Tuesday, February 10, 2009
February 10, 2009 - Due to a general lack of regulatory compliance and failure to meet best practices, the US Government and several trade organizations have banded together to demand that everything manufactured, produced, and assembled by US manufacturers in the past year be recalled, according to the Non-Associated Press.
Details from multiple sources suggest that several companies have failed to comply on many levels. "This has inflated to such a degree that several federal agencies have decided to ban everything to protect the American public," said a representative of the National Association of Manufacturers.
This has economists extremely concerned. One analyst predicts the universal recall could cost 8 million jobs next week alone.
"A cascading effect could wipe out higher level retail jobs, right to the corporate level. Manufacturers could be next, and all in between - shipping, transportation, construction... It goes on and on," another analyst said.
The Obama Administration calculates this could ultimately lead to 50 million jobs lost over the next 6 months.
"Things are likely to get worse before they get better," President Obama said in an unrelated interview.