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| Home Front Economy |
| Job Losses Could Swamp Stimulus |
| 2009-03-07 |
| President Obama, speaking in Columbus, Ohio, to police cadets whose jobs were saved with money from the $787 billion stimulus package, called the new unemployment figures "astounding." "We have a responsibility to act," he said, "and that's what I intend to do." Analysts increasingly view the administration's actions so far as insufficient given the scope of the problem. The stimulus package was designed to "save or create" 3.5 million jobs, according to the administration. But the nation has already lost 4.4 million jobs since the start of the recession. Many banks and other financial institutions, whose health is critical to the economy, are teetering, and the Treasury Department has yet to finalize the details of its plans to remove from their balance sheets the toxic assets dragging them down. Socialism, here we come. |
| Posted by:Bobby at the Kids Place in Texas |