Unemployment Numbers

Morris Segall      economy, government, investing, unemployment

The government needs to invest in new industries that actually will re-employ the increasing number of unemployed. That includes energy, biotech, and agriculture.  For example, there is a 25,000 person shortage in technicians for wind farms. We can cross-train unemployed factory workers, including unemployed auto workers, to be wind farm turbine technicians. Those jobs pay $25 per hour.

If the government is going to spend another trillion dollars they should do a massive consumer rebate program with the emphasis on consumers paying down debt and getting current on their financial obligations, including mortgage, credit card and auto loans. If the consumer gets current on his debts, the financial system won’t have to write down consumer debt obligations.

The recession and credit crisis cannot end until the consumer is made financially sound and creditworthy again. Pumping dollars into banks, credit card companies, insurance companies and auto companies will not solve the recession until the consumer starts spending and begins to move goods off retailers’ shelves.