Friday, October 30, 2009

While the White House touts 650K jobs saved or created....

the public still wants to know where are the jobs for the upwards of 20M who are unemployed.

The White House touts jobs saved or created, but the majority of those jobs were teachers and for the record these jobs should be saved. The question now is, "What about everyone else?"

Now we are heading into 2010 and if the prospects of the holiday are any indication, it won't be a Holly Jolly Christmas for millions of Americans.

Flat incomes suggest more weakness ahead in consumer spending, reinforcing concerns about a ho-hum holiday shopping season and a sluggish economic recovery.

"This recovery is going to be very weak. Consumers are in no position or mood to spend. Their wages are down and they can't get credit," said Sung Won Sohn, an economics professor at California State University's Smith School of Business.

Concerns about the economy sparked by disappointing government data on spending and incomes sent stocks down Friday, erasing the previous day's big gains. The Dow Jones industrial average lost about 250 points, and broader indexes also fell.

Millions of Americans have been complaining about stagnate wages for years, now the reality is hitting hard. As everything else, GOES UP, our wages are not KEEPING UP. Those with jobs, like me, Christmas Time is scaled back drastically. After having major surgery this year with a whopping bill, the "Holly Jolly" will just move on by the icebergslim household this holiday season.

President Obama has inherited a major problem, the public is being patient, but when you have numbers of unemployed hitting 10% and millions are out of work, there really is nothing to be Holly Jolly about. Until the unemployment numbers turn around, wages increase, folks can find a job, 2010 is totally up in the air for the Democrats.


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