I hear you. My undergrad was at Berkeley and former Clinton treasury undersecretary Bradford DeLong was always whaling on how Bush was destroying our economy through deficit spending and an unnecessary tax cut in times of boom.
Oh wait ...
At any rate, we are in for the worst downturn since the great depression. Goldman Sachs said that unemployment would reach 8.5% at the end of next year with not upturn in sight by 2010. We probably won’t see job recovery until late 2012 at most.
Here in Toledo, OH unemployment is at 9.9% now. However Jeep has already announced the layoff of the second shift to the tune of 850 jobs. Of course this number does not include Jeeps suppliers that will have to layoff people.
I do see the GM plant here closing. In fact I see Gm closing all of their North American plants, it is the only way they can turn the company around. By closing their plant here they will not have any more employees retiring and getting big benefits forever. Without the continued Us auto debt their foreign sales will turn the company around, not to mention if they are over seas their tax rate will be cut by 70%.
GM's retired employees will wither on the vine because most of them drink like fishes and smoke two packs a day.
I do see a 15% to 25% unemployment rate here in Toledo, OH with in two years. This city has been run by Democrats for 40 year and they have run it into the ground.
I know it is a poor trait but I will be engaging in schadenfreude to get me through this disgusting time. I just hope that when these idiots are down and out and it is all democrats in charge they will wake up from their socialist utopia dream.