Hold On Tight

Hold on tight folks, the economy is tanking faster than the Titanic sunk and today’s news on more layoff’s is sure to ricochet into more bad economic news before the week is out. That’s right, in just one day we’ve seen “companies across the employment spectrum announced more than 65,000 job cuts in the United States and around the world,” and that is indeed “a stark sign that businesses are enduring a painful, protracted downturn.”

The NY Times reports:

President Obama cited the layoff announcements in remarks Monday morning as he urged action on an $825 billion economic stimulus package of tax cuts, emergency benefits and public spending projects.

“These are not just numbers on a page,” Mr. Obama said. “As with the millions of jobs lost in 2008, these are working men and women whose families have been disrupted and whose dreams have been put on hold. We owe it to each of them and to every single American to act with a sense of urgency and common purpose. We can’t afford distractions and we cannot afford delays.”

The United States economy has dropped some 2.59 million jobs since the recession began in December 2007, and unemployment rose to 7.2 percent last month. Economists worry that the economy could now be losing as many as 600,000 jobs a month, and they said Monday’s layoff announcements served to underline the stricken state of the labor market.

What a freakin mess. Obama is right. The Bush administration sat a twidled their thumbs not giving a rat’s you know what about the little people hurt by the recession that they, BushCo would not admit to. Now more and more hard working Americans are sinking in the mire and muck left behind. Let’s put that new Treasury Secretary to work and fast.

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