If you’ve opened the front page of the WSJ online today you will see…”Breaking News, ConocoPhillips cuts 4% of workforce”, let’s see that equates to roughly 1,600 jobs. Circuit City will be liquidating…that equates to 30,000 jobs. Pfizer…who says pharma is safe?! There goes 2,400 jobs. And finally AMD…1,100 jobs…gone!
Final tally over 35,000 jobs. Let’s do some very rudimentary math here. Let’s make some assumptions…let’s assume that the average income for these 35,000 positions is $40,000…that is $1,400,000,000 of lost income!! I had to run that calculation twice because it was so large! A $1.4 bn impact on our economy in one day’s headlines!
This has happened day after day for the past year and will continue to happen for most, if not all of 2009. Scary!
Filed under: Uncategorized | Tagged: Economy, Unemployment
