533,000 jobs lost in November. 1.9 million jobs lost since December 2007. A 2.7 million increase in jobs lost since December 2007. 10.3 million people are now out of work nationwide. 3 million more jobs are expected to be lost by spring 2010, Jobless rate 1 year ago was 4.7 percent and in October it is 6.5 percent.
Fundamentally, there’s been a breach of trust between American capitalism and the American consumer. The consumers, who create 70 percent of the economic activity in this country, have been given the runaround and have been left high and dry with respect to their families and their values. As a result, they’re rebelling, both out of fear and a desperation as to where America is at this point.
Wall Street carries the greater burden of the blame with such a substantial amount of greed as to make all of us pause for comment. And businesses, reeling in the face of it, are now required to lay off the heart and soul of their businesses to be able to simply survive, as organizations and as organisms.
The breach of faith…is severe!
Original writing date: December 3, 2008