Bernanke on Unemployment: ‘we don’t think it will get to 10 percent’
A better measure of unemployment is the U-6 numbers and this would make the real number around 17.5 per cent. This measurement includes discouraged workers and people who have very short term temporary low-paid jobs. This statistic is consistent with the numbers of past decades, as the 1930s. Indeed, we are marching towards 25 per cent unemployment as the Great Depression.
Until governments around the world stop the same old policies of reckless enormous budget deficit spending and maintaining artificially low interest rates, things will continue to end badly.
Its only going to get worse. Not one person has mentioned the effects of cheap Chinese imports. All that stuff at Walmart has a high cost in the end. We quite simply, in the Western world, and particullarly the USA, don’t make anything anymore. Globalization is to blame and our government says we don’t want to be protectionists. If a country worth 100 Trillion Dollars signs a trade agreement with a country worth 10 thousand, which way will the dollars flow? One way. From here to there. The reason they say we don’t want to be protectionists is because big business is pulling the strings. They want globalization so they can access cheap labor and lower all our standard of livings, but be better off because they have more people to sell to. They win, we lose. You watch, in 20 years North America won’t look anything like it did before.
10% Unemployment Shows Objective Failure of Obama Stimulus
The Heritage Foundation
November 6, 2009
Last week the Obama administration issued a report purporting to show that the President’s $787 billion economic stimulus plan had saved or created exactly 640,329 jobs. Such a precise number for such a fuzzy concept as jobs “saved or created” immediately raised doubts about the veracity of the report in any honest American’s mind.
And since that report was issued, a once compliant press has filed story after story tearing the credibility of the Obama administration’s job creation claims to shreds. Just enter the words “stimulus”, “jobs”, and “report” in a Google News search and these are just some of the headlines you will receive:
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Flashback: Bernanke on Unemployment: ‘we don’t think it will get to 10 percent’
Mac Slavo SHTF Plan November 6, 2009
Today’s unemployment report from the Bureau of Labor and Statistics is anything but a green shoot. The official U-3 unemployment number is 10.2%. The broader and more comprehensive official unemployment number, the U-6, is at 17.5%. The U-6 counts all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, and all the people who dropped off unemployment benefits because their unemployment benefits ran out. John Williams at Shadowstats.com suggests that real unemployment is actually running at 22%, which, by our calculation, is approaching Great Depression unemployment numbers.
The unemployment report may come as a surprise to those who have been following the Obama administration and mainstream economists like Paul Krugman. Here are some choice quotes from those we’ve entrusted with our economy:
You can read the rest of this article at SHTF Plan