Wall Street anticipated another dreadful jobs reports today and they got it. The news is actually worse that what experts were expected.

More than 250,000 Americans lost their job in October alone. That is more than 1.2 million for the year. The unemployment rate is at a 14 year high - at 6.5%. In September, that percentage was 6.1%.

Is the bad news over?
No, experts state that more than 484,000 Americans have stopped looking for jobs, believing there are none out there. That is very, very bad news for the economy.

The hardest areas hit include manufacturing, the service industry, retail, professional services and leisure. Areas least effected include Health Services, Education and Government.

It truly is a dire situation, especially with the holidays here.

Obama has a plan

Barack Obama, while campaigning for president, pledged to invest 150 billion over 10 years in “green” energy. This investment, he believes, will create 10 million new jobs; jobs that will stay here in the United States.

This would include investing in renewable energies such as wind and solar power. It also calls for investments in alternative energies such as ethanol, natural gas and hydrogen. He also wants to promote the development of the electric and hybrid vehicles.

The obvious question is where is money going to come from. But in these uncertain economic times, where is the money comes from is as important as getting the economy back on track.

It is obvious that Barack Obama has his work cut out for him. But the good news is he has the American people behind him, who share his vision and are willing to make sacrifices to get America back to where we once were.

We all know how bad things are in the housing market. Sales are down and Americans are afraid to make a home buying commitment in these uncertain economic times.  But here is great news for those first time home buyers who are ready to pursue the American dream of owning their own home.

There is a new, temporary $7,500 first-time home buyer tax credit that is expected to help millions of Americans own their first home.

The tax credit is available for first-time home buyers; this includes people who have not owned a home that is their primary residence for at least three years.

The credit depends on how much money the home buyer makes. To receive the full tax credit amount of $7,500, the income limits are $75,000 a year for single taxpayers and $150,000 for married taxpayers filing joint returns. For partial credit, the upper limit is $95,000 and $170,000, respectively.

The home purchase must occur on or after April 9, 2008, and before July 1, 2009.

The tax credit works as an interest-free loan with up to 15 years to repay. For example, a buyer claiming the full $7,500 credit would repay the loan at a rate of about $500 a year.

The National Association of Home Builders has a Web site to help people understand how this incentive works.