Like the sun rising. So many jobs that currently make up the numbers are in specialty retail and other service industries that were all spurred into existence by the large amount of disposable income generated after Regan fixed the economy 25 years ago. Those days are coming to a close, and with it goes 5.00 coffee, big box electronics and the ability to support 20 different fast food places. That is a hell of a lot of jobs.
How about all those illegals that perpetuated the growth of these businesses? Will they still be here to take the jobs American citizens could take to feed their family?
Yesterday I received a Chase credit card statement with a 6% guaranteed interest rate. Since they cannot increase the interest rate they increased the minimum payment from 2% to 5% AND added a $10/month processing fee. I am able to handle this financially but how many are not. If one credit card does this I have no doubt all will eventualy.
What is the reason behind this? To get a person to payoff their cards for funds to prop them up. To pay for the deadbeats. AND, they will turn around and also collect funds from the Fed window. What a deal this bailout is!!/s