A 10-year unemployment chart shows recent increases in the current recession. The jobless rate reached 8.1 percent in February 2009.
(U.S. Bureau of Labor Statistics)
The Bush-Cheney Depression.
The January 9 Department of Labor report showed 10 million workers who are not officially included in the unemployed category, but should be. This includes people whose hours have been cut to part-time but who want full-time, and people who have been cut from the unemployment compensation rolls. By the end of last year, it appears the actual unemployment rate (including these categories) was in the 12-14% range.
That's one reason the public's obsession on homeownership and "rescuing" people who are behind in their mortgages is exceedingly short-sighted: We Need Jobs. With living wages.
Unemployment is the biggest issue of the current crisis, but is not receiving the attention that it should. What happens if we reach 25% unemployment?
See 1/22/09 comment "Unemployed Americans," at http://nabnyc.blogspot.com/2009/01/unemployed-americans.html.
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