“Job Losses Are Worst Since ’74” – but this is not the worst news!!!

The news is that half a million Americans lost their jobs in November and more than 1.9 million jobs have been lost since the start of chaotic 2008!!!!  The worst news though is that many, many of those who are still employed are on commission, or paid based on business volumes or other variable payments.  Their incomes generally are down significantly, extremely down!

Thus, the wammy is significantly worse than the statistics show.  Not only is unemployment skyrocketing with no end in sight, but average household income levels are dropping even faster and further!

The incoming Obama administration is talking about new infrastructure projects to create 2.5 million new jobs over the next 24 months.  Lead economists say that we need more like 5 million more jobs.  I say we need 5 million new jobs, but not necessarily in building, bridge and airport construction.  I am sure there are many construction and engineering workers out of work, but equally as many bankers, realtors, mortgage people, and other sales and service and skilled manufacturing people.  I am not clear on how new bridge projects, bigger and better airports and improved school buildings will help these folks.

If the thought is that all will benefit from the “trickle down effect”, we have much to pray for!

What are your thoughts??

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  1. It appears that Bush and Obama are little different – both will follow the path of Zimbabwe ( http://blog.scientificleader.com/2008/11/16/surreal-risk-management-zimbabwe-inflation-at-516-quintillion-percent/ )and like the great depression FDR created, Obama will prolong the recession into a depression by way of fiscal abuse. I have no optimism for the future of the US or the dollar.

    What happened to the pro-capitalistic ferver of the 1950’s? I guess the cold war is over and egalitarian abject poverty socialism won.






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