The November job losses in USA amounts to in excess of 533000 as a result of severe economic down turn.As President elect Obama said in one of his speeches that its going to be worse before it gets better.But how much worse,this only the coming months can tell.All the bailout packages are doing no good and making matters even worse.
This is the worse time since 1974 when so many jobs were lost in the world. Stephen Stanley, chief U.S. economist at RBS Greenwich in Greenwich, Conn admitted that things are worse off than previously predicted.Obama has predicted that situation might improve only after 2011.
So what is the option for people who have already layed off or going to be layed off in coming years.Since America is the core of capitalism it means a disaster for the rest of the world too.Countries like China and India who were suppose to act as catalyst for world economy are themselves sinking slowly.After the terror act in Mumbai India,even people have lost faith in politicians and system. Service-providing businesses alone shed 370,000 jobs in November, or two-thirds of the overall job declines, following a loss of 153,000 jobs the month before.That meant labor market weakness has now shifted over from the goods-producing sectors of the economy to the far more important services sector, which delivers almost 80 percent of U.S. output.
All said and done what can we do?Times shall be real hard.This is the correct time for rethinking our priorities for the next 50 years.May be this is a chance given to us by unseen forces to make earth a better place!The G-20 nations should gather in remote islands like Madagascar and develop a strategy where world will come together and coexist peacefully.We have already seen how extremism effects not only countries but the whole foundations of human being.No amount of bailouts will help if the citizens have lost faith in the system.
This is the worse time since 1974 when so many jobs were lost in the world. Stephen Stanley, chief U.S. economist at RBS Greenwich in Greenwich, Conn admitted that things are worse off than previously predicted.Obama has predicted that situation might improve only after 2011.
So what is the option for people who have already layed off or going to be layed off in coming years.Since America is the core of capitalism it means a disaster for the rest of the world too.Countries like China and India who were suppose to act as catalyst for world economy are themselves sinking slowly.After the terror act in Mumbai India,even people have lost faith in politicians and system. Service-providing businesses alone shed 370,000 jobs in November, or two-thirds of the overall job declines, following a loss of 153,000 jobs the month before.That meant labor market weakness has now shifted over from the goods-producing sectors of the economy to the far more important services sector, which delivers almost 80 percent of U.S. output.
All said and done what can we do?Times shall be real hard.This is the correct time for rethinking our priorities for the next 50 years.May be this is a chance given to us by unseen forces to make earth a better place!The G-20 nations should gather in remote islands like Madagascar and develop a strategy where world will come together and coexist peacefully.We have already seen how extremism effects not only countries but the whole foundations of human being.No amount of bailouts will help if the citizens have lost faith in the system.
Posts
No comments:
Post a Comment