Monday, October 20, 2008

Yet Another Plan

The International Labour Organization predicts that another 20 million people will face unemployment in 2009. The ILO also reports that an additional 40,000,000 to 100,000,000 people face poverty of less than $2 a day next year. Meanwhile, Fed Chairman Ben Bernanke is proposing another economic stimulus package for the ailing US economy. Bernanke has refused to say that the US is in a recession.

In other news, two major retailers, Mervyns (149 stores) and Linens and Things (587 stores--17,500 employees last year), are closing their doors. Circuit City, a major electronics retailer, is declaring bankruptcy, and is considering closing 150 stores. This is the second wave of retail closings (see 8-4-08 post). GM and Chrysler are also engaged in merger talks which are likely to result in more working-class people losing their jobs.

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