How can the U.S. economy hope to “recover” if Americans have less money to spend? Tens of millions of Americans are going into 2011 scared to death about losing their jobs. Most of them know if they do lose their job that they have a very slim chance of finding another one.
Unemployment compensation is only a short-term solution to their problems. Because this compensation is only a fraction of what they were earning and given the current state of Congress the most any new filers can’t count on is 26 weeks. After that job seekers are forced into a highly competitive job market which gets more difficult by the day.
2011 will see long-term unemployment benefits cut off for millions of American workers. On top of this federal workers are now having their wages frozen and Social Security recipients will not be getting a cost of living increase next year. To make matters worse taxes are going up for nearly all U.S. families and the businesses which are still in business are forcing their employees to take pay cuts.
And as all this goes on food prices keep increasing right along with the cost of fuel and other commodities. So how are tens of millions of cash-strapped Americans going to live when they have less money in 2011?
No comments:
Post a Comment