U.S. Real Unemployment Hits Depression Level Numbers of 17.5%

[Crewleader]

Economics / Recession 2008 - 2010 Nov 09, 2009 - 01:02 AM

By: Mike_Whitney

Best Financial Markets Analysis ArticleThis is bad. Double-digit unemployment. In October, unemployment soared to 10.2%. 16 million people are out of work. The average work week is down to 33 hours. Payrolls have contracted 22 months straight. The "real" jobless rate (underemployment) is now 17.5% and rising. These are Great Depression numbers. The country is in a Depression. So, why is there no talk of federal work programs? Why no WPA?

The dot.com boom fizzled and the housing boom is kaput. There's no driver for new jobs; no more bubbles. Personal bankruptcies are up, foreclosures are soaring, the food banks are maxed out, and the homeless shelters are bulging. Everyone is poorer and the economy is broken. People need jobs, good paying jobs with benefits. Government jobs.

Where's Obama? Preparing his next speech?

No more speeches. No more grand oratory or gibberish about "change". Think: debt relief. Think: targeted stimulus. Think: jobs. And, then, get on with it.

NO JOBS AND NO CREDIT

Consumer credit is shrinking at record pace, $14.8 billion in September alone, 7.2 percent annually. People are paying off balances or writing-down debts. When credit shrivels and wages stagnate, the economy tanks. It doesn't matter how much liquidity the Fed pumps into the stock market, the underlying economy is still contracting. The economy needs stimulus, and lots of it. Anyone can see it.

http://www.marketoracle.co.uk/Article14893.html

[jaxx]

1. Depression level went over 24%. The "real" over 40%.

Then it dropped to 14 and they started trying to cut the money being spent. It went back up to over 17%. We are a far cry from there, thanks to the work the president and the administration are doing.


I think WPA type programs would be good, start with the electric grid and then green energy sources. But nothing will happen yesterday and that seems to be the problem. It all takes time.

[amerstates]

2. No f ing jobs anywhere but Congress has time for BS legislation.

Congress should not get paid whenever the jobless rate is higher than 5%.

[jaxx]

6. What bs legislation is that?

[FreakinDJ]

3. They are at the same levels as Reagan's Presidency

who by the way instituted "Trickle Down Economics" which is what has led to all this mess

[Name removed]

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[LiberalFighter]

4. Did they have unemployment comp back then?

Were banks insured?

[madrchsod]

7. yup..it was called the ccc- wpa

my dad went to work for the ccc-wpa. roosevelt knew the first thing he had to do is get people back to work. roosevelt`s first priority was to put people back to work.

[madrchsod]

5. yup....it`s a real thin line between recession and depression

i`m beginning to think this sucker is going to crash and burn...

[upi402]

8. Obama is a corporate Dem. I don't have any hope for Obama

It will get nasty because corporations run both parties and they don't care about people. I know a very wealthy guy who is fortifying his home. I figure he knows what I suspect may come.

[SlowDownFast]

9. Just think

of all the lost tax revenue...

[shooter55]

11. good thing we did that Stimulus

otherwise who knows how bad it could get...



btw, with Oct's unemployment number at 10.2%, it's literally off the charts....

Thank God for the stimulus bill Obama, you sure know what you're doing...