U.S. Unemployment Is Going To Skyrocket Again And Here's Why

Massive Layoffs From Two American Entities To Leave Many In The Unemployment Line

Barack Obama

The U.S. unemployment rate is going to go up again, due to announced layoffs by two American giants - Bank of America and the U.S. Postal Service. As stated a few weeks ago, the Postal Service seeks to layoff 120,000 people. Last week, it was revealed Bank of America could, "Cut as many as 30,000 jobs."

If both units get their way, that's 150,000 more people in the unemployment line. There are other companies in the corporate sector threatening massive layoffs as well, during the current financial crisis. The question is, what will President Obama do to address the matter? Is President Obama in communication with any of the companies in question or the Postal Service, in trying to head off the problem?

What happened to all the stimulus money Bank of America was given by the U.S. government? Will the U.S. Congress bailout the Postal Service, which is scheduled to go bankrupt this Christmas? Where are the responses from the government, regarding the announced layoffs in the corporate sector?

STORY SOURCE

Bank of America could cut as many as 30,000 jobs

Postal Service Is Nearing Default as Losses Mount

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The U.S. Postal Service wants to layoff up to 120,000 people, having racked up $8 billion dollars in losses for the year. This news is regrettable, as the economy cannot afford to shed anymore jobs. The agency is suffering from a number of issues, from rising gas prices to overpayment in the real estate market, in an effort to accommodate moves by employees.

As the Judiciary Report mentioned previously, the internet and emailing have taken away a lot of the Post Office's business (Postal Mail Revenue Declines) . The U.S. Postal Service has been a symbol of America for many years and one that means something to many people, who will not be happy at the news. If the agency had a very business oriented, shrewd corporate CEO, things could turn around to some degree. They need to get inventive, if they are to save the Postal Service.