Wow:
Today ABC News, made the news, with massive job cuts. Please consider Job Cuts at ABC Leave Workers Stunned and Downcast.
If “Good Morning America” or “World News” look any different in the coming weeks, it might be because ABC News is employing nearly 400 fewer people.
Earlier this week, ABC News, a unit of the Walt Disney Company, largely completed one of the most drastic rounds of budget cutbacks at a television news operation in decades, affecting roughly a quarter of the staff.
As Mish points out in the link, this is not exactly the sort of thing you’d see in an inflationary economic cycle. Bad news for Obama who believes that inflation means growth; worse news for the people who are betting on a cycle of hyperinflation.
Think of the economy as being kind of worn out. You can give it a blood transfusion and put it in the pink for a little while, but the fundamental flaws are still there.
We need a new economy – one geared towards producing things; the “make/mine/grow” stuff I’m always harping upon. It also needs to be primarily geared towards the needs of family – specifically those families in the process of raising children. In fact, in a certain sense, the only purpose of an economy is to provide the means of raising up children.
Until we get to that sort of economy, we’re just going to keep spinning our wheels.
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