US economy continues to collapse

This is no surprise. Bush and company has been pouring the economy into the toilet for years. I think he’s about ready to flush. This from Bloomberg.

Employers in the U.S. fired workers in July for a seventh straight month and cut hours for remaining staff to a record low, signaling economic growth weakened at the start of the second half of the year. Americans labored an average 33 hours and 36 minutes per week, six minutes less than in June and matching the shortest workweek since records began in 1964, the Labor Department said yesterday in Washington. The jobless rate jumped to 5.7 percent, the highest level in more than four years.

Once he pushes that handle, it’s gonna be a whole lot harder to recover what’s been lost. In any case, I think that, even though he is a lame duck and losing some of his power, the worst is yet to come.

Explore posts in the same categories: America, Bush/Cheney, economy, Lying Bastards, recession

4 Comments on “US economy continues to collapse”

  1. Mockingbird Says:

    Americans only work 33 hours per week? I would like to have such a short work week too! 😀 Ha, ha, ha…! 😀

  2. expatbrian Says:

    Americans who have had their hours cut to 33 per week are only getting paid for 33 hours a week. These are people with families to support and the cut in pay is not good news to them.

  3. Mockingbird Says:

    i see. If my work hours are reduced and my peanut pay is likewise revised further downwards, it’s bad news to me too 😦

  4. expatbrian Says:

    Sure it is. And your young so your family may continue to grow. And kids are expensive. It’s hard enough if you lose your job. It’s much worse if you lose your job at the same time that the entire industry cuts back. In that case, your prospects for a job at another related employer become zero. Plus, any available jobs will be sent overseas where the wages are more affordable for struggling companies. This is what is happening in the US.

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