Quote:
Originally Posted by wind_magic
Unemployment is improving according to the government. Which means it is still getting higher at an alarming rate, but the rate isn't quite as alarming as it was, unemployment "only" jumped 0.5% this month.
1929 - 3.2% / 2007 - 4.7% (u3) / 2007 - 8.3 (u6)
1930 - 8.7% / 2008 - 7.2% (u3) / 2008 - 13.5% (u6)
1931 - 15.9% / 2009 - 8.9% (u3) / 2009 - 15.8% (u6)
1932 - 23.6% / 2010 - ?? (u3) / 2010 - ?? (u6)
1933 - 24.9% / 2011 - ?? (u3) / 2011 - ?? (u6)
1934 - 21.7% / 2012 - ?? (u3) / 2012 - ?? (u6)
Source: Daily Kos: Official Unemployment Rate Hits 8.9%
Got it.  |
Yup. Unemployment is 15% in pre-Clinton-era calculations, not just the 8.9% to which the feds now are admitting. It will accelerate and exceed the 25% seen in Depression I (12% will be admitted by the government).
At least Obama seems to have some appreciation for the gravity of the situation now confronting America: "This is the worst economic crisis since the Great Depression," he said in his first press conference. "We have lost 3.6 million jobs in the last three or four months, which shows that things are getting worse."
America's industrial collapse continues and, in fact, is accelerating.