It's a terrible thing for anyone to want a job and not be able to find one. We have been laboring painfully under conditions lately in which unemployment has run at 9.8 percent. But now there's worse news: The latest jobless figure is a shocking 10.2 percent!
That's the worst unemployment since 1983. It means about 15.7 million Americans are out of work, up from 15.1 million in September. There reportedly were 190,000 fewer jobs in October than the month before.
But the full facts are even worse: If we count the people who have been able to find only part-time jobs, plus the discouraged people who have quit looking for jobs, in addition to the 10.2 percent previously without work, the probable "real" unemployment rate is a staggering 17.5 percent, the worst since 1994.
These are really bad numbers. But they are not just numbers. They represent many people, many families, suffering serious hardships. When paychecks are coming in, lots of difficulties may be endured. But when the pay cuts off, it's really tough.
Is there some "silver lining" to this "dark cloud"? We like to be optimistic, not pessimistic. But there are no really encouraging signs ahead of us.
Big government, some of our businesses and some individuals have been doing too many of the wrong things for too long -- mainly involving unproductive spending -- and the results are now sadly, sometimes tragically, showing up.
The credit/debt expansion that accellerated in 1982 reached it's zenith in 2007. By spending foward,borrowing from the future,we were able to live beyond our means for 25 years. We are now in the early stages of a credit contraction and out of good options. There is no political solution on the right or on the left. Stimulus might slow the descent,but it won't alter the direction. No stimulus means more rapid job losses. Either way,only debt destruction can reverse our course.
Increasing unemployment is likely to continue to plague us for severl more years. How bad we don't know yet.
One thing is for sure. Despite the Obama/Pelosi/Reid obsession with implementing their agenda at all cost, this is NOT the time to be burdening the suffering American public with massive new government spending programs, bogus stimulus packages, new mandates to purchase health insurance, job-killing "climate" legislation, huge new money-sucking government bureaucracies or increased taxes for the ones who actually create the jobs in this country; small businesses.
That is, unless you believe in the Cloward-Piven theory, in which case, Obama/Pelosi/Reid are right on target.
For those unfamiliar with Cloward-Piven:
http://www.examiner.com/x-3704-Columbia-Conservative-Examiner~y2009m10d10-Major-columnist-legitimizes-theory-of-Obama-plot-to-destroy-US
Lighnup
You make good points about timing and spending. Keynesian economics has been the guidepost for seven decades,but this time it's not working.The debt is too large.
Unfotunately we expect our politicians to do something,anything. And they are. Just as Bush bailed out the banks,fannie,and fredie,Obama is continuing the government spending/borrowing/printing. Both presidents bought us time,but no solution because the solution this time is to address the debt.
There ia no indication that either party is willing to face the debt and the requisite depression. Are you?
Do I have a choice? It's going to come anyhow, for the path we are on cannot sustain itself.
I wonder what the jobless rate would be at this moment in time had we allowed more banks and institutions and automotive companies to fail or implode.
Where would we be pointing the finger?
Good point moonpie. I think we both suspect that we were facing an economic shut-down,an extended bank holiday,and social chaos. The spending may be no solution,but it gives us time to condition ourselves for the downward steps that lie ahead. Had McCain won,the differences in economic policy would have been minor,but still avoiding chaos,buying time and hoping for something good to happen.
We all can and should be preparing for less consumption with higher energy and food prices,because that is our future. Not a bad future,just different,maybe even happier.
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