Friday, September 05, 2008

Unemployment at 6.1%...

For all of you who think that politics is politics and has nothing to do with your everyday life... The following article is the reason why I will always research the records of those running for office, and vote accordingly. I will never tell anyone else how to vote, but I will always voice my opinion so my fellow citizens can make an educated choice. I am not directly blaming anyone for the unemployment rate... ok, I am, but he is not running for office.
I had a republican friend remind me that the economy usually flourishes in times of war. That is very true. WWII helped us out of the Great Depression... but then that would beg the question, what is happening now? We are in the depths of a war and our economy is tanking. Could it be because we are spending TONS of money on the Iraq war ($406.2 Billion through December 2007)- 70% of people polled think so.
$406.2 Billion? Think about that. That does not even include what 2008 has cost. That does not include the loss of American lives. I am grateful for the sacrifice that the members of our Armed Forces makes for the country every year... that is not what this blog is about- I do support the job that our troops do. I just think that President Bush and his cronies are making all of pay for a bad decision- and it seems as though we will be paying for a long time. This soapbox sermon could be revisited! :)

To back up this article I have found the follow links. Read up:

The nation's unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy.The report was sure to rattle Wall Street again.
All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.The jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row.
Job losses in June and July turned out to be much deeper. The economy lost a whopping 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the government reported job losses at 51,000 in each of those months.The latest snapshot was worse than economists were forecasting. They were predicting payrolls would drop by around 75,000 in August and the jobless rate to tick up a notch, to 5.8 percent. The grim news comes as the race for the White House kicks into high gear. The economy's troubles are Americans' top worry.
Wachovia Corp., Ford Motor Co., Tyson Foods Inc. and Alcoa Inc. were among the companies announcing job cuts in August. GMAC Financial Services this week said it would lay off 5,000 workers.Job losses in August were widespread. Factories cut 61,000 jobs, construction firms eliminated 8,000 jobs, retailers axed 20,000 slots, professional and business services slashed 53,000 positions and leisure and hospitality got rid of 4,000. Those losses swamped employment gains in the government, education and health.Job losses at all private employers -- not including government -- came to 101,000 in August.
The government said workers age 25 and older accounted for all the increase in unemployment in August.
Copyright © 2008, Chicago Tribune


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