PatriotsReign

Here's some of the latest from today's headlines;

-Xerox to Cut 5 Percent of Staff
-GM Suspends Employer Match, Cuts Jobs
-Chrysler to Cut 1,825 Jobs
-Goldman Sachs to cut about 10% of staff
-Massive Mutual Fund, Hedge Fund Job Cutbacks

The ariticle I read to get the above data suggest unemployment levels to reach 8% in 2009. Personally, I think we could easily reach 10% in that same period based upon the rate of job cut-back announcements.

The above companies are all blue chip core American icons.

Is this doom & gloom? Of course not! It's just the harsh reality of the price Americans have to pay for purposefully avoiding a much needed recession in 2001 and creating an economic bubble in its place.

Based upon the severity of economic indicators and the volatility of the stock markets, it's impossible to predict where the US economy will end up when the dust settles. But I think we all know we'll never return to a period like we've just experienced...at least we should hope we don't.

Michael

20 people got axed at my company today. That's more than 25% of the company. The closer we get to the election and the more likely it seems that Obama and his "taxes for the rich" policies will be levied on us the more people we see getting layed-off. And since I work in the graphics industry it's one of the first things other companies cut back on. It's only going to get worse. And I wouldn't be surpried at all if more are layed-off from my company before the end of the year. 10% unemployment? Maybe. No one is hiring that's for sure. And if Obama does in fact win I'd guarantee it. Ultra liberals like Bill Maher are always saying how they want the US to be more like France and Germany. Congrats they got their wish.

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shmessy

Wow. Incredible.

It's Obama's fault.

Michael, Michael. We should have just let George W. Bush work his magic. Believe me, more folks will be laid off in the next 4-6 months, but that has nothing to do with the campaign or Barack Obama. George W. and Tricky Dick had a full 8 year head start. Obama's economic policies won't have any effect until well into the third quarter of 2009.

Any high school kid taking Economics 101 knows that.

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Wildo7

The idea that A) Obama's tax policies are going to be detrimental to business and that B) companies are acting on them BEFORE HE'S EVEN BEEN elected, instead of oh, I don't know, THE ABYSMAL ECONOMY is so hilarious t really doesn't warrant a response.

BelichickFan

"It" (all of it) is not Obama's fault. But his increased tax plan, especially on capital gains, is absolutely a piece of it. To suggest that an impending Obama Presidency with a Democrat Congress isn't dulling the market is as wrong as suggesting that it's all Obama's fault. It's not all Obama's fault but the market looks ahead and he is a (probably small) piece of it.

PatriotsReign

Then why do so many business people support Obama?

Michael

You are correct. And to the Kool Aid drinkers I never said it was all Obama's fault. I don't think McCain getting elected will make a huge difference in this economy either but, the very real threat of an Obama/socialist (deny it all you want) presidency is hastening lay-offs.

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Michael

Such as?


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weswelker#83

Bailing out wall street is called socialism .

Michael

If you look at my posts you'll see I I never supported that.

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