Report predicts 1 million job losses a month.

[GarbagemanLB]

As many as a million American jobs could be lost every month by next spring as businesses struggle to raise capital in financial markets consumed by fear, according to a new analysis.

November was the worst month in the US labour market since the oil crisis of 1974, as more than 500,000 US workers were laid off, according to official figures released on Friday.

But Graham Turner, of consultancy GFC Economics, says the rising cost of corporate debt is now flashing a red warning signal that far worse is to come over the next few months and job losses are heading for levels last seen in the 1930s Great Depression.

http://www.guardian.co.uk/business/2008/dec/07/recession-job-losses


And this is why any criticism of Obama's economic plans pisses me off. He hasn't taken office yet, and the situation is extremely fluid and dire. Give him some fucking room before you whine about delaying tax increases on the wealthy or doing away with windfall profits taxes. This issue is going to define his presidency and whether or not he will have 2 terms, so we all better hope he gets it right.