Add to this that the method of calculating unemployment was greatly changed in 1993 (Thank you Clinton!!) reducing the unemployment number drastically to make Clinton and other politicians look good.
We are told that unemployment is at its worst since 1983. I was working in 1983 and I tell you we had many more people employed in 1983, as a percentage, than today. These news reports are false. But even the progressive media is repeating these statistics without any proper questions being asked. Americans are being told untruths, AGAIN. If we use the same method to calculate unemployment that was used in 1983, the unemployment figures would be somewhere in the range of 16% to 22%... no one knows exactly, of course, because this has been buried effectively by corrupt politicians in both parties. (Hurray for the two party system!!) But it would be much larger than the numbers we are hearing. This is no surprise to those who have lost jobs or to those who are underemployed. They know well how bad it really is out there. But who is interviewing the homeless and unemployed?
Finally, in places like California, unemployment could be as high as 25%, one point higher than the Great Depression...starting to not look so "Great" after all.
Add to this that the extended period of unemployment is the longest "since records have been kept and we unquestionably have a full-blown depression on our hands.
Wait, I am not finished. The outlook for jobs in the coming months and years is as bleak as ever, meaning that job loss is going to continue unabated. There is NOTHING in the marketplace or economy that would suggest this condition will turn around anytime in the foreseeable future....NOTHING AT ALL!!!!
America has been stripped of its jobs by NAFTA and other free trade agreements (Thank you Clinton - AGAIN! - and the Republican Party who wrote the legislation). But it seems our nation's leaders are not even looking at this issue. It is as if it does not even exist. If they start looking at it, which I doubt they will, it will take another couple years of controversial debate before they "do" anything. You know how Congress is.
So Milton Friedman and all his 'theories' of trickle down economics are now shown to be totally bankrupt. It took many years to come to this. Some economic changes take years to take effect...others take effect almost immediately.
So what do we do? The so-called 'free marketeers' who believe the market will answer all our problems, have forgotten that a free market is not the same as a monopoly market. We have monopoly market now and it can easily be shown using classical and even Friedman's economic analysis that a monopoly market drains an economy of its resources and concentrates them into the hands of a very few people and corporations. These circumstances cause consumption to decline in an ever-greater spiral. This condition is exactly what we are facing now. The evidence is undeniable.
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