econ-Journal37

econ-Journal37 - November, could soar as high as 10 percent...

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Duc Hoang – ECON210 Journal December 6, 2008 Job losses mount as economic picture worsens By JEANNINE AVERSA The Associated Press              Record numbers of homeowners are falling behind on mortgage payments, and  the U.S. economy is losing jobs at an alarming rate. A half-million American jobs  disappeared in a month witnesses the worst mass layoffs in more than three decades.  Huge companies are cutting jobs due to the drop in finance. For example, General  Motors, one of the Big Three automakers that went to Congress this week for a second  time with hat in hand, announced it was cutting even more jobs. Some analysts predict  3 million more jobs will be lost between now and the spring of 2010. Economists  predicted the unemployment rate, which rose to a 15-year high of 6.7 percent in 
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Unformatted text preview: November, could soar as high as 10 percent before skittish employers begin hiring again. These job losses make everything worse than ever. Consumer spending will drop as people will save more with the fear of losing their jobs; tax revenue will also fall thus lowering government spending. President Obama, who takes office on Jan. 20, has called for a massive economic recovery bill to generate 2.5 million jobs over his first two years in office. The measure, which could total $500 billion, would bankroll big public works projects to create jobs, provide aid to states to help with Medicaid costs, and provide money toward renewable energy development....
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This note was uploaded on 03/10/2011 for the course ECON 101 taught by Professor Duc during the Spring '05 term at Linfield.

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econ-Journal37 - November, could soar as high as 10 percent...

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