We have been losing a net 250,000 full time jobs a month since early in the summer of 2008. I predict that such losses will continue for at least 18 more months before we start to see the beginnings of any turnaround. Unless household are earning decent money, Uncle $ugar cannot expect the US shoppers to execute a spending recovery. The next jobs report is due out this coming Friday. The figures should prove quite interesting.
We have seen any good news on the jobs front to come from our expanded warfare and in the healthcare industry. Many of the local high school graduates have joined the military because they just can't find a local job, or can't afford to go to college.
Tuesday night we will get the Obama decision on Afghanistan. Expect him to authorize an additional 30,000 to the land of poppies and heroin. This will bring our troops there to just over 100,000 young service men and women. Each will cost US/ us a reported ONE MILLION per year.
The costs of support contracts in the private sector are astronomical and will make up a significant chunk of our GDP in 2009 and 2010. I mean Uncle $ugar is paying an estimated $600 a gallon for fuel there.
War may be good for select segments of our economy, but it is killing US/us with a burden of debt which defies all logic and shall never be repaid!
Advent is a time of hope and expectations. I hope and expect to regain my faculties and use thereof in 2010. I wish and pray for the same for the US and world economies. I wish us all Peace!
Fred Cederholm
fred.cederholm@vheadline.com
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