Jan 26, 2009

News Flash: Largest U.S. Job Loss in History Annouced Today

71,400 cut-backs, a fancy tern used for layoffs (jobs lost) were announced by multiple U.S. Corporations today. Many of these will be phased over a period of time but are definite.
More than 2.6 million jobs were lost in 2008.
The real fact is that we are currently losing 500,000 jobs each month in 2009.
Add to this states, now deep in trouble themselves, will face 300 Billion Dollars in debt this year alone.

1929 unemployment lines stretched for blocks in every major city with people looking for just day work.

Now in every city and town in America unemployment lines are long with people either filing for new benefits or looking for extended unemployment benefits.

There is only two ways out of this crisis -
1) The Obama Plan - Print money, borrow and spend until the cows come home, leaving us a bankrupt nation by 2012.
2) Allow these corporations to follow the natural order of business, go into bankruptcy and let the dust settle, then allow recovery to start afterwards. This means no bailouts, lots of mergers and acquisitions, and some ultimate failures. No more golden executive parachutes.

My Comment:
Buckle down, stop spending.
Put some cash away in your home for easy access for when the banks close and lock their doors.
Another 'Depression' is coming ... ask yourself, 'Are You Prepared?'


wait and see said...

I am predicting 20 percent unemployment and a complete crash by November of this year (2009).

bo bo the clown is sad said...

This January 2009 is the worst economic and unemployment numbers month ever in U.S. history.