One has to disagree with this talking head. The job rate has decreased to 9.5% because people have fallen off the charts, their benefits have expired. They are now out of work, with no prospects, and probably no money. Beyond that he is correct in talking about the hole that we are in. The next recession will occur while there is huge unemployment.
This means that after the next recession, the present rate of unemployment will look good.
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Good analysis. The truth is the jobs are probably never coming back for most of us. If your over 60 as I am whose going to hire me? Realistically nobody. A big part of the problem is the huge nos. of aging baby boomers like myself who cannot compete against fresh young college age students for the few decent jobs out here and are to old to work hard labor jobs that tough peasants from Mexico fill. So, what does one do if they're to old to find work and to young to get SS and Medicare ( both of which by themselves are still far short of the actual amount anyone needs to retire without living on cat food.) Our society is falling back into the place it was during the Great Depression of the 30's. The Conserv. project these last 40 yrs. is now in high gear with these same pricks now saying the only way forward is "structural reform", a code word for gutting what's left of the tattered social safety net created by The new Deal and the War on Poverty in the 60's. They have hated these programs and have wanted them gutted ever since. It looks as if Obama incredibly is going to go along with this. If he tries to gut SS he's toast in 2012. If tries to gut Medicare he and the Dems. are toast permanently.
I still think about Krugman warning us that this is not the time for austerity and concerns about the deficit. It appears that austerity is in vogue, who knows why? Is it to appease a bunch of yahoo teabaggers who seem to have a slightest grasp of 1 plus 1.
Regardless, we need to get ultra creative with how to make some bread. I was at a farmer's market on Saturday and the busiest booth was the one selling simple semi-whole foods dessert type stuff - cookies and muffins. There was a young guy doing the business with his wife and 2 year old daughter, and I thought to myself this guy has a formula.
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