Recession is widely spreading its gloomy arms on the US economy as predictions of job cuts are reaching the tens of thousands on a daily basis. This is a sad, sad event for American history, even as they have recently sworn in their first African American President.
Obama has a lot of firefighting to do. It seems like hot coals are piling up all around him. Is there an end to this all, only time can tell. I pray Obama chooses his men carefully, they would be the pit crew that the USA needed badly.
The grim news came from all around the world. In the United States, heavy vehicles maker Caterpillar said it would cut 5,000 more jobs in a bid to “deal with a very challenging global business environment.”
The heavy construction machinery manufacturer had already said it was cutting 15,000 workers, most of which were announced in the fourth quarter of 2008.
In all, the 20,000 people who will lose their jobs amount to about 18 percent of the company’s total workforce. Caterpillar currently employs about 113,000 workers.
Everybody is at the risk of putting food on the table. It doesn’t matter if you are employed by a strong company. At this stage, even the strong bends to the will of the wind. The wind of recession.