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After the U.S. Presidential Election: The Fiscal and Unemployment Cliff
The presidential election is done. Romney did well, but Obama moved forward. America is gearing for more of the same. Stay the course. Hope for the best. Pray.
Looming very close is that "fiscal cliff", that many really have little clue about as they go about their daily routines and lives. Recession will occur unless Obama is able to be effective in the $500 billion of automatic tax increases and spending cuts slated to start in January 2013. key to the solution is compromise from the Republican House. Obama is fairly rigid about the tax breaks for the wealthy set to expire. so much so, it is said he is willing to allow the largest tax increases in history to go into effect. Republicans do not want the tax breaks for the rich to expire. If there is no agreement, then the federal debt limit will be increased to $16.4 trillion.
The employment situation remains stagnant and as bad as ever. A new study shows that there is 3-4 persons to every job opening. Job openings dropped by 100,000 to 3.5 million openings. This is the fewest in five months. For those looking for a job, it is a horrible place to to be with 12.1 million unemployed. In healthy times, pre-2008, the job applicant to a job opening was only 2 to 1. Adding to the mix is that those in lousy jobs or any jobs are not quitting and it is at its lowest in 10 months. This means workers see fewer opportunities to move into and are just enduring-waiting. Job openings all dropped for manufacturing, construction, hotels, restaurants and government. Openings also dropped in high paying professional jobs and temps.
Getting a job, even a seasonal job, is challenging. At Macy's, their clerk wages are between $8-10 hr. These types of low wages are standard for many retail and grocery stores, yet, there is no short of applicants for them.