Prepare For Depression Level Unemployment

[Joanne98]

Deflation has already set in and it's now realistic to start talking about another "D" word, this one being depression. Before we can use a word, we must define it. For the sake of argument, let's define depression as unemployment of 10% or greater.

Looking at alternative measures of unemployment (counting discouraged workers, those working part time for economic reasons, etc), we are already there at depression levels of unemployment as noted in table A-12 of the October Employment Report.

Table A-12
http://globaleconomicanalysis.blogspot.com/2008/12/prepare-for-depression-level.html

[Hawkowl]

1. Indeed

I think we will see the "official" unemployment numbers of at least 10% approaching 15% by next summer. To those that think this is unimaginable, you should visit the rust belt where unemployment has reached over 30% in the past. I was a teenager in NW Indiana during Reagan's depression. Yikes, me and my friends are so miserly cheap we resemble our grandparents who lived through the Great Depression. We will see a wrenching, structural, economic depression. It will be up to Obama to shape a completely new economy.

[Joanne98]

3. Tell me about it. I'm in Zanesville Ohio!

Forbes magazine named us number 7 worse place to work!

I'm thinking about starting a soap company. Rebuild it from the ground up.

[Warpy]

4. That's exactly how it will need to be rebuilt

only this time let's make it harder for stupid rich people to do things like end tariffs and offshore our jobs while telling us we need to cut our wages to compete with somebody being paid in a truly disadvantaged currency, pay that might support him at home but wouldn't keep a hamster alive in the US.

We need to end any ability of the rich to buy our government. We need to shake off corporate tyranny, starting with revoking the insane idea that a corporation is a living person instead of a cartel of businessmen.

We've got a lot of work to do to take our country back. Let's hope we are permitted to do so.

[bobd0]

2. I agree it's realistic to start talking about another "D" word but, please,

let's use the word accurately. And for the sake of accuracy, this is The Bush Depression.

[Hawkowl]

5. I like it.

From now on the offical name shall be "The Bush Depression"!

[MamaDem]

6. The Bush Depression....his legacy in a nutshel!!!

:yoiks:

[leftofthedial]

7. if unemployment was still calculated the way it was in 1932,

we'd have depression-level unemployment right now.

government unemployment statistics have been nothing but a propaganda tool since raygun.

[Hawkowl]

8. Very true

I went to the DOL website the other day to try and find a U6 or U5 measurement and they defined it, but didn't report it. The unemployment number is essentially just a Gallup poll. The news that is unavoidable, unspinnable, right now is the every increasing claims for unemployment benefits.