While the global economy continues to improve, the situation in the United States is more grim where the going is slower than expected.
The US economy is facing a long hard haul back with debt levels now topping $12 trillion. That only adds to pressure on the economy from weak bank lending, poor growth and high levels of unemployment which are expected to keep growing.
Not surprisingly, Dr Doom economist Nouriel Roubini warns the worst is yet to come with job losses expected to continue until the end of 2010 at the earliest and unemployment peaking at 11% and staying at that level for about two years.
If you’ve lost your job, or if your hours have been cut, along with your pay, says Roubini, there’s only one thing you can do. Hunker down, it’s going to be a long wait.
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