Friday, January 23, 2009
Job Crisis
As we all know this recession has brought us nothing but hard times and stress. If you didnt know it before massive job loss and house slumping has topped off the year 2008. California lost a total of 78,200 jobs due to the slow economy and decreased payrolls for employees. Just as everyone thinks a new president will due us justice in the economy, 1.7 million people were looking for jobs last month and continues to increase by the thousands each month. 785,200 were laid of while about 125,000 chose to leave their jobs. Particularly in construction, a 10.8 percent jobloss occured followed by abut 92,600 job cuts. Will 2009 bring hope or will this slumping economy just continue to regress untill we completely hit rock bottom?
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While I have known about all this that has been going on, it never really seemed to be affecting me, my family, or others that I know or am close to. These stats really do put it in perspective though. Another thing that happened to me recently was my mother bringing up the topic of one of several savings accounts that family members have opened for me over my life. She told me that it wasn't really much because of the economy, and that is the only way in which the slump has affected me. It just made me think of how lucky I am. I think everyone should really think about the things that are happening in the world and be truly glad that you live where you do, and have what you have.
I think 2009 brings hopes of improving our economy, even if it's improving by just a little bit. In his first few days as president, Obama has already showed that he is not afraid of using his executive powers, and will hopefully be able to exercise some of his influence to push for policies that will help our economy. Like FDR during the Great Depression, Obama and our government might have to follow Keynesian economics to revitalize our economy. The government must get involved to help out the private businesses, which in turn will increase people's spending power. As to where Obama will get the funds to do this, I have no idea because we definitely will not be saved by some war, which I or anyone else out there would definitely not want.
Keynesian economics makes no sense. FDR made the depression worse.
It's kind of funny (in a depressing way) that despite the repeated failure of Keynesian stimulus, it's always "it wasn't big enough"... it's like a medieval doctor bleeding a patient. When the patient dies, it's "oh we didn't bleed him enough".
If the people of this nation is willing to spend more, it can lead us out of this recession like in the Great Depression. Due to the fact that the lost of employment rate has gone up, many people will actually spend less, however if they are willingly to spend it can reverse the damage that has been done in our economy. Hopefully Obama will manage to create a plan for this upcoming improvement of our society.
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