There is a slew of reports this week that paint a pretty bleak picture. The Labor Department has placed the unemployment rate at 9.4 percent (the highest since 1983), If you add “temp workers” the rate is higher. In the meantime, another report indicates that over 16% of personal income of the United States is now coming from the government.
while
With jobs cuts continuing, we are now at an unemployment rate of roughly one in ten Americans — not including temp jobs or low wage service jobs.
The good news is that the loss of jobs is slowing.
However, we are now seeing the impact of our crushing deficit spending. The government has been pouring out money and it is now endangering recovery according to the Chinese who hold $768 billion in our Treasuries, here.
I’d keep on writing but the combination of these reports and the invention of a new robot teacher has led me to start a subsistence garden.
For the unemployment story, click here.
We can’t solve all of the worlds problems. But all of those who can, should try to help at least one, even if its just a little.
http://stingercommunications.webs.com/
Talking about it and doing it are two different things. Anyone have a better plan to create jobs and provide a solution. I’d like to hear it.
MIke S writes: GWLSM,
That CEO is the type of business leader I’ve been writing about. I’ll bet his compensation package was better than your
husbands.
me: better? His feet will never touch the ground. he got over $75 million in compensation and bonuses. lots of it was tax-free. My husband got a check for 6 months salary with another 4 months if he promised not to sue.
Mike: When I retired from NYC at age 55, with a nice pension, I was entering into the “golden years” in my profession. This was the time that I could make real money in a social work context. In fact I was being hired to take over a non-profit social services agency, when Congestive Heart Failure hit 5 years ago and work went out the door. My wife who was an Executive in the NYC office of a large multi-national, was abruptly fired in 2000 by a sexist boss, who had taken over and couldn’t relate to women. This woman who had worked so hard and so competently was so affected that we decided she should retire since I was working and had my pension. My health problems struck, I was unable to get disability for 6 months and we also had trouble selling our house, which ate up our savings. We moved to Florida, even though our kids, grandkids and mom-in-law were in NYC, because Florida was a cheaper place to live. The condo we bought has lost about 40% of its’ value, so we have no equity.
Nevertheless between my pension and disability we are comfortable enough and so really can’t complain.
me: not having alot to complain about is a good thing. feeling grateful for what you have is also a good thing. I don’t remember taking my life for granted, although I must have.
MIke : My heart goes out to those, like BeulahMan, who have been hit hard by this financial crisis and by the destruction of the “safety net” for all. While they must speak for themselves, we also must speak for them and all of those in the world who are oppressed by greed and authoritarianism.
I’m not what you would call the most pious, or believing of Jews, but I do believe in working to heal the world, Tzedakah and Rabbi Hillel.
me: me too.
“finally, profits and board disagreements led to workforce reductions as a CEO they hired took the company from being traded at 80 into the toilet at 20 in about 4 months.”
“there are millions of others who did not/ do not have this and have lost everything: homes, cars, credit, health insurance. who will speak for them?”
GWLSM,
That CEO is the type of business leader I’ve been writing about. I’ll bet his compensation package was better than your
husbands.
When I retired from NYC at age 55, with a nice pension, I was entering into the “golden years” in my profession. This was the time that I could make real money in a social work context. In fact I was being hired to take over a non-profit social services agency, when Congestive Heart Failure hit 5 years ago and work went out the door. My wife who was an Executive in the NYC office of a large multi-national, was abruptly fired in 2000 by a sexist boss, who had taken over and couldn’t relate to women. This woman who had worked so hard and so competently was so affected that we decided she should retire since I was working and had my pension. My health problems struck, I was unable to get disability for 6 months and we also had trouble selling our house, which ate up our savings. We moved to Florida, even though our kids, grandkids and mom-in-law were in NYC, because Florida was a cheaper place to live. The condo we bought has lost about 40% of its’ value, so we have no equity. Nevertheless between my pension and disability we are comfortable enough and so really can’t complain.
My heart goes out to those, like BeulahMan, who have been hit hard by this financial crisis and by the destruction of the “safety net” for all. While they must speak for themselves, we also must speak for them and all of those in the world who are oppressed by greed and authoritarianism.
I’m not what you would call the most pious, or believing of Jews, but I do believe in working to heal the world, Tzedakah and Rabbi Hillel.
there are millions of others who did not/ do not have this and have lost everything: homes, cars, credit, health insurance. who will speak for them?
Me and my once affluent family are one of these who have lost it all.
Mike S writes: GWLSM,
Was your husband a CEO, COO or other top level manager? That makes a difference because in my mind it’s the people at the top, making ridiculous compensation, that ruin the firms. Since you’ve alluded to your current troubles, I think I’m safe to assume that your husband wasn’t one of those making $100 million dollar bonuses. I get bonuses and don’t think they’re wrong per se, but it disturbs me when the people at the highest levels get to set their own compensation. Kind of a fox in the hen house situation.
me: not initially. He was a VP at last… but in 20 years starting out as just a smart guy with no fancy title, he received options for doing good work. options are one way a company can reward employees who are tied to salary grade levels for doing really good work. over the years he got some, sold them when he could and when the company did really well.
no, he was never in the million dollar range. not even half that. he did very well and we considered ourselves quite affluent but compared to the CEO his compensation was an after thought. this person, the various people who sat in that chair over the years, did very very well. their work was hard and they led the company into maturity into the tech sector as a very major entity. finally, profits and board disagreements led to workforce reductions as a CEO they hired took the company from being traded at 80 into the toilet at 20 in about 4 months. they made a comeback but never really regained their place in the industry that they once occupied.
and I was comfortable, sacrificing my professional goals to follow my squeeze as he was moved around the country, until finally at 57 with no work experience in he past 7 years am unable to re-enter due to all kinds of things like licensing requirements.
You make these decision, choices, that you think will lead you down the right path. You think that you can see a few yards off into the future and adjust your route when you are presented with roadblocks. You just never see the day when without warning it all just stops.
and we are the lucky ones. there was a compensation package. not a great one but a decent one. we had savings, not alot but so far it’s been sustaining us. there are millions of others who did not/ do not have this and have lost everything: homes, cars, credit, health insurance. who will speak for them?