Robert Reich: it’s a depression


The March employment numbers, out this morning, are bleak: 8.5 percent of Americans officially unemployed, 663,000 more jobs lost. But if you include people who are out of work and have given up trying to find a job, the real unemployment rate is 9 percent. And if you include people working part time who’d rather be working full time, it’s now up to 15.6 percent. One in every six workers in America is now either unemployed or underemployed.

This is still not the Great Depression of the 1930s, but it is a Depression. And the only way out is government spending on a very large scale. We should stop worrying about Wall Street. Worry about American workers. Use money to build up Main Street, and the future capacities of our workforce.

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0 Responses to Robert Reich: it’s a depression

  1. Utah Savage says:

    Thanks Chimpy. The only advantage to having been poor while Chimpy was having his way with us is that I know how to get by on very little. This might be one where only the poor survive.


  2. Wee Mousie says:

    I agree. Put regular American’s back to work building up the country’s infrastructure, modernizing it’s systems, and changing over to clean renewable energy sources.


  3. Pingback: One in every six workers in America is now either unemployed or underemployed « Stocks Go Up. Stocks Go Down.

  4. Finally, a voice of reason. So, when is Obama going to kick Lawrence Summers to the curb and hire Robert Reich? Sigh, I know.


    • Tengrain says:

      Pissed, you and me both are sighing. Robert Reich was one of the few people that Bill Clinton got right. No wonder he didn’t last.




  5. The bullshit unemployment numbers they throw out should be doubled.
    Even where I am at in Washington state, the official numbers are double digits and places like Detroit are what should be high lighted.

    We Be Fucked is my motto.


  6. I hear you, Tengrain. I keep myself informed because, well, you need to know what’s going on. But it can get depressing.