Broader Measure of U.S. Unemployment Stands at 17.5% (credit, 2009, bankruptcy)

[DreamingSpires]

Most of the regulars on this form know this statement is very "old news."

The remarkable thing about it is....it is a headline taken from today's NYT.

http://www.nytimes.com/2009/11/07/bu...07econ.html?hp

This is the first time I can recall the MSM acknowledging, even directly, the "bogus" unemployment statistics touted by the government.

I think this is a positive development.

Let's hope this is some kind of "tipping point."

[antiquesmountainapache]

Thank you so much for posting this. I am immediately forwarding it to some individuals.

[DreamingSpires]

Originally Posted by antiquesmountainapache

Thank you so much for posting this. I am immediately forwarding it to some individuals.

Good move....I will do the same.

I'm really sick of being called a "doom and gloomer" by people who don't believe me when I tell them how bad things are. I am thus deeply grateful to the NYT for finally affirming the obvious!

If everyone forwarded this to ten people, and asked them to forward it on, this could help start to educate those still "in denial."

Signed,

Dreaming Spires -- still employed, but definitely not "in denial"

[Corporate Death]

17.5%?

Yeah, that sounds about right. At least based on what I see on people's faces here in the Charlotte area, and at the Careerbuilder Job Fair yesterday. That place was PACKED! Talked to one lady who had nothing whatsoever positive to say about her chances of actually finding something. Of course, I got the obligatory "ya know, I think we may have a couple of positions that you might fit very well in, I'll definitely forward your resume and information to the appropriate person".

I cant begin to tell you how many times I've heard that during "job fairs". Even the promised emails that I was supposed to get today never materialized. So, I'm on the website of every company who was there, posting my resume'.

I just may be driving a truck until retirement.

[7 Wishes]

One interesting thing is this says they have not been able to recalculate this broader measure of unemployment to before 1970. But somewhere else I read that the 25.0% UE peak in 1933 would be 37.5% using this broader measure.

But there were positive things in it as well. It noted that those who have jobs are actually faring better than before, but the problem is those who do not have jobs simply can't get one. While this is very bad, this is actually a lot like 1983 when something finally gave and the floodgates opened.

The largest monthly gain in jobs occurred in late 1983, I forget the month but something like 1 million jobs were gained and unemployment was only down to about 9% at the time.

I don't believe that will happen this time, but I do think sometime between now and the 2012 election (maybe even the mid-term elections) something's going to give. I honestly think even the most greedy of employers and politicians realize the current state of affairs is unsustainable for society.

[GypsySoul22]

Okay, now changing my status...

[7 Wishes]

Originally Posted by GypsySoul22

Okay, now changing my status...

Does that mean you finally found that elusive P/T job?

[nicet4]

Originally Posted by 7 Wishes

While this is very bad, this is actually a lot like 1983 when something finally gave and the floodgates opened.

What happened would be very unpopular in today's political climate.

It was the investment tax credit.

The investment tax credit was a 10% income tax credit on anything purchased for business.

Over the course of one year I, being a rich business owner and fat cat and all, purchased three new trucks and I can't remember how much I spent but I automatically received a 10% investment tax credit for doing so.

Businesses started buying things like crazy, new plant machines, upgrading buildings, trucks, cars, tools and you name it we were buying it.

Of course with these new trucks I did an evil thing and that was I hired three new two man crews to work on jobs other people were creating. In two years manufacturing was booming.

The worst thing to be done right now is take what money there is left away from small businesses right now. A horrible mistake but the government has to many people thinking only the government can "fix" things when in actuality they are the major cause of the problem in the first place.

[movin'on]

Originally Posted by nicet4

What happened would be very unpopular in today's political climate.

It was the investment tax credit.

The investment tax credit was a 10% income tax credit on anything purchased for business.

Over the course of one year I, being a rich business owner and fat cat and all, purchased three new trucks and I can't remember how much I spent but I automatically received a 10% investment tax credit for doing so.

Businesses started buying things like crazy, new plant machines, upgrading buildings, trucks, cars, tools and you name it we were buying it.

Of course with these new trucks I did an evil thing and that was I hired three new two man crews to work on jobs other people were creating. In two years manufacturing was booming.

The worst thing to be done right now is take what money there is left away from small businesses right now. A horrible mistake but the government has to many people thinking only the government can "fix" things when in actuality they are the major cause of the problem in the first place.

Look, not even the govt can fix this mess. They can issue credits til the cows come home and all we're going to have on our hands is a mess.

I'm no genius, but sorry, we can just stick a fork in it. We owe too much, have our resources bottled up overseas in things that don't make sense. In short, we're screwed. We're broke, have no assets (sorry, least the ones we don't owe), have outsourced our jobs. Why do we continue to think there is a way out? The jig is up. And this IS the truth, but no one will say it and declare it. Time for the USA to file bankruptcy, and then just what happens?

[Leisesturm]

Originally Posted by 7 Wishes

Does that mean you finally found that elusive P/T job?

not unless those tears are tears of joy...

H