Canadian banking haven myth exposed

Canadian banking haven myth exposed

"One of the reasons that Canadians (and international commentators, other finance ministers and global financial institutions) buy this Canadian banking fairy tale is the way the government accounts for the money borrowed to support the banks." The sorry spectacle of Conservat

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Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Content By: The Coming Depression Editorial Staff (dates cited below)
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the jobless recovery

“Get used to a “jobless recovery.” The Federal Reserve says the nation’s unemployment rate will stay around 10-percent this year, and eight-to-nine-percent in 2011.”

“Unemployment will linger” and, it must be added, will continue as part of the economic elite’s continuing war on working people. The transfer of massive amounts of public wealth to an economic elite to where now, the richest 1% of the US population now owns over 70% of all financial assets, a percentage that continues to grow, simply illustrates that a ‘class war’ is going on.

Federal Reserve says the nation’s unemployment rate will stay around 10 percent this year

Get used to a “jobless recovery.” The Federal Reserve says the nation’s unemployment rate will stay around 10-percent this year, and eight-to-nine-percent in 2011.

The biggest reason is that consumers will most likely keep their spending down. U-W Whitewater professor Russell Kashian says the projection is quote, “dead on.” He says the current recovery is not creating enough new jobs to meet the demands of the unemployed, plus those now entering the workforce. Over 160-thousand Wisconsinites lost their jobs over the past year – and Kashian says the state has only created an average of two-thousand-jobs a month over the last decade.

Analysts say jobless rates won’t go down very much until the economy starts growing by five-percent a year. It’s expected to grow no more than three-and-a-half percent in 2010. Wells Fargo economist Jay Mueller of Menomonee Falls said the big rush for credit before the recession will be felt for a long time. Source: Wisconsin News

The war against working people should be understood to be a real war. Specifically in the US, which happens to have a highly class-conscious business class, and they have long seen themselves as fighting a bitter class war, except they don’t want anybody else to know about it; all aided and abetted by their political enablers. It has been said by many before, including some Washington ‘insiders’ that Wall Street owns Washington.

real unemployment rate 19.8%

The real U.S. unemployment rate is somewhere in the 17.5% range. They always quote the friendlier 10% or less numbers but that does not include those unemployed that have given up looking for work. They have been hiding the fact that the US in in a state of absolute, catastrophic economic meltdown. The deception is great for the sucker’s rally in the stock market, indeed. Combine their dismal economic future with the combination of rampant anti-Americanism globally and you have a historic empire collapse that will rival the collapse of the Roman and British empires. History repeats itself again.

There can not be any economic recovery until and unless people get back to work. In an economy predicated on ‘consumption’, there simply can not be any real recovery until people begin to ‘consume’ again, and that won’t happen until people get back to work. The almost daily pronouncements about ‘stock market’ recoveries and slides is meaningless nonsense and simply reflects the speculation involved in manipulating and betting on stocks. It has little to do with what is happening in the real economy and real world and in the creation of real wealth as opposed to money.

High jobless rates could be the new normal
Industries that previously jump started employment aren’t able to this time

Even with an economic revival, many U.S. jobs lost during the recession may be gone forever and a weak employment market could linger for years.

That could add up to a “new normal” of higher joblessness and lower standards of living for many Americans, some economists are suggesting.

The words “it’s different this time” are always suspect. But economists and policy makers say the job-creating dynamics of previous recoveries can’t be counted on now. Source: MSNBC

The next thing we will begin to hear from the ‘experts’ and self-styled pundits is that there is a ‘jobless recovery’ – more nonsense of course that does diddley-squat to the under-employed, unemployed, or working poor. They will also redefine the ‘unemployment rate’ so that it appears better than it actually is so that it does nothing but provide political cover for politicians who really refuse to face the deepening social crises or whose ideology prevents them from actually confronting and doing something other than issuing the same sort of banal assurances that we are over the hump and things are looking brighter.

Related posts:

  1. Unemployment to hit 12 percent: analysts“For the first time in at least six decades, private sector employment is negative on a 10-year basis (first turned negative in August). Hence, the changes are not merely cyclical...
  2. Unemployment rate flirts with 10 percent“In 2008 and 2009, we lost 8.36 million jobs,” he said. “We’ve gained back 951,000, which is 11.4 percent of what we lost, so it’s taken us a year to...
  3. 23 states report higher unemployment for SeptemberMeasuring unemployment is an art which can lead to highly variable rates. Unsurprisingly, the U.S. government uses a method that excludes millions of Americans who seek employment. The lower rate...
  4. The real truth about the unemployment rate“A true labor market depression faced those in the bottom…of the income distribution; a deep labor market recession prevailed among those in the middle of the distribution, and close to...
  5. Jobless rate reaches 9.8 percent in SeptemberCHRISTOPHER S. RUGABER (AP) The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report shows...
  6. US Real Unemployment Rate at 17%: ADAHow are the figures really determined? Figures for unemployment are published on a monthly basis are in fact derived from a monthly survey of 60,000 households in the United States,...

This entry was posted on Thursday, February 18th, 2010 at 9:31 pm and is filed under Scams. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1 Comment

  1. May 2, 2010 @ 9:41 am


    Small businesses can’t get loans because Americans don’t save money. Small businesses get loans from our savings, and that’s how jobs are created. We can’t wait for the Obamastork to drop a job on our front porch steps. It doesn’t work that way! We have to save money like crazy! If every employed person who has an unemployed relative or friend would just put more money into a savings account, we would see a jobs recovery much sooner. If one spouse is working and the other is unemployed, they should streamline their lifestyle so that they can live on the one salary and put the unemployment checks into a savings account. That is the number one thing the unemployed can do to improve their chances of getting a job this year. Shooting resumes out of a cannon won’t do it. Jobs have to be created before you can get a job. Jobs are created from business loans that come from our SAVINGS. Period.

    Posted by lynn

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