Our Kleptocracy: Saving the American economy by looting it
“Economists are already floating the concept that Americans better get used to a lower standard of living. Hundreds of thousands of jobs have vanished forever in industries such as auto manufacturing and financial services. Millions of people who were fired or laid off will find it harder to get hired again and for years may have to accept lower earnings than they enjoyed before the slump.
Layoffs now taking place are similar to those in the 1981-1982 recession, when unemployment peaked at 10.8 percent and 2.8 million jobs disappeared, leaving industries such as durable-goods manufacturing permanently smaller. Some 14 percent of durable-goods positions vanished in that slump, and the sector never regained the employment level of June 1981.”
May 23 2009
Unemployed? Get used to it.
Apr 10 2009
Selling of America
“People who are my age have no idea what they are going to do,” Suter said, trying to angle a workbench into his trailer. “How they are going to live on $12 an hour without benefits when we’re used to $29 with benefits? You can’t make an economy on cleaning somebody else’s shirts or selling mutual funds. What are towns like Ypsilanti going to do?”
Ypsilanti is not the most besieged city in Michigan, but is an auto town, and its problems mirror those of the larger industrial Midwest. Just four square miles and 35 miles west of Detroit, it has lost more than 25 percent of its population since 1970. Schools have closed, as did its two other auto-related plants. Outside the Visteon plant, located on Factory Street in Ypsilanti alongside Interstate 94 and Ford Lake, the building that housed the UAW Local 849 is for sale. –snip–