Every business day brings announcements of new layoffs at the big corporations. Layoffs in the small businesses, which comprise hundreds of thousands of jobs, do not get the publicity, but the consequences are the same--panic, worry, want and family disintegration. Animal shelters report that jobless people are bringing in the pets they no longer can afford to keep.
At the current accelerating rate of layoffs, we will be called on to deal with a catastrophe by the end of June. And at this time next year, the nation could be suffering 6, 7, even 8 million more Americans without jobs in a society singularly ill equipped to take on a disaster that many of the people in power thought could never happen.
Past recessions hit blue-collar workers and farmers the hardest and schooled them psychologically, if not financially, in alternating good times and bad. The white-collar wipeout is something new. We have no experience in handling the huge numbers of college-educated, technically trained unemployed.
Not only does unemployment ruin the lives of the people enduring it; it kick-starts home foreclosure rates and stimulates bankruptcies. The people who still have jobs, fearing that they could be next, stop spending money on cars, houses, clothes or anything else.
The past century of depressions, recessions, slumps, panics, dips, slowdowns, busted bubbles and crashes shows that jobs are the last thing to come back, that employment is the slowest to recover. Every job lost postpones the return of prosperity.
This is the moment for a tourniquet on the job hemorrhage. News of the millionaire class using public bailout money for their bonuses and private airplanes has left people feeling stranded and furious. They are demanding that something be done for them.
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