Daily Article by Llewellyn H. Rockwell, Jr. | Posted on 8/4/2008
Official data are starting to reveal what close observers have suspected for some time. Layoffs are increasing. Unemployment is on the rise. It now stands at a four-year high of 5.7 percent, which is not high by historical standards, but it stings when you consider that the rate dipped below 4 percent in the late 1990s.
What worries people is the trend line. This is the seventh straight month of reported job declines.
Job instability is the number one factor that leads to public panic. It is more pressing than stock-price declines, general price increases, and a host of other bad trends, because it hits people in the most direct way by threatening to end the flow of money that puts bread on the table.
Don't blame the employers. They are faced with making cutbacks wherever possible. They have to worry about surviving in the downturn. It is not only labor costs that must be cut. Cutbacks must occur in every area...