The Great Depression of the 21st Century: Here's Why It's Different This Time

SAN FRANCISCO - JANUARY 22:  A job seeker wait...
Image by Getty Images via Daylife
2.22.2010
By Chase K. Hunter
I decided today to take a quick look at where we are in the much touted “economic recovery” and if the latest REAL statistics are to be believed, there is not one. When you spend as much time online as I do, you begin to see through the make believe of the mainstream media‘s sunny forecasts for a 2010 recovery. Unemployment has actually spiked as high as 20% in several states, and it’s at around 14.5% in Michigan. I hate to always harp on the same old issues, but the mainstream media is just flat out lying to the American people about what is really going on.
Just have a look at the related links below to do the math yourself, then watch your network news tonite and see if they are saying anywhere close to the same thing as these articles report:

Related articles

Related News Stories:

This Time It’s Different

Henry Blodget | Feb. 21, 2010, 9:01 AM | 2,456 | comment 34
Tags: Charts

Many economists still argue that the Great Recession was just like all the others, except a bit bigger.

Here’s why they’re wrong.

Check out the number of people unemployed more than 26 weeks (expressed below as a percentage of the population).

Even if the recovery continues and the number of the long-term unemployed finally stops rising, it will likely take a decade or more for this group to shrink to normal levels.

Unemployed For More Than 26 Weeks - Population Ratio  January 2010

Click here to find out more!

Arthur Delaney

Unemployment: The Hardest-Hit States (CHART)

States

Michigan has the highest unemployment rate of any state at 14.1 percent, a distinction the state has held for 25 of the last 26 months.

The next-highest unemployment rates after Michigan’s were found in Oregon (12.4 percent), Rhode Island and South Carolina (12.1 percent), and California (11.5 percent), according to a Bureau of Labor Statistics report released Friday. The unemployment rate reached double-digits in five states and the District of Columbia in May. The national rate is 9.4 percent.

Some economists have touted “green shoots” and talked up the recession as “bottoming out” this year. But the misplaced optimism hasn’t reached everybody.

Progressive economists say that unemployment will likely continue to rise nationwide into 2010. And while economists cheered lower-than-expected increases in job losses for May, the state-by-state breakdown reveals the unevenness of the recession.

Optimism “hasn’t been a problem in Michigan,” said Judy Putnam, spokeswoman for the Michigan League for Human Services, in an interview with the Huffington Post. “There were no signs of hope in our numbers.”

Putnam said her organization is concerned that nearly 90,000 unemployed workers will exhaust their unemployment benefits before the end of the year. “Our biggest concern is that our safety net for folks coming off unemployment benefits has really shrunk. It’s really not there,” she said.

Putnam noted that if it includes marginally attached workers, unemployed folks who’ve quit looking for work, and forced part-timers, the “true” unemployment rate in Michigan is 17.2 percent.

Michigan also boasts the nation’s weakest-performing metro area, Detroit, according to the Brookings Institution.

Here’s a table from the Economic Policy Institute that compares state unemployment levels

Mass Lay-offs: The Hardest Hit States

Which States Are Facing the Worst 2010 Budget Deficits?

2009 Unemployment By State

Reblog this post [with Zemanta]
Advertisements

About CKH888

Not much to tell. Um.... I author news and art blogs now & then. :-)
This entry was posted in American Blogosphere, Unemployment and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

One Response to The Great Depression of the 21st Century: Here's Why It's Different This Time

  1. Pingback: All Time Top Posts on Alternative News Forum 2009, 2010 | Alternative News Forum

Leave a comment if you'd like:

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s