Big challenges for Obama - Fixing Bush's and Republicans' disastrous economic policies
Troubling signs for labor market - Nearly 60,000 layoffs rattle ailing U.S. economy, with warnings of more to come
Another huge wave of layoffs hit workers yesterday, with major U.S. employers planning to cut almost 60,000 jobs across various industries in the latest sign of distress in the labor market.
Faced with falling profits, equipment maker Caterpillar Inc. said it's cutting 20,000 jobs, and Sprint Nextel Corp. plans to eliminate 8,000 jobs, mostly by the end of March. Home Depot Inc. said it will cut 7,000 jobs nationwide and close two of its design stores in Maryland. Other major employers announcing cuts yesterday included Texas Instruments and Pfizer.
The cuts affect workers and operations nationwide and add to a host of previously announced job losses at companies like Circuit City, General Motors and Hertz rental cars.
In Maryland, several private employers notified the state earlier this month of pending layoffs and closures that affect more than 600 workers, starting in March.
No, this recession is not caused by Obama who has only been in power for 7 days. Thanks to Bush and the Republicans 8 years of policies leading to reckless spending, accumulating debt, and failure to regulate fraudulent scams (can anyone say Bernie Madoff Ponzi scheme?), Obama gets to inherit the recession and failed fiscal policies of the Republicans.
But Obama is an intelligent and responsible leader and I am confident he can handle this monumental task.