Unemployed Nation: America's Shrinking Payroll

Unemployed Nation: America's Shrinking Payroll

abcnews.go.com

In the first ten months of this year, the nation's employers have cut nearly 1.2 million jobs and the unemployment rate is now at 6.5 percent, the highest it has been since March 1994. The Department of Labor released new data this morning showing that October was the tenth straight month of job losses, with another 240,000 lost just last month.

(visit the link for the full news article)

And yet, all we have heard from this administration, their pie-chart and numbers guys, and other economic "experts" is how the economy has been GROWING over the past year!

1.2 MILLION jobless people added this year alone, and the year isn't even over yet. Maybe all these folks can still convince us how well the economy is doing when the figures top 1.5 mill, which they will soon.

But look at the bright side, the wall street criminals are still getting their multi-billions in bonuses off of the backs of those of us who still HAVE a job! Awesome!

abcnews.go.com
(visit the link for the full news article)

And still nobody is marching to Washington with a firing squat to take down the criminals.

As the tax income shrink what's over of the middle class and biggest tax payer will be burdened with the bill to pay for those that are now jobless.

And on top of that we are still paying for the global elites to keep making their money.

This only make my blood get higher and my anger boiling I guess I will have to do double meditation today.

If you add the anticipated loss of 2.5 million more jobs if any one of the Big Three goes bankrupt, you've got an ugly beyond ugly.

It is a Catch-22 of epic proportions . . . the ultimate conundrum . . .

Jobs are slashed because there are no sales supporting production because people are expecting more jobs being slashed so more jobs are slashed because there are no sales supporting production because people are expecting more jobs being slashed so more jobs are slashed because there are no sales supporting production because people are expecting more jobs being slashed so more jobs are slashed because there are no sales supporting production . . .

The eddy becomes a whirlpool that eventually sucks everything down the ever expanding vortex . . . which becomes an absolute economic black hole.

Where does it end?

Does propping up a failing system solve anything, or does the failing system just continue to expand into that black hole where everything disappears.

That is my fear. I am not a mongerer of dark thoughts, quite the opposite actually, but I'm very afraid that it is already out of control and beyond repair.

As sucky and self-defeating as it may sound, I personally am awaiting the inevitable in all of this . . . a global economic collapse.

Just wait until January. Every industry that is consumer related (what isn't right!?) will be devasted. We'll all be lucky to have jobs. The economy will be propped up a bit until then because people will be trying to make the best of the holiday season through November and December.

After that, a new paradigm for America.

Kosmicjack, you are right I can not wait to see how our economy and specially small businesses are to be doing during the holiday season.

That is going to tell exactly were we are standing right now on this recession.

My husband and I were worry about Obama wining and what that means to the defense budget as that is the area of my husband employment.

But so far he is fine and his job secure at least for the next 3 years, after that we don't know but we have 3 years to prepare.

And on top of that his pay increases will not be affected by the economy for those 3 years, while we are expecting a great new year personally and financially I know that many no be so lucky and that worries me a lot.

Thank the CEOs who sent jobs to China.

They've pretty much destroyed their customer base.

Even though they have their many millions of dollars, if things keep going people will turn to a barter system and their money won't be worth anything.

Kinda like when you win most of the money in Monopoly.
The winner always offers to loan money, but the losers don't want to play anymore because they can see they'll never catch up.

I still have a job but my employer has laid off a lot of people where I work and most of the ones who still have a job got their hours cut back. So even though I'm still working, I am struggling to pay the bills.

And with the holidays coming up, there will be a lot less Christmas presents under the tree.

Life's a bitch right now.

I hope Obama taxes the hell out of corporations who ship jobs over seas. You talk about Un American that my friend is Un American. Oh and please quit making excuses for doing it. There is only 1 reason to ship the jobs over seas and that is to increase the bottom line to pay yourself millions more.

[edit on 7-11-2008 by mybigunit]

reply to post by mybigunit


OMG! Agreed! Nothing burns my biscuits more than when people try to make that argument.

What we have to do is get our manufacturing base going again. It's pretty much a no brainer that a "consumer" society isn't going to last very long when we are giving all of our money to other countries who are actually making what we consume. Not to mention that U.S. worker's salaries are low-balled for profit's sake - so who can actually afford all of these consumer goods and services?

We have got to re-assess the actual value of a CEO. Would these banks be in so much trouble if their executive pay and benefits were more rational? It's easy to justify risky business models when you have to cover endlessly skyrocketing executive perks.

Ahhh, now add the following into the mix of no, or only low-paying jobs, and we have some more "interesting" times ahead of us all:

Steep Food Price Increases On Way: Experts

WASHINGTON (Reuters) - U.S. food prices will rise by at least 7 percent in 2009 because of higher feed costs for chickens, hogs and cattle, said a group of food-industry economists on Thursday.

It would be the third year in a row that food prices rose faster than the overall U.S. inflation rate. Food inflation is the highest since 1990.

"The sizable increase in the cost of producing food has not been fully passed on to the consumer," said private consultant Bill Lapp. He foresaw food inflation of 7 percent-9 percent in 2009.

Full Article:

www.reuters.com...

Originally posted by kosmicjack
reply to post by mybigunit

 

OMG! Agreed! Nothing burns my biscuits more than when people try to make that argument.

What we have to do is get our manufacturing base going again. It's pretty much a no brainer that a "consumer" society isn't going to last very long when we are giving all of our money to other countries who are actually making what we consume. Not to mention that U.S. worker's salaries are low-balled for profit's sake - so who can actually afford all of these consumer goods and services?

We have got to re-assess the actual value of a CEO. Would these banks be in so much trouble if their executive pay and benefits were more rational? It's easy to justify risky business models when you have to cover endlessly skyrocketing executive perks.

Yup Henry Ford FULLY understood you need to pay your employees well because its those same employees who will come back to buy your car. Its called Fordism and our executives have no clue what this is. What you are seeing now is a direct consequence of this mentality. There is no consumer base to bring us out of this mess because all the money is sitting at the top. This last economic boom wages went no where. Even assuming the housing bubble if wages would have risen for the average worker the way it did for the big execs more people would be able to afford these houses. But sadly wages went no where in fact when inflation is factored in the wages went down. Top this off with millions of decent paying jobs being shipped over seas and then the service industry jobs who went to cheap illegal labor who in most cases got their money and shipped it back to their home country instead of putting it back into this one. Wow so many F*** ups by our entire government.

Originally posted by mybigunit Wow so many F*** ups by our entire government.

It's so obviously misguided and wrong, it's what convinces me it was done on purpose. I'm waiting to see what "change" will bring.

I posted this in an old Karl Dennenger thread and thought I'd throw it back up again. In my view, this is one of the biggest causes of the current economic downturn -

www.finfacts.com...

It's an older article but states what I had seen elsewhere. I'd love to find other sources for the same data, more recent would be great.

Two of the largest employers in my area have just up and shut down which has in turn caused companies in the surrounding area to cut their work force. One of the employers in my area was owned by a company from Japan, not sure about the other, so I'd imagine they are taking the jobs back to Japan with them.

But apparently it's ok cause our economy is fine now since the banks have been bailed out and nothing else matters.

Also, they don't count all of the people whose unemployment has run out, that could not find a job and fell off the radar. Really, I think corporate America is trying to break the unions in America and we are all suffering from it.

amazing, 8 months ago when this started affecting me, and my family, there were tons of people that would argue that everything is ok with the economy, now nobody has a choice but to see where it is going.

great post's DD, eyes are finally starting to open nice and wide now to whats going on.

reply to post by GoalPoster


We have been isolated from a lot of this mess in my area. It seems it may be starting to catch up here with some layoffs being announced.

I just heard on the radio that GM stated it doesn't have enough cash to make it pass the end of the year.

GM in big trouble

It may be a play at trying to persuade the government to bail them out also.

We are in the hurt locker if GM fails or another ridiculous bailout package is thrown together.

Hang on for a bumpy ride. Start preparing now for the worse.

[edit on 7-11-2008 by on_yur_6]

[edit on 7-11-2008 by on_yur_6]

Originally posted by on_yur_6
Hang on for a bumpy ride. Start preparing now for the worse.

That's the bad part. The worst is already here some are just too blind to see it.

*cough*Government*cough*

I wouldn't be surprised if 60-70 years from now people talk about our current situation like we talk about the Great Depression now.

reply to post by Jenna


Without question, we are living the stuff that shall inhabit the next century's history books.

It'll be interesting . . . wonder how they'll list the 'causes'.

Even better . . . the solutions.