to look out the most for your own family is you.