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alstry (35.42)

Is America running out of $$$$$?????....Wage Deflation heating UP

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January 16, 2009 – Comments (3)

 

States delaying tax refunds.....Salaries being slashed......Jobs being cut by the thousands day after day after day.......major retailers and other businesses liquidating.....no industry or sector is immune

 

Calif. may delay tax refunds, funding for health services

Circuit City liquidation will affect more than 30,000 employees

GE Capital may cut up to 11,000 jobs: report

Hertz cuts 4,000 jobs; stock takes a hit

AMD to cut 1,100 jobs, slash executive and staff salaries

[PFE] Pfizer to cut sales force by a third, or by 2,400 jobs: WSJ

Minneapolis Star Tribune files for Chapter 11 bankruptcy

Saks cuts jobs, Estee Lauder warns

 

You can stick your head in the sand or wake up.......should our retirement plans be confiscated by the government to help pay obligations??????

Interesting times indeed..

3 Comments – Post Your Own

#1) On January 16, 2009 at 5:01 PM, alstry (35.42) wrote:

Reporting from Sacramento -- State Controller John Chiang announced today that his office would suspend tax refunds, welfare checks, student grants and other payments owed to Californians starting Feb. 1, as a result of the state's cash crisis.

Chiang said he had no choice but to stop making some $3.7 billion in payments in the absence of action by the governor and lawmakers to close the state's nearly $42-billion budget deficit. More than half of those payments are tax refunds.

The controller said the suspended payments could be rolled into IOUs if California still lacked sufficient cash to pay its bills come March or April.

"I take this action with great reluctance," Chiang said at a news conference in his office. But he said that without action to close the deficit, "there is no way to make it through February unscathed."

The payments to be frozen include nearly $2 billion in tax refunds; $300 million in cash grants for needy families and the aged, blind and disabled; and $13 million in grants for college students.

Can we pay our taxes with IOUs?????????????????

The contraction continues...............................

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#2) On January 16, 2009 at 6:24 PM, alstry (35.42) wrote:

First Seatle PI

Then Minneapolis StarTribune

Now:

[GCI] Gannett to close Tucson Citizen if no buyers by March 21

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#3) On January 16, 2009 at 9:04 PM, alstry (35.42) wrote:

A little more evidence that we are on our way to a deflationary depression....

ConocoPhillips cuts jobs, spending in face of falling oil prices

National Bank of Commerce is first closure of '09, FDIC says

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