The deepening crisis is demonstrated above all in its effects on jobs and living standards for the working class:
• The Bureau of Labor Statistics reported that 24 million workers, 15.6 percent of the labor force, are either unemployed or working only part-time when they want full-time work. This is an increase of 10 million workers in barely a year.
• Forty percent of US companies said they plan to freeze or cut salaries this year, according to a survey reported by Reuters April 7.
• Companies have cut back in five employee benefit areas, including 401(k) matches and tuition reimbursement, according to a report in USA Today.
• The average 401(k) account plunged in value by 27 percent in 2008, according to the huge Fidelity Investments mutual fund.
• Personal bankruptcy filings are up 38 percent compared with a year earlier, according to Mike Bickford, president of Automated Access to Court Electronic Records, a bankruptcy data and management company. In all, 130,793 people filed for bankruptcy in March.
The Obama Administration
may not be looking at reality when it comes to the economy.
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