Stretched to the point of breaking, many American citizens are coping with high fuel and food prices at a time that their largest investments (their homes) are shrinking in value.  Adding to this already stoked fire is the poor employment conditions.

Today, Government released statistics show that the unemployment rate rose from 5% in April to a whopping 5.5% in May.  This is the largest increase in unemployment since 1986.  In the month of May, employers cut 49,000 jobs.  So far this year, the United States of America has shed 324,000 jobs.

Some of the job losses are due in part from outsourcing.  Many jobs in my home State of Ohio have been sent to China, and even some of the local banks are continuing to ship jobs to India.  I personally blame this outsourcing on both Democrats and Republicans.  Both political parties sold out America and neither Presidential candidate has a solid plan to deal with it.

Just recently Ford and General Motors noted they are slashing jobs as well.  Plants will be closed, including one in Ohio.  According to reports, Ohio will have a net loss of 1,000 jobs from the plant closings.  Chrysler is expected to follow suit in staff reductions.

Airlines are also reducing their workforce.  Airlines, struggling with high fuel costs and less travelers have no choice but to trim back as their profits erode.

The job cuts from the auto and airline sectors will probably not be felt until 2009 and 2010.  Regardless, government officials believe that the United States will see an unemployment rate of 6% or higher early next year.  And if they predict unemployment rates like they do the cost of gasoline, the unemployment rate may be much higher.

Unlike other downturns in the economy, the United States is a much weaker nation economically.  Our nation no longer has the jobs needed to allow citizens to work their way out of this financial mess.

President Bush announced today that “we are beginning to see signs that the economic stimulus may be working.”  I’m not sure which country’s news he is watching, but it certainly is not in the United States.  How such an absurd comment could come on a day with such poor news is beyond me.  Let’s look at today’s highlights:

Largest unemployment increase in twenty years.
Automakers and Airlines announce major layoffs.
The price of oil shatters record one day price gain ($10 a barrel).
Stock Market drops over 300 points.

I truly believe that the first step to our economic recovery is to replace President Bush with someone that will not lie to the people and someone that is not just plain stupid.

Like it? Share it!