Economy and Business
If the Republican Party gets any nuttier, we’re going to have to lock it in the attic when company visits.
Congress has also greased the skids for American jobs to skitter overseas, and for employers here to import both high- and low-skilled workers to siphon off jobs from domestic payrolls. In the name of thrift, it has chiseled as well on unemployment, food stamps, housing, child care, and most other social services. Only military expenditures have spiraled upward unimpeded.
In case you haven’t heard, the economy is not in great shape–10 percent unemployment, home foreclosures soaring, the national debt exploding. And the future looks worse. Some people think inflation is on the way; others think it’s going to be deflation, a condition in which your money is worth a little more, but you have a lot less of it.
Maybe you’re one of the thousands of young lawyers in America working in some low-skill, part-time job because law firms have cut so many of the starting positions you were educated to take. If so, I have good news: Jobs for young lawyers are now mushrooming in companies that provide legal services to U.S. corporations.
Stores are already full of Halloween costumes and scary stuff for October 31. TV stations are gearing up for reruns of “Nightmare on Elm Street” and its many sequels, when Freddy Krueger will revisit us again and again.
Remember the Great Recession? For most Americans, it’s an unforgettable nightmare that lives on. But for the CEOs of some of our nation’s biggest companies, it’s a distant memory.
It’s been two years since the Lehman Brothers collapse set off a global financial meltdown. The government bailed out big Wall Street banks and they’re now making bumper earnings. Major corporations are sitting on $8 trillion in cash reserves, the biggest pile since 1963.