According to usually reliable government numbers, the last time the economy shrank for an entire year was 1982. I remember that recession...the job losses were due to automation and inefficient manufacturing and work rules than anything else. Service and McJobs were plentiful unlike now.
It looks like 2008's economic contraction is the greatest since the early 30's.
An NPR article detailed a breath-taking 75,000 job cuts announced on just ONE DAY...Friday the 23rd.
Caterpillar is slashing another 20,000 jobs. Even Microsoft will cut 5000, AT&T 12,000, Home Depot 7000, etc etc etc.
All the government stimulus in the world isn't going to dampen the fear. In the 1930's there was the Works Progress Administration which put people directly to work. As much as I detest new bureaucracy, this might just make sense.
Kinda gives new meaning to loving your job, huh?
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