Current Events

General Motors plans to cut 10,000 paying jobs, blaming the need to restructure the company and continue with the descending prices of automobiles. This will cause the current salaried workers pay of 73,000 dollars to decrease to 63,000 dollars this year. Most of these cuts are planned to occur May 1st. GM's plan to restructure the company was submitted late last year. Also, GM plans to cut the pay of it's remaining employees starting May 1st continue to at least the end of the year.
I chose this article because it shows how bad America needs help. Because the economy is slowly deteriorating, businesses and companies have been forced to take action for the better of their businesses. They have had to lay off employees, cut pay, and even shut down branches of companies.

It the article, The Depression Hits Las Vegas, the author expresses the fact that the gaming industry is in trouble. Dow Jones reported in December that the Las Vegas strip was down 23%. The gambling industry has gone from people sitting at the black Jack table trying to win back a couple hundred dollars after spending it on alcohol, to people afraid to spend any of their money at all. This is what happens when America is hit with an unexpected economic downturn--the gambling just gets kicked out of them. This is just another result of how bad our economy is and how desperately America needs to get out of its depression. The way things are going it looks like it can only get worse. People are believing that Obama is going to be the one to get us out, but other believe that he is in way over his head. I believe that it is too quick to tell whether or not Obama can do the job, but I hope someone will do something fast.