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It also includes discouraged workers who stopped looking in frustration within, but not exceeding, the past 12 months, as well as others looking for full-time work but forced to take part-time or temp jobs they'd otherwise avoid. Uncounted long-term discouraged workers (those giving up after 366 days) put real unemployment at 22.5%.
America's deepening housing depression exacerbates today's jobs crisis. Yet political Washington reports improvement. In fact, conditions are deteriorating, not strengthening. Official data lie. Moreover, promised fixes are fake.
Housing's extremely important. Homes are the average US household's largest asset. Economic recovery's unlikely during a housing downturn. During a depression, it's impossible. During the greatest housing crisis since the 1930s assures protracted hard times for most people.
Home valuations are declining. Housing starts are low. New home sales are at record lows. Inventories of unsold properties remain high. So are monthly foreclosures increasing them.
A shocking 6.17 million families are underwater or facing foreclosure. Instead of relief, policy measures include open-ended bailouts, unprecedented money printing, zero percent interest rates taxing savers, manufacturing phantom jobs, and doing virtually nothing to create real ones.
As a result, around 25 million Americans are unemployed. Most with jobs have poor ones. Poverty's at record levels. So is human need. Instead of addressing crisis conditions, Obama lied about the January BLS report, saying:
In fact, it's experiencing the hardest times since the Great Depression with no proposed policy measures to address it. Instead, austerity's planned when suffering millions need help, starting with decent jobs and living wages.
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