Timothy Geithner reported in the news recently that unemployment is going to go up before it comes down. He also mentioned that unemployment should go down once the economy starts recovering. I am so thankful that he is the Treasury Secretary, what would we all do without his infinite foresight. If that last sentence seemed sarcastic to you, I promise you it was.
Does anyone truly think that unemployment is truly going to go down? U.S. cities/states are going bankrupt and therefore employees are being placed on the proverbial chopping block, companies are off-shoring positions as fast as they can, companies are insourcing employees from other countries to do jobs that Americans could be doing. And to make matters worse, "Under director Rajiv Shah, the United States Agency for International Development will partner with private outsourcers in Sri Lanka to teach workers there advanced IT skills." Thats right, our government would rather train foreigners instead of those unemployed here. So exactly how is the economy going to recover when the majority are either unemployed or working for a low wage? Lets see if Mr. Geithner can answer that question.
-Blogging4Bullion
Sources:
Timothy Geitner: Unemployment
US to train 3,000 offshore IT workers
American cities on the brink of broke
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