Job losses accelerating, and the worst is aheadThis is looking to be a long, ugly time for America.
By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap Economics Writer – Thu Oct 23,2008
WASHINGTON – Unemployment claims, already well into recession territory, are rising even faster than expected, leading economists to warn Thursday that the worst is yet to come.
As McCain is quick to remind us - the unemployed don't pay taxes, so Obama can't lower their taxes!!!
... well, actually: the unemployed DO pay taxes: gas, food, clothing... if you buy any of these, you pay taxes.
Recall, our economy is 70% consumer spending. When consumers don't spend??? We're about to find out.
Have a nice day.