Desperation in America

Just recently the economic situation in America has become a personal issue.
I got word from family members that the unions have begun to make cut-backs on health benefits and retiree payments. One family member told me how the union came up with a gimmick to cut back on health benefits by requiring their members to live within the city’s 5 boroughs instead of the Tri-state area as was the previous arrangement. Another member informed me that her retirement check was cut by 40% and her lawyer told her there was nothing that could be done.
Apart from the dire economic condition facing Americans, many who are on the verge of retirement now face a dismal future indeed. As the economic crunch spreads out like a cancer across the country, and most mainstream media look the other way, many unions, HMO’s, corporations and employers both private and public are banning together in backroom discussions on how to cut benefits and even eliminate them if they can. Just to give you an idea as to the extremes that are being used I dug up this article from 2004, way before our current plight. Here is an excerpt:

When a deputy sheriff came to his door with a court summons, George Kneifel, a retiree in Union Mills, Ind., was mystified. His former employer was suing him.
The employer, beverage-can maker Rexam Inc., had agreed in labor contracts to provide retirees with health-care coverage. But now the company was asking a federal judge to rule that it could reduce or eliminate the benefit. More…

That was then, I can well imagine what the backroom discussions are like now.
I have been posting about the various up-coming economic disaster since last October and still the mainstream media continues to downplay it! Indymac went under a short time ago and this past week two more banks were taken over by the FDIC who, in case you don’t know have a list of 90 other financial institutions that are at risk. Think about that, 90, and the FDIC will not release the names of those institutions! Obviously they fear a run on those banks which would probably create a financial catastrophe in the nation. In the mean time the politicians, along with the mainstream media  are hell-bent on keeping the people’s attention focused  on two wars that should never have been, the presidential hair-splitting rhetoric that sounds like two school boys trying to see who gets the better hand at insulting the other and obviously any news on Britney Spears!

If you ask me I think we are in some really deep shit right now! I am no economist so for those who like to crunch numbers I suggest you click your way over to the Rebel Traders.Net where they have charts and numbers.
When your done there check out the article at AlterNet.Org:

Are We Facing Just Another Market Problem or a System Collapse?



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