Tag: Economy

Crossposted from Antemedius

...............

In 2010, American voters foolishly aided and abetted the Republicans by giving them control of Congress.

We now enter a very dangerous period in the lead up to the 2012 presidential election.

If Obama is not re-elected, and people don't work towards returning workable majorities in the House and the Senate to the Democrats, then the country only continues its decline, and all will be lost.

It may be the end of a two century great social experiment unequaled in human history.

As odious as it seems to progressives for a gang of rascally senators to be slashing spending when spending is desperately needed, we should look at some of the cuts with some hope.

Included in the cuts is a 61% reduction in the proposed $1.2 billion in new drug war funding, a 50% reduction in the $150 million proposed for new Federal prisons, a 50% reduction in the $100 million proposed to militarize the border, a 50% reduction in the $50 million proposed to snoop on your Internet activities.

Not all spending is progressive. Most of the proposed cuts are awful, but some of them we could and should get behind.

And how much other spending on very anti-progressive initiatives wasn't touched by the haphazard Collins-Nelson back-of-the-napkin spending reduction strategy?

Tonight, the TV newsmagazine "60 Minutes" did a story on the economic crisis facing Wilmington, Ohio, a town of 12,000 people nearly all of whom are being laid off by freight corporation DHL.  If you missed the heartrending segment, you can watch it here.

Here's what Scott Pelley of "60 Minutes" didn't tell you: there's a promising local effort to help the people of Wilmington -- and there are a few things you can do to help their plan become a reality without getting up from your computer.

The transcript is here. Did any of you watch it? I just saw a clip on the local news and his face was so shiny. I guess the first thing he discontinued after the election is his makeup artist. He needs powder.

As for content, he proposed a new economic stimulus plan. A new report is out that the U.S. lost 240,000 jobs in October and unemployment is at 6.5%, its highest since 1994.

More than 10 million people are now jobless, actively seeking work but unable to find it, a number that has spiked by 2.8 million over the past year.

President Bush also had a statement today, telling people to be patient, relief will take time.

Stocks fell again today as recession fear set in.

The Dow Jones industrial average fell more than 700 points, giving back nearly all its record gain from Monday.

The Dow closed down 7.9 percent, or 733 points, at 8,578. That follows a loss of 77 points yesterday, which nearly wipes out Monday's 936-point gain. The Standard & Poor's 500-stock index was off 9 percent, with a 90-point decline, and the tech-heavy Nasdaq was down 8.5 percent, losing 151 points.

More...