Monday, January 26, 2009

An American Nightmare: Economy sheds more than 60,000 jobs on Monday in Biblical proportions

NBC News quoted an economist tonight saying that the U.S. economy is going to experience jobs cuts as of the "fury of the Old Testament" before this recession is over.

And today was just part of the beginning -- with more than 60,000 layoffs announced by corporate giants such as Caterpillar, Nextel, Sprint and Home Depot nationwide. The impact in Tennessee is uncertain.

The unemployment rate could rise to 10 percent by the end of the year. At its height, the Great Depression left a 25 percent unemployment rate. But that represented much fewer people than now.

With the President's economic stimulus plan expected to deliver most of its punch more than two years from now, the extent of the suffering is going to grow to Biblical proportions.

That will require we as citizens and neighbors to be also be Biblical, as in the story of The Good Samaritan.

1 comment:

Anonymous said...

I will only take care of my family.I will not help other people who through careless and stupid decisions have put themselves in a mess.People in America never suffered like we did in Europe after the war,now they will see that laziness and pursuit of vices ends you up in the gutter.