Layoffs Continue

Unfortunately, layoffs for major companies are continuing and will likely increase with time. Companies such as Caterpillar, Home Depot, and Sprint Nextel said they are going to be laying off a combined 35,000 employees based on the severity of our current recession. Corning, another large company said today that they are cutting 3500 jobs which is 13% of its payroll.

Wells Fargo senior economist Scott Anderson said that, "Some of the worst job losses are ahead of us, not behind us." If we think what is happening now is bad, just wait for the future. This is definitely something we have to worry about whether we like it or not. Additionally he said that approximately 3 million people will lose theirs jobs during this year. Below you will find a small list of some of the cutbacks major companies are having to make. The following is a link that will take you to a chart that displays some of the cutbacks companies are having to make: http://www.usatoday.com/money/economy/2009-01-26-economy-recession-layoffs_N.htm

Tight Times

As we all know, we are currently struggling with our economy. It's been going on for awhile now and it seems like there is no end in sight. Prices aren't the same, jobs are being lost, and people are taking account of every single penny they own. Not only this, but peoples entire life savings, that in which they have worked very hard, are slowly diminishing. The American people are definitely in a recession.

Just like former President Bush, President Obama is now looking for some kind of financial bailout. Obama is pushing Congress for $800 billion tax cuts and new spending. Just last week, the Senate released the final $350 billion of a $700 billion economic rescue law passed last year during the Bush administration. This is a large amount of money that I find to be unfathomable. All we can do is hope everything works out.

Now I'm not an individual that likes to talk about politics. I don't voice my views because I usually keep them to myself. So this blog is definitely a rarity for me and I am interested in how other people feel. The reason I want to talk about the economy is that many of us will be entering the workforce within the next couple years and it may be tough for us to find jobs. Graduating college when the economy may still be struggling may affect many of the jobs we are offered and what we choose to do with our life.

As the old saying goes, "Time heals eveything." Maybe our economy will be turned around within the year. But again, maybe it won't. We do not know how long this recession will be and it may get worse before it gets better. We have to put faith in our government and hope that they can get us out of this.