On Friday, the U.S. Labor Dept. stated 600,000 more people lost their jobs in October and 15.7 million are out of work. That doesn't count the millions more whose jobless benefits have run out. How will it affect you?
The U.S. shipped most of its manufacturing jobs overseas and now unfortunately, 70% of its economy is based on consumers buying goods, mostly made elsewhere.
Your job may well depend on consumers buying cars, televisions or other appliances, furniture, clothing, shoes and toys. Or on consumers eating in restaurants, going on vacations, staying in hotels, or maybe buying motor homes, motorcycles or jet skis.
The 15.7 million unemployed people and the millions more uncounted, AND THEIR FAMILIES, are slashing their expenses and every company that provides these goods and services will be affected. It's a snowball affect as those firms cut their number of employees. And there is no end in sight.
Meanwhile, banks are failing faster than at any time since the Great Depression and as they are merged into other banks, many of their employees are being fired.
Whatever you do, please manage your money very carefully, by saving it in FDIC insured accounts and by slashing credit card purchases you can't pay off in one month for the interest rate charges are severe. And invest in yourself, by further developing your job skills.
The worst of this Recession is yet to come, but as people helped each other during the Great Depression, together we will too and get through it and we will hopefully build a wiser, more peaceful nation because of it.
Dick
No comments:
Post a Comment