The toll of lost jobs rose to 1.2 million for the year as 240,000 American jobs disappeared in October. With massive problems at GM & Ford it could get a lot worse quickly. President Elect Obama mentioned to day the idea of extending unemployment benefits. Can the global recession become a global depression?
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Unemployment will continue to grow. When we as a country raise taxes in an already depressed economy, unemployment is the first, although not the most dire, result. I was encouraged with President Obama’s recent press conference; he is trying to back pedal and lower expectations concerning many of his campaign promises. It is a relief to know that once he truly understand the economic position of America as well as the world security position of our country, he can and will be his own mind as opposed to the radical left that got him elected.
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