Friday, April 04, 2008

Unemployment rises, are we off track of needlessly worrying?

Amid talk of recession employers slashed 80,000 jobs in March, the most in five years and the third straight month of losses. This was announced the same day a New York Times/CBS News Poll published that 81% of Americans think “things have pretty seriously gotten off on the wrong track“. The survey also indicates that more than 70% said their personal financial situation was “fairly good“, but only 21%think “the overall economy is in good condition”. (This helps prove the sarcastic economic principle that individual prosperity produces collective misery... There is a talking point for ya!). Democrats think this dissatisfaction is alarming because public opinion usually hits its low point well into or after an economic downturn, not at the beginning of one. However a spokesman for the polling firm (possibly/probaby a republican?) said, “We’re seeing a perfect storm of low unemployment, high wages, unprecedented access by more people to more choices than anywhere in the world at any time in history, thanks to technology and distribution systems that can bring any product or service to your door in 24 hours or less, and to people who have so much money that several multi-billion dollar industries exist just so folks can play with their extra cash. No wonder Americans are worried.” That quote leaves me speechless :-(

I think the economy is teetering and has been and the stimulus will not help (don't get me started!) What do you think?