New unemployment numbers for October released yesterday reminded us of the severe situation of the US economy yet again. Unemployment is now at a 14-year high. Employment numbers have been falling for the past 10 months in a row. Where is this going to end? This week we elected a new president. Barack Obama is making promises to fix the terrible economic crisis, but he won’t be sworn into office before mid-January. And the market is not likely going to turn around on Inauguration Day. Chances are, that things will continue to be grim for a while after, as Obama said at his first newsconference as president-elect yesterday: “It’s not going to be quick, and it’s not going to be easy to dig ourselves out of the hole that we’re in.”
President-elect Obama is currently meeting with his economic advisers to figure out the steps his administration will have to take to get the country out of this ditch. Until then, America has to hope that the new president can bring the changes he promised. It will be a long journey for many who are struggling to make ends meet.
(Katherine)
