Both locally and nationally, this Super Bowl week -- which culminates with today's game between the Pittsburgh Steelers and the Arizona Cardinals -- is as much about setting the right economic tone as it is about scoring touchdowns.
On the eve of what is expected to be the clearest evidence yet of the nation's deepening recession, bad news rolled in from across the economy and the world. Sales of new homes in December plummeted, corporations announced plans to cut 13,000 more U.S. jobs, unemployment claims jumped, and a troubled icon of U.S. manufacturing, Ford Motor, yesterday announced a massive loss.
The government has announced the U.S. economy shrank at its fastest pace in nearly 27 years. That because consumers and businesses cut spending. Layoffs that began in the real estate and finance sectors are now hitting workers in nearly every field. Some iconic firms are slashing jobs by the thousands.
The House approved an $819 billion stimulus package on a near party-line vote yesterday, a plan breathtaking in size and scope that President Obama hopes to make the cornerstone of his efforts to resuscitate the staggering economy.
Republican lawmakers are raising concerns that ACORN, the low-income advocacy group under investigation for voter registration fraud, could be eligible for billions in aid from the economic stimulus proposal working its way through the House.
The nation's employers, including some of its largest and most sturdy, announced plans yesterday to slash more than 55,000 jobs, a staggering one-day toll that highlighted how quickly layoffs are accelerating and how widely misery is spreading throughout the labor market.
This excellent Wall Street Journal article reveals just how much of the massive $850 billion "stimulus" package now being considered by Congress will actually go into the economy by 2010. It also highlights how government spending can never lead us out of a hole.
Call your Senator or Rep. and tell them to vote NO on the new "stimulus" plan. (202) 224-3121.
robin submitted, made popular 6 years ago - (www.rollingstone.com) » 0 Comments
Dear Mr. President: Like FDR three-quarters of a century ago, you're taking charge at a moment when all the old certainties have vanished, all the conventional wisdom been proved wrong. We're not living in a world you or anyone else expected to see. Many presidents have to deal with crises, but very few have been forced to deal from Day One with a crisis on the scale America now faces.
Sam submitted, made popular 6 years ago - (www.msnbc.msn.com) » 0 Comments
By every measure — lost jobs, plunging stock prices, scarce credit and a profound loss of confidence in the banking system — the economy is in awful shape. The nation's 11th recession of the postwar era began in December 2007 and easily could become the longest since the Great Depression, although most forecasters expect a weak recovery to begin in the second half of this year.