About Those Jobs...

In anticipation of his new administration, U.S. companies are shedding jobs at the highest rate in the past five years:

Planned layoffs at U.S. firms surged to their highest in nearly five years during October, with cuts in the financial and auto sectors leading the charge as the economic outlook worsened, a report by outplacement firm Challenger, Gray & Christmas said on Wednesday.

Job cuts announced in October totaled 112,884, up 19 percent from September, the report said, citing evidence of widespread economic malaise as troubles that began in housing and banking infect the rest of the economy.

"The fact that nearly three out of four industry categories are cutting more jobs is proof of how widely the impact of this downturn has spread," said John Challenger, chief executive officer of Challenger, Gray & Christmas.

But wait, you say, isn't that just the result of Bush's policies?  Um, no...

"A year ago, job cuts were concentrated in the financial sector and home-building industries. Job cuts are now rising across the board."

Companies know that Obama has promised to raise taxes on them -- ALL of them -- and the only way they can remain competitive is to shed costs, which often means jobs.  I'd be interested in seeing how many jobs are being dropped from the coal industry in particular, which he specifically promised to bankrupt.  This is just the beginning...is anyone having second thoughts about the Obamessiah yet?

Again, where is the Obamessiah?  Someone get him some batteries for his magic wand already!!!

There's my two cents.