U.S. Economy: Payrolls Post Biggest Annual Decline Since 1945

By Shobhana Chandra

Jan. 9 (Bloomberg) -- The U.S. lost more jobs in 2008 than in any year
since 1945 as employers fired another 524,000 people in December,
indicating a free-fall in the economy just days before President-elect
Barack Obama takes office.

“Consumers are now going to get more and more scared at the prospect of
losing their job,” said Nariman Behravesh, chief economist at IHS Global
Insight in Lexington, Massachusetts. Obama’s proposed fiscal stimulus
“needs to be big, needs to be bold, needs to be swift. If they can do
something quickly we can limit the hemorrhage by mid-year.”

The Labor Department reported that the nation lost 2.589 million jobs in
2008, just shy of the 2.75 million decline at the end of World War II.
The unemployment rate climbed more than economists forecast, to 7.2
percent in December, the highest level in almost 16 years.

Today’s figures will intensify pressure on U.S. lawmakers to act quickly
on Obama’s recovery program, which may exceed $775 billion and aims to
save or create 3 million jobs. They also underscore the urgency of the
Federal Reserve’s $200 billion initiative to restart consumer financing
markets that’s scheduled to begin next month.

- - -


Thank you for your leadership on these economic issues, President Bush.

hk wrote:
U.S. Economy: Payrolls Post Biggest Annual Decline Since 1945

By Shobhana Chandra

Jan. 9 (Bloomberg) -- The U.S. lost more jobs in 2008 than in any year
since 1945 as employers fired another 524,000 people in December,
indicating a free-fall in the economy just days before President-elect
Barack Obama takes office.

“Consumers are now going to get more and more scared at the prospect of
losing their job,” said Nariman Behravesh, chief economist at IHS Global
Insight in Lexington, Massachusetts. Obama’s proposed fiscal stimulus
“needs to be big, needs to be bold, needs to be swift. If they can do
something quickly we can limit the hemorrhage by mid-year.”

The Labor Department reported that the nation lost 2.589 million jobs in
2008, just shy of the 2.75 million decline at the end of World War II.
The unemployment rate climbed more than economists forecast, to 7.2
percent in December, the highest level in almost 16 years.

Today’s figures will intensify pressure on U.S. lawmakers to act quickly
on Obama’s recovery program, which may exceed $775 billion and aims to
save or create 3 million jobs. They also underscore the urgency of the
Federal Reserve’s $200 billion initiative to restart consumer financing
markets that’s scheduled to begin next month.

- - -


Thank you for your leadership on these economic issues, President Bush.


Couldn't possibly be lack of confidence in our president elect, could
it? Where is all this recovery and stimulus money, that Mr Obama intends
to spend, coming from?

"hk" wrote in message
m...
U.S. Economy: Payrolls Post Biggest Annual Decline Since 1945

By Shobhana Chandra

Jan. 9 (Bloomberg) -- The U.S. lost more jobs in 2008 than in any year
since 1945 as employers fired another 524,000 people in December,
indicating a free-fall in the economy just days before President-elect
Barack Obama takes office.

“Consumers are now going to get more and more scared at the prospect of
losing their job,” said Nariman Behravesh, chief economist at IHS Global
Insight in Lexington, Massachusetts. Obama’s proposed fiscal stimulus
“needs to be big, needs to be bold, needs to be swift. If they can do
something quickly we can limit the hemorrhage by mid-year.”

The Labor Department reported that the nation lost 2.589 million jobs in
2008, just shy of the 2.75 million decline at the end of World War II. The
unemployment rate climbed more than economists forecast, to 7.2 percent in
December, the highest level in almost 16 years.

Today’s figures will intensify pressure on U.S. lawmakers to act quickly
on Obama’s recovery program, which may exceed $775 billion and aims to
save or create 3 million jobs. They also underscore the urgency of the
Federal Reserve’s $200 billion initiative to restart consumer financing
markets that’s scheduled to begin next month.

- - -


Thank you for your leadership on these economic issues, President Bush.



Now if we could get the Feds from stop over spending and there would be
money for the economy to grow on, we could get out of this mess.

Calif Bill wrote:
"hk" wrote in message
m...
U.S. Economy: Payrolls Post Biggest Annual Decline Since 1945

By Shobhana Chandra

Jan. 9 (Bloomberg) -- The U.S. lost more jobs in 2008 than in any year
since 1945 as employers fired another 524,000 people in December,
indicating a free-fall in the economy just days before President-elect
Barack Obama takes office.

“Consumers are now going to get more and more scared at the prospect of
losing their job,” said Nariman Behravesh, chief economist at IHS Global
Insight in Lexington, Massachusetts. Obama’s proposed fiscal stimulus
“needs to be big, needs to be bold, needs to be swift. If they can do
something quickly we can limit the hemorrhage by mid-year.”

The Labor Department reported that the nation lost 2.589 million jobs in
2008, just shy of the 2.75 million decline at the end of World War II. The
unemployment rate climbed more than economists forecast, to 7.2 percent in
December, the highest level in almost 16 years.

Today’s figures will intensify pressure on U.S. lawmakers to act quickly
on Obama’s recovery program, which may exceed $775 billion and aims to
save or create 3 million jobs. They also underscore the urgency of the
Federal Reserve’s $200 billion initiative to restart consumer financing
markets that’s scheduled to begin next month.

- - -


Thank you for your leadership on these economic issues, President Bush.



Now if we could get the Feds from stop over spending and there would be
money for the economy to grow on, we could get out of this mess.




I don't think that is the way out. We need massive infusion of capital
to get the economy moving, and corporate America ain't spending it.

"hk" wrote in message
m...

I don't think that is the way out. We need massive infusion of capital to
get the economy moving, and corporate America ain't spending it.

Why should they? All they will do is become penalized via taxes.

Eisboch

Eisboch wrote:

"hk" wrote in message
m...

I don't think that is the way out. We need massive infusion of capital
to get the economy moving, and corporate America ain't spending it.

Why should they? All they will do is become penalized via taxes.

Eisboch


Well, then, let them liquidate themselves so others who want to run a
business can fill the voids.

"hk" wrote in message
m...
Eisboch wrote:

"hk" wrote in message
m...

I don't think that is the way out. We need massive infusion of capital
to get the economy moving, and corporate America ain't spending it.

Why should they? All they will do is become penalized via taxes.

Eisboch


Well, then, let them liquidate themselves so others who want to run a
business can fill the voids.


You have to be kidding. Businesses survive, employ people, provide health
plans, and grow because they can make a profit. Take that incentive away
and you get what we have now.

Eisboch

"hk" wrote in message
m...
Eisboch wrote:

"hk" wrote in message
m...

I don't think that is the way out. We need massive infusion of capital
to get the economy moving, and corporate America ain't spending it.

Why should they? All they will do is become penalized via taxes.

Eisboch


Well, then, let them liquidate themselves so others who want to run a
business can fill the voids.


BTW, I just found out about 30 min. ago that the company I started just won
a major contract for technology that I can't identify just yet. They are
hiring. And their achievement has absolutely nothing to do with proposed
economic salvation plans proposed by the incoming administration.

Eisboch

hk wrote:
Eisboch wrote:

"hk" wrote in message
m...

I don't think that is the way out. We need massive infusion of
capital to get the economy moving, and corporate America ain't
spending it.

Why should they? All they will do is become penalized via taxes.

Eisboch


Well, then, let them liquidate themselves so others who want to run a
business can fill the voids.

From the man who has never run a business in his entire life.

"Calif Bill" wrote in message
m...



Now if we could get the Feds from stop over spending and there would be
money for the economy to grow on, we could get out of this mess.



The problem is that nobody knows for sure how to fix this. They are using a
shot gun approach, hoping they hit something.

I am totally convinced that the current panic reaction is going to do
nothing but further cause more problems. It's time for people to stop
being so idealistic and become realistic.

Eisboch