Jobless rate now at 1983 levels
March 6, 2009 | customers, employees, industry | Comments (3)As reported by the Associated Press:
The nation’s unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession.
Both figures were worse than analysts expected and the Labor Department’s report shows America’s workers being clobbered by a wave of layoffs unlikely to ease in the coming months.
Just two points to make here.
- Payday lenders employ from 50,000 to 100,000 people across the country. Many offer health insurance and other benefits. Now is not the time to be eliminating payday lenders and the tens of thousands of jobs the industry provides.
- A reminder to all the media-types out there, payday lenders require proof of a steady income in order to qualify for a payday loan. So, just because the demand for credit may be increasing, that doesn’t mean borrowers are qualifying for credit.
Comments»
Those points make perfect sense. It’s too bad that facts are not enough to convince the payday ‘haters’. If it was, there wouldn’t be any controversy around the industry. Perhaps sensible national regulation would end the debate, but I wouldn’t trust Congress with tying my shoes, no less passing responsible legislation.
if I am forced to close my doors by a 36% rate cap I will be actively campaigning door to door against every politician who votes for it. I will become the loudest voice against these “anti-business,” politicians there is in my state. I tell everyone how these people killed jobs, revenue and benefits for thousands upon thousands of people all to look good for their little “Straw Man,” schemes.
Hello Mr. Pundit. Great article. Here at Borrow Smart Alabama we reached out to our states capital city newspaper to dispel this crazy myth about out business in a bad economy.
Read the full report below:
http://www.tggtest.com/cfl/Misc/montgadvtsr_122308.htm#proactive
You may want to link to the story the reporter wrote. The results from this effort greatly exceeded our expectations.