LTE: Sinking Economy

This week Associated Press had announced that the world has lost $50 trillion in wealth, which means loans, business capital, retirement plans and job loss has dwindled away $51 trillion since November of 2008 worldwide.

We have soup lines throughout Europe and Asia. Unemployment to 50 percent in many nations. Banks have been bailed out worldwide including Russia, France and Germany. In America we have a unemployment national average reaching 9 percent and climbing. Some areas have hit 15 percent and in black inner cities 40 percent. Report from California shows thousands loosing their homes and living in RV’s, tents and living on the street. Soup kitchens popping up everywhere.

Major cities across the nation have seen homelessness rise 300 percent. Meanwhile our elected officials in many cities have begun to raise taxes, those cities have taken those businesses who were holding on by a shoestring and have driven them out of business with losses of hundreds of jobs. Our federal government spends like a drunken sailor in trillions. Still they want another $2 trillion to spend on things which do not create jobs. Cap and trade laws will rise electrical costs 4 to 5 times higher, gasoline will soon get a buck fifteen green tax which will end up harming the economy more as it was the high price which set the economy tanking. Our area is faring not much better as we see job losses increase and soon we will have college graduates without any hope of entering the work force.

Is this what change means?

Ed McGarvey
Hooversville, PA

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