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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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- Spring '05
- Unemployment, job losses, unemployment rate, economic picture worsens, worst mass layoffs