Our area is one of the worse of worse:
Perhaps more surprising is that the job market in a city such as Rockford, Ill., is forecast to worsen over the next 12 months. Rockford now has a 15.2 percent unemployment rate, which IHS Global Insight expects will move closer to 17 percent by the fourth quarter of next year.
Click on the following for the rest of the story: Cities Where Jobs Recovery Will Be Slowest - Yahoo! Finance
More than 25,000 people were unemployed in Boone and Winnebago counties,
Metro jobless rate ties 25-year high - - BusinessRockford.com
The Treasury Department is directing Chrysler to prepare a Chapter 11 bankruptcy filing as soon as next week, people with direct knowledge of the talks said Thursday.
Treasury now has an agreement in principle with the U.A.W., whose members’ pensions and retiree health care benefits would be protected in the event of a bankruptcy filing
A bankruptcy filing for Chrysler would most likely wipe out existing equity stakeholders, notably Cerberus Capital Management
The four major banks — JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs — hold about 70 percent of the roughly $7 billion of Chrysler debt, and they favor striking a deal with the government. Many of the hedge funds, however, are calling for a tougher stance.
In bankruptcy, Chrysler could sell or jettison any assets it did not want to keep and cancel franchise agreements with car dealers it considered superfluous.
Read the rest of the story—click on the following: U.S. Tells Chrysler to Prepare for Bankruptcy Filing - NYTimes.com
$3.6 trillion budget proposal for the next fiscal year – a third of which is to be paid for with borrowed money.
This act authorizes $3,514,500,000 to help Americans get back to work through the national network of One-Stop Career Centers.
The closest Comprehensive One-Stop Career Centers for the Belvidere Area are located at:
303 N. Main St
Rockford, IL 61101
phn: 815-395-6600
16.7 miles1701 East Lincoln Hwy
DeKalb, IL 60115
phn: 815-756-4893
24.9 milesClick on the following to read this government news release: ETA News Release: U.S. Department of Labor announces funding for employment and training programs under American Recovery and Reinvestment Act of 2009 - 09-0249-NAT - [03/06/2009]
A chart of the individual state’s share of this program is available at: http://www.dol.gov/opa/media/press/eta/eta20090249-chart.pdf
Something is wrong here. Are the RVC employees/Dislocated Worker Program employees not doing their jobs? If you are against unions—are auto workers too lazy to retrain? Our local government officials (either after or because of April 7) need to do some phone calling to insure that none of these precious dollars are wasted. This is jeopardizing any further retraining money.
“…the money has a time limit, and it’s about to run out”.
“After Chrysler announced its cuts, the local Dislocated Worker Program received $780,000 in federal grants to retrain the affected workers. About 250 workers have taken advantage of the program so far, but there’s still $230,000 left to be spent. The grants expire June 30”.
The entire article is at: Grants still available for displaced Chrysler workers - - BusinessRockford.com or see below. Click on the photocopy to enlarge.
