Archive for October 17, 2008

Unemployment: We’re gonna need a bigger boat…

October 17, 2008 Leave a comment

Sorry, no bailout for you

States are already beginning to run out of unemployment funds, and this downturn has only started. Years of underfunding their plans, combined with this year’s spurt in unemployment have drained state resources.

They will be compelled to stand in line behind Wall Street banks looking for handouts from the Moron and Washington – a line which is getting longer with the addition of bonds insurers, like Ambac, who have presented Treasury Secretary Hank Paulson a plan to buy their toxic assets as well..

According to CNN:

“There are some real serious problems with unemployment funding that need to be addressed,” said Andrew Stettner, deputy director of the National Employment Law Project, a policy group that advocates on behalf of unemployed and low-wage workers.

The group, which tracks legislation and activity related to state and federal unemployment benefits, says that California, Michigan, Missouri, New York, Ohio, South Carolina, Wisconsin, Indiana, Kentucky and Arkansas have less than six months’ worth of unemployment trust fund reserves, putting the funds at high risk of insolvency.

We’re gonna need a bigger boat…or a shorter work week.

You decide.

The future results of our own actions…

October 17, 2008 Leave a comment

There is only one solution to this crisis, and it was indicated by Col. Andrew Bacevich in his interview posted here earlier:

The US must dismantle its military. The proceeds of the savings from this must be directed to American taxpayers with large tax reductions to offset decades of stagnant wages and income. The Federal budget must be brought into balance with elimination of all unnecessary spending.

Once the exhorbitant costs of empire are reduced, it will be possible for the US to again begin to export.

Above all,  the work week must be reduced at least to 20 hours.

This is not a suggestion – this crisis is precisely aiming at compelling the US economy to produce such results.

If the next administration does not take proactive measures along these lines, these very same results will be produced in the worst forms: extremely high unemployment, massive budget deficits, a rapidly slowing international trade environment, and, ultimately, the default of the American government on its obligations.

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