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More than 10 million US jobs will be lost in 2009 – depression deepens and far exceeds the level of thirties
More than 500,000 thousand jobs are disappearing in the US. More than 10 million US jobs will be lost in 2009, a staggering number that can shrink US GDP by more than 15%. Economy lost more jobs in 2008 than in any year since the end of World War II as workers got fired in all sectors including homebuilders and automakers to banks and retailers.
People, who are losing their jobs, are never finding equally lucrative jobs again. The unemployment now is replacing the underemployment. But those who are finding new employment are also under-employed. That never happened in the great depression of thirties. What it means is that the US standard of living is diminishing steadily over time as debt replaces wealth, indigenous talents decay and get replaced by borrowed foreign talents.
The jobless rate is expected to climb to 7 percent in December from 6.7 percent the prior month. The American manufacturing base is crumbling. Factories, which make up 12 percent of the economy, shrank in December at the fastest pace in 28 years as new orders for products from cars to furniture reached the lowest level since records began in 1948, the Institute for Supply Management reported last week.
SMART LIVING & INVST. ARTICLES
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