National Job Cuts

POSTED: Tuesday, January 27, 2009 - 5:46pm

UPDATED: Wednesday, November 10, 2010 - 4:52pm

There was more evidence Monday that the economy is still on a downward spiral.

This as big names in corporate American announced tens of thousands of more job cuts.

Meantime, workers and families are doing everything they can to weather the financial storm.

"Every day I see on TV this company laid off 4,000 and this group has laid on 3,000 and I think my gosh!" said job-seeker George Cooshinan.

At the top of today's job slicing list is heavy equipment maker Caterpillar.

The company plans to cut 20,000 jobs.

General Motors will eliminate 2,000 jobs at plants in Michigan and Ohio because of lagging sales.

8,000 at Sprint/Nextel are losing their jobs, and Home Depot will lay off as many as 7,000 employees, freeze officer salaries, and close at least 34 stores, including all Expo outlets.

Home Depot has been hit hard by the recession and housing slump.

Sales of existing homes actually rose 6.5 percent in December, but even that news is not so good.

The National Association of Realtors says the median home price dropped a record 15.3 percent compared to the same period last year.

Hoping to save their house, Greg and Brittney Peters in Gainesville, Georgia are selling everything else they own on eBay.

As the economy took a turn for the worse, so did their children's health.

Seven-year-old Ila spent months in the hospital, diagnosed with an auto-immune disease called stills.

While Noah, who has autism, needs daily therapy and a special diet.

With the bills piling up, the couple promised to do whatever they could to help their kids.

"As much as we enjoy our things that they are just that they are just things," Brittney Peters says of the eBay sale.

The Peters hope to sell everything they own in bulk.

$20,000 is the lowest bid they will take.

If that doesn't work they will begin selling items one-by-one.