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alstry (35.68)

Where is this all going America????

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June 03, 2008 – Comments (2)

Everyday we see another company shutting down, down sizing, or laying off workers.  Workers are being asked to take paycuts.  Revenues are contracting at business after business after business.  Now our local and state government are having to deal with less and less revenues.

All the while, the cost of almost everything we spend money on is skyrocketing.  Many now can't afford food and fuel and pay for housing at the same time. 

Those that are leveraged are seeing a greater and greater percentage of their revenues being consumed by debt payments.   They say wages are going up, but if you eliminate the top 5% wages are shrinking.

In the past year we have seen huge portions of industries basically shut down or contract to a fraction of its old self.

The Mortgage Industry, Airlines, Autos, Residential Construction

Now Banking, Retail, Commercial Contruction, and Government are all shrinking.

These were the areas responsible for job growth over the past five years.  As these industries continue to shrink, revenues continue to decline, wages go down, and costs for necessities keep rising.......where will all this end up?

Is anyone looking forward anymore?

2 Comments – Post Your Own

#1) On June 03, 2008 at 1:13 PM, GNUBEE (24.57) wrote:

Well Dorothy, now that you peeked behind the curtain, and know that all the recent pasts job growth was created by pulling some debt levers here, with a puff of smoke there, were back to square one. So with no honest way to create jobs, we are only left to speculate what new illusion the great Oz can create for the emerald city of America.  Will the world have ample oil in their oilcan?, Will The fed ever get a brain, and will the House/Senate/President find their courage to face facts and actually do something?

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#2) On June 03, 2008 at 5:00 PM, XMFSinchiruna (28.57) wrote:

Fantastic response, GNUBEE!!

I've been trying to keep my future cap on throughout all this.  I think we will have to struggle through a period of unprecedented de-leveraging and continued currency depreciation before we can see what comes next.  The potential for conflict over finite resources imbues the crystal ball with a hazy cloud, but I'm with GNUBEE... the creation of a new illusion to replace the strong dollar / easy credit illusion that's behind us is just as likely a scenario as the struggle through and then re-build potentiality.

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