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The financial damage inflicted on Americans by their own government is as great as would be expected from foreign conquest. While Washington “protected” us from terrorists by fighting pointless wars abroad, the US economy collapsed.
How can President Obama even think about fighting wars half way around the world while California cannot pay its bills, while Americans are being turned out of their homes, while, as Business Week reports, retirees will work throughout their retirement (which assumes that there will be jobs), while careers are being destroyed and stores and factories shuttered.
"It's kind of like the auto industry. You don't know who's related to the oil industry until you find out that they're laying off employees," White said. One regular on Alberta's Best, Flint Energy Services Ltd. (TSX:FES), announced last week that it will lay off workers immediately, though it declined to say how many. Flint, which provides construction, transportation and other services to major energy producers, expects up to $150 million less in revenues this year because of oilsands giant Suncor Energy Inc.'s (TSX:SU) decision to put major oilsands expansion projects on hold. The energy slowdown has also hit steelmaker Evraz Inc., which issued layoff notices to about 400 workers in Western Canada, the bulk of which are in Alberta. Evraz makes steel plates and tubes largely for the oil and gas industry. In December ATCO Structures laid off about 400 workers who were to have built a work camp at the delayed $24-billion Fort Hills oilsands mine, a joint venture between Petro-Canada (TSXCA), Teck Cominco Ltd. (TSX:TCK.B) and UTS Energy Corp. (TSX:UTS). Major international drilling and oilfield services firms like Schlumberger Ltd. and Halliburton have been letting thousands of workers go, and similar Canadian companies such as Precision Drilling Trust (TSXD.UN) will likely do the same, said BMO Capital Markets analyst Mike Mazar. "That's the tip of the iceberg, not only terms of what is left to come but actually in terms of what's happened already," he said.