Off-Topic: Serious Times Here
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Name:
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Subject:
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Serious Times Here
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Date:
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2/12/2009 2:17:59 PM
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A friend of mine sent me the chart (below). If this is an accurate representation of reality, then I feel it will be a long turnaround that will last several years. As they are saying on the news, I also feel pumping money into the system for these projects will provide jobs for a short term... We upgrade our infrastructure, make buildings more efficient, then what happens as those projects end? More lay-offs again because funding is gone. There is going to be so much inefficiency in management of these projects too because it's "free" money.
As for stimulus, the average American will likely not spend a lot on consumer goods and unnecessary services, even with the new jobs. They will probably, or should anyway, pay off credit cards and other kinds of debt they've accumulated. That will pump up the banks a bit but doesn't do much for other business sectors to provide more jobs.
Since more manufacturing and high-tech jobs now go to low wage earners (offshore), more and more people are going to have to suck up the fact that they will probably not be able to do in the future what they've done in the past for a career. I'm seeing people out of work now look only in their career area, but the pickings are slim and not much is there.
On the other side, A friend of mine left last night for DC to interview with an IT recruiter that claims there will be a lot of money soon for various IT companies. It will be interesting to see if these IT companies hire H1-B visa holders and outsource functions offshore... My guess is they will unless there are provisions to prohibit it. If you don't know about H1-B visa's, they are supposed to be used to hire foreigners on-shore when there is a vacancy of specialized knowledge in a particular field. However, I've seen first-hand how this is abused under the guise of lack of people with specialized knowledge but really used because labor is cheaper (not the intent of the program). It's a sad world we live in.
URL: What 3.6 Million Jobs Lost Over 13 Months Looks Like
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