Whats Happening Today (3)

So far today, news tells us that Canadiens are now beginning to worry that the slump in the U.S. economy is starting to worry their government, with the U.S. rate past 5.5% (we reported this Friday - yet a majority of sources only started citing this figure yesterday - hmm) although Canadien worries are a LOT less that in the U.S., with an expected job creation plus in the region.
U.S. sources state that Franklin Electronic Publishers laid off 10% of all jobs in the U.S. already, due to poor stock performance.
This point is worth noting, in that if all companies that have bad stock performances bolster their cost per share revenue with job cuts, come next month we WILL see a continued drop in employment across the board as gas/food price hikes impinge on casual spending, on which a majority of companies depend for their profits. Companies that currently look strong and robust will see a deficit from lack of purchasing, while a majority of credit companies will see a slight drop in debts due to pay off's from this wunderbar "economic stimulus" package. All of which are incredibly short term, short payoff programs and just don't have the "legs" to help for any long term solution.

In California, worries increase that due to water conservation, more and more farmland is being left fallow (unused) which, coupled with the increase in energy prices, and which, in turn is increasing the price of foods nationwide (of which Cali has in excess of 10% of the nations's farms selling more than $300k per year) the numbers of farm workersunemployed here is set to explode.

Another aspect of the employment process we're in right now is a lack of jobs available as summer jobs for school/college kids. Not a dramatic problem, but be prepared for a slew of kids in every neighbourhood, and for higher college costs to parents because of this lack of summer positions (no summer jobs = no savings = Dad, I need cash)

Abroad, we're seeing things where some Asian stocks are dropping due to U.S. economic woes, with places like Japan showing stronger government-backed bond sales due to the U.S. economy, even though their share markets continue to drop due to the massive tie-in with U.S. markets.

Further info - American companies hiring Illegal immigrants.
A new report in the American Chronicle cites U.S. Bureau of Labor Statistics as putting at $29,000 p.a. as the average pay some illegals (primarily Mexicans) hired as scallop fishermen by a Newport News company earned (with insiders stating that this was on the loow end of possible earnings). This company however has systematically being doing this for over 6 years, with an accompanying profit increase due to NOT paying taxes on salaries, providing benefits etc etc. to the tune of approx. $6 million. Now this may seem an extreme and isolated case (employed figures top at 126 total illegal employees) however, if this was only one company nationwide doing this, that would be something - as it is, I could probably go to any town, in any county in any state in the U.S. and find a factory, or assembly shop, or chain of restaurants or - you name it - thats got illegals employed there. If an average salary for an illegal was $25,000 p.a., is there any town in the U.S. that DOESN'T currently have an average U.S. citizen willing to be employed at that rate?? Couple that with the trend of most illegals sending the lions' share of earnings overseas (you have never heard of Western Union losing money, have you?) approx. 50% per head, and you can soon relate the 3 areas together - economy, illegals and job losses.
Although I'm not political in any way, it strikes me that the main underlying cause of much of today's economic woes for the U.S. is tied to these issues, and that whatever political party (is that an oxymoron?) gets in in November, without addressing these fundamentals the economy will only continue to falter, then stop, then explode - in a negative fashion.
But, when all's said and done, America has only itself to blame for allowing this to happen, over the previous 5/6 boom years.

As always, we'll be updating this as more news-worthy items come to our attention.
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