The economy seems to be spinning out of control, and it's not slowing down. The unemployment rate just hit 7.2% in the nation, the highest its been in 16 years. In the month of December 524,000 jobs were lost, which brought 2008's total to 2.6 million. This brings the total up to 11 million jobless Americans, which wil obviously create a major problem for everyone. Some predictions say the unemployment rate could hit double digits sometime in the future. That is very very bad, and will draw out this recession, making it a lot worse.
Hopefully, President-Elect Obama and his team will be able to turn us around, but even if they do manage to put a successful plan together with Congress, most suspect that it won't have any major effects for months to come.
The record for the longest recession since the 30's is 16 months, and since this recession started December 2007, we are already on track to break it.
So, hopefully this new administration will be able to do something, but even the best plan will take months to have an effect, so I suggest that you brace yourself for some hard times.
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Yes we do have a minor problem but I believe that the stock market is once again going to reset itself. It already is doing better. But look at some of the other countries I mean they are getting hit harder than we are. We should still be very thankful for all that we have. We do have so much. The economy will get better, but I do agree that we need to be ready and to not be in debt. To not be like some and spend more than you have because that is when you get your home forclosed on or possessions taken back. Only spend on the things that you really need to live. Then everything will turn out fine.
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