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COLLEGE PARK, Md., Jan. 11 (UPI) -- The U.S. economy is in a depression, a University of Maryland economics professor contends.
Professor Peter Morici, a former chief economist at the U.S. International Trade Commission, said the American economy is in a worse condition than a recession, Kiplinger reported in its January issue.
In some areas it is a deep recesion but the stats don't back his opinion natonwide. I mean so far the uemployment and job losses are not even as bad as the 70's recession.
In some areas it is a deep recesion but the stats don't back his opinion natonwide. I mean so far the uemployment and job losses are not even as bad as the 70's recession.
I think that's because they are fudging the numbers. Wait until we learn the truth.(If we ever do)
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Quote:
Originally Posted by younglisa7
I think that's because they are fudging the numbers. Wait until we learn the truth.(If we ever do)
the stats severely under represent unemployed, as currently when your eligibility expires you are dropped from the stats. There must be millions in that status... mine expired more that a year ago, as well as that of many of my 'outsourced coworkers'
They need to 'tune-up' their reporting methods to accurately reflect 'reality'... Don't think that's gonna happen
I don't think younglisa is alone in her lack of confidence in the validity of the official data, which speaks to the broader mistrust that has been fostered by the whole situation.
Personally I think Prof. Morici with his two years experience in the first Clinton administration and numerous other minor positions but MAJOR numbers of OpEd and similar quotes is part of the problem -- individuals with a pretty staked out position are generally NOT looking out for anyone as much as their own ego / agenda...
The people that don't trust the government data, won't trust it regardless of what is happening. The problem is that its from the government and they don't trust the government. Regarding the unemployment data, they track a variety of figures....its just these people haven't bothered to read the government data. But, I will make it easy, look at the alternative measures here:
Note, that U-5 includes "marginally attached workers", which includes pretty much anybody that is even modestly interested in getting a job even if they aren't actively looking. That rate is 8.3%. Where as U-6 includes people working part-time for economic reasons, that rate is 13.5%. No "tuning up" is needed, the information is already published.
Last edited by Global Friend; 01-13-2009 at 04:32 PM..
Reason: flaming comment
What they did not tell you is the same weather pattern that caused the dust bowl is now causing the drought for the last few years in the south...and the hurricanes in florida.
I think that's because they are fudging the numbers. Wait until we learn the truth.(If we ever do)
Agreed, what they're telling us on a local basis, in SW Fl, just doesnt jibe with what is plainly observable.
The truth is coming for us all, and it's gonna beat us with a big stick
COLLEGE PARK, Md., Jan. 11 (UPI) -- The U.S. economy is in a depression, a University of Maryland economics professor contends.
Professor Peter Morici, a former chief economist at the U.S. International Trade Commission, said the American economy is in a worse condition than a recession, Kiplinger reported in its January issue.
We are headed for a depression which by the definition I use is a 10% drop in GDP. With the sales numbers that came out today, that is looking more and more likely. What I am seeing, is that we have so much debt to this point that the compounding is starting to show its effects. Incomes can not support our current levels of debt. Either we have to issue enough money to cover it all or it needs to default. There is no, "go back to how it was".
there are differences over the last depression and this one. There are a lot more people in usa now. A lot more. And most of us know diddley about farming or growing food.
A large percentage of people in US have never faced financial ruin. This is a very scary moment in our history.
However, if you get on the bandwagon of the depression, grab some popcorn and soda, turn on cnbc, you can watch history unfold. I did that the week the market really crashed in october. It was fascinating.
It was like going back to October 1929 and watching the seesaw, the high volume black thursday, then the crash. Fascinating to see such histroy unfold and realize what it is.
It is like being on the titanic deck and just watching it hit the iceberg and then watching everyone run around and the band playing.
Of course just like the titanic, you are gonna get wet and maybe drown, but no reason to not enjoy the historic moments.
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