With the economy deteriorating rapidly, the nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the government reported Friday morning, and the unemployment rate rose to 6.7 percent.
The decline, the largest one-month loss since December 1974, was fresh evidence that the economic contraction accelerated in November, promising to make the current recession, already 12 months old, the longest since the Great Depression.
And as Marcy Wheeler notes in an email: Plus consumer confidence is tanking
"We have recorded the largest decline in consumer confidence in our history," said Richard T. Curtin, director of the Reuters/University of Michigan Survey of Consumers, which started its polling in the 1950s. "It is being driven down by a host of factors: falling home and stock prices, fewer work hours, smaller bonuses, less overtime and disappearing jobs."
This is going to be a tough year for everyone including Obama and don't think for a second that the GOP will be there to try and help us out of it.
And Paul Krugman says:
I’ve been ruminating over economic prospects for next year, and I’m getting scared.
So here’s what I’m wondering: will it, in fact, even be possible to pull the economy out of its nosedive before unemployment goes into double digits? I’m starting to wonder.
But Larry Kudlow has the solution for our woes.
...specifically the corporate tax rate!
I can't wait to watch my Saturday morning FOX Stock shows although they've already told us that Obama has destroyed the American dream.