The American Trial Lawyers Association

Ok, I've got some good news and some bad news. The good news is that the Federal Reserve is now saying that their original predictions about the US economy for this year, which were pretty grim, were wrong. The bad news is that they're now saying that things are going to be much worse than expected. Under the new projections, the unemployment rate will rise to between 8.5 and 8.8 percent this year. Their previous forecast had predicted that unemployment wouldn't pass the 7 and a half percent mark. They are predicting that the unemployment rate, which currently stands at 7.6%, will continue to rise as more and more companies continue to lay off workers. This new forecast could reflect the recent announcements from major companies that they were cutting their work forces, including General Motors, who will be getting rid of 57 thousand employees. The Fed also believes the economy will contract this year between 0.5 and 1.3 percent. Employment is usually the last piece of the economy to heal once the country is out of recession and in recovery mode. Businesses are usually reluctant to ramp up hiring until they feel confident that any recovery has staying power. However, the light at the end of the tunnel is that economists are predicting that next year the economy will grow between 2.5 and 3.3%.


In other economic news, apparently taking the advice of political strategist Paul Begala, some Republican governors are debating on whether or not to accept funds for their states from the recently passed stimulus bill. While no one has outright rejected the money available for education, health care and infrastructure, the governors of Texas, Mississippi, Louisiana, Alaska, South Carolina and Idaho have all questioned whether the $787 billion bill signed into law this week will even help the economy. However, governors who reject some of the stimulus aid may find themselves overridden by their own legislatures because of language included in the bill that allows lawmakers to accept the federal money even if their governors object. This means that state legislatures could easily override the governors. The fact that these Republicans are even considering such a move shows that they are putting their own ideology over the needs and wants of the people. Polls show that the majority of US governors, from either party, support the stimulus bill, as do the majority of Americans. To reject this money would be a slap in the face to every citizen of the United States who has been effected by our dismal economy.


And finally today, if you thought that it wasn't possible to be viewed less favorably than George Bush or members of Congress, think again. According to a new poll, American CEOs are now the most despised interest group in the country, with only 22% of Americans viewing them favorably. Stockbrokers and financial analysts as well as journalists and reporters are held in higher regard, with 37 and 38% approval respectively, while lawyers are at 41% and bankers stand at 44%. Congress still stands at a 26% approval rating, but the numbers for Democratic members are far better than those for Republicans. Among Democratic Americans, 41% view members of Congress favorably while just 15% say the same about corporate CEOs. By contrast, 31% of Republicans have a favorable opinion of CEOs, but only 14% feel the same way about those in Congress. Those numbers really show you where their faith lies. But as the last 8 years have shown us, Republicans aren't big fans of democracy, and I'm sure they'd all be much better living in a “corporatocracy,” and just letting those CEOs run their lives.

Labels: Barack Obama, CEO, Charlie Crist, Corporation, Depression, Economy, Farron Cousins, Federal Reserve, Governor, Recession, Republican, Stimulus Package, Wall Street