MILLIONS OF JOBS IN 60 DAYS.....
As we approach the end of the year.....thousands and thousands of small businesses are realizing they simply can't make it financially anymore. In addition, thousands more are making massive cuts to labor forces. 10-15% of total workforce cuts will be routine.....20-25% will not be uncommon.
We will see these HUGE cuts despite the fact we already have a 20% pre Clinton unemployment rate. The burden and tax loss to government will be significant.....the financial stress will be very evident(such as massive tax increases and agressive tax collection policies) as previous cuts will need to be supplemented with more cuts as we enter the GOVERNMENT CRASH.....
TEMECULA, Calif. — Outdoor Channel Holdings Inc. said Wednesday that it's laying off a quarter of employees at recently acquired Winnercomm Inc. because the economic downturn has hurt business.
Many businesses will get rid of ALL the employees.
JANESVILLE — Sanford Business-to-Business has notified the state it will start closing its Janesville operations in January in a move that will ultimately put 140 people out of work.
A bankruptcy filing by Dawson Marine should be finalized by this afternoon and all stores will close permanently, according to employees at both the Jasper and Beaumont stores.
CLEVELAND, Ohio -- Ink and toner retailer InkStop Inc. has filed for Chapter 7 bankruptcy, saying the cash-strapped company owes too much money to reopen and will instead liquidate its assets and close for good. InkStop laid off 456 employees on Oct. 1, telling them it hadn't paid their health care premiums for the past month and didn't have the money to issue their final paychecks.
When all the customers that required borrowing to spend are no longer allowed to borrow....pretty soon many will realize that they are not many customers left....and without customers, we don't have much of a consumer economy left.