Even if people have a "good" mortgage, they cannot pay that mortgage if they do not have a job. Minorities, who may have low-paying jobs. are most likely to feel the pinch of the depression sooner than the middle class. But layoffs have become a social equalizer, and everybody's job is threatened.
Since the American economy is supported by the wages of ordinary workers, variously estimated from 65 percent to 75 percent. Any layoff helps flush the economy down the toilet. In Philadelphia, a 2 percent raise in sales tax may keep your house from being totally destroyed by fire, or having a police officer available when you need their protection. Those jobs also help keep the economy afloat!
Pervis James Casey
Sep 29 2009 - 11:51am