Nobody goes HUNGRY in America!!!!
August 1 – AFP: “California Gov. Arnold Schwarzenegger on Thursday dismissed 20,000 temporary state employees and slashed the pay of 200,000 more workers in the latest twist to a budget standoff. “
Will this help the following problem in CA????????????
July 28 – UPI: “Los Angeles food bank operators say the troubled economy has produced the biggest demand for their help they’ve ever seen. The demand is spreading from poverty-stricken residents to those in the middle and upper classes, they told the Los Angeles Times. ‘This is probably the most people we’ve ever seen use emergency food assistance," Darren Hoffman, communications director for the Los Angeles Regional Food Bank, told the newspaper. ‘We’re seeing people who were making $70,000 a year coming into a food bank for the first time.’ Food bank operators say people who have spent their retirement savings to pay their mortgages are turning to the pantries to avoid going hungry. Some told the Times that major job losses in the banking and entertainment industries, coupled with the housing crisis, are hitting the San Fernando Valley area especially hard.”
Maybe this will help??????
July 30 – New York Times: “Mervyn’s and the parent company of Bennigan’s both filed for bankruptcy protection yesterday, providing more evidence that the pace of corporate flame-outs is accelerating. Only half way through 2008, billion-dollar bankruptcies are at their highest level in five years, according to BankruptcyData.com… ‘We seem to be in the midst of a ‘perfect storm’ leading to more bankruptcies: high levels of debt, high energy and raw materials costs and weakness in the U.S. economy,” George Putnam III of New Generation Research, which publishes BankruptcyData.com, said…”
Up until July 3rd, many on Wall Street have been banging the drums about a second half recovery.....until the 800 LB Gorilla came out with this yesterday afternoon(CalculatedRisk.com):
Goldman Sachs put out a research note late today lowering their projections for the second half.
"[W]e are on the cusp of a renewed deceleration in growth."
Renewed????? When was growth not decellerating over the past year?????
Things should really start heating up over the next few weeks as states start coping with evaporating revnues.