Monday, January 25, 2010

The Great Recession Didn't Have to Happen

http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/the-great-recession-didnt-have-to-happen/?utm_source=CEPR+feedburner&utm_medium=feed&utm_campaign=Feed%3A+cepr+%28CEPR%29

I like Dean Baker's analysis. His argument about why the great recession wasn't a given is worth reading.

My opinion is that the great recession is destroying the middle class. It has provided opportunities for many profitable companies to lay off workers and to outsource more key operations. For instance, Sam's Club announced it is going to lay off 11,000 workers who offer samples in Sam's stores. Sam's will now outsource that function. I know from a friend's experience that outsourced sample providers do not get benefits.

I have friends who are professionals whose jobs are in jeopardy. Every week I read about or hear from friends of more and more layoffs.

The federal government's broadest figure for unemployment is 17.6%. Shadow Stats, an online website that analyzes government data, says the real number, including people who no longer receive benefits, is around 22%

American workers are experiencing an unprecedented assault.

This recession has exacerbated that assault.

The criminals who precipitated this crisis through insane leveraging of derviatives ought to be held responsible.

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