More Evidence Great Depression II Is Here: 30mm Unemployed in U.S. (19% of workforce)

Quote from college_trad3r:

it is well known the US is by GDP richest country in the world, but the riches are abnormally skewed to the 0,01% top earners who take 95% of the pie.

Income gap between rich and poor is excessive, which looks alot like third world countries who usually have large income gaps between rich and poor
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Take collective U.S. debt into the equation and see what the GDP figures show.

The federal government is deeply in hock, many states and local units of government are imploding, and few people as a % of the overall population have positive net worth.

Just look at the true national debt of the United States - 60 Trillion +, if you include unfunded future liabilities already incurred.

Of course, the U.S. could default on those, which would just exacerbate the downturn as much of it is transfer payments through SS, medicare, etc.
 
Quote from ByLoSellHi:

Fantastic article.


Thanks.


To Kass - Things are going to get bad enough in the U.S. where ordinary people will be unable to comprehend the dramatic decline in living standards they've seen in their lifetimes.

How that relates to some other third world nation is irrelevant.

The U.S. is headed for another depression.
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I respect your opinion, but based on the facts that I see, I'm not buying it. Perhaps I am overly confident in the resolve of the USA, or perhaps the economy isn't nearly as bad in Canada as you are seeing in the States, but I can't see another depression coming any time in the near future.

Prediction - while living standards might be lowered, everything will be OK and you will not be eating at a soup kitchen for dinner.
 
unemployment number is a lagging indicator. Not to say there will not be another dip, but for now the economic tailspin has been contained.

Obama has done a fine job pulling us out of what was going to be the Bush depression.
 
Quote from makloda:

Seriously, you need to lay off the tinfoil hat.

Have you ever been to the US? It's a pretty damn good place to live in -- minus the taxes and crime. The cost of living is low, the standard of living is very high. The availability of high quality products and services is phenomenal and unmatched. If the US had an expat tax regime like the UK or Switzerland I'd have moved to the US a long time ago.
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The crime is only a real problem in large metropolitan areas. I just moved to Baltimore, MD and supposedly it leads the US in murders as a percentage of population. Where I live couldn't be safer (knock on wood). It's far better than when I lived in Moscow, or where I lived in Mexico City, or even Warsaw.

But the taxes do suck. Especially property taxes.
 
Can we have ByLoSellHi's account banned it is always the same mindless drivel. I can't take his nonsense anymore. He doesn't even trade all he does is provide nonsensical market commentary by others. What is he Matt Drudge? I cant take it anymore!!! I have him on ignore forever. Dude learn how to trade.
 
Quote from Tradesall:

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At the risk of derailing this further, is that Jack Hershey in 10 years?
 
Quote from fkbsuhites:

unemployment number is a lagging indicator. Not to say there will not be another dip, but for now the economic tailspin has been contained.

Obama has done a fine job pulling us out of what was going to be the Bush depression.
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Obama hasn't done anything to address the unemployment situation, and there's not much he can do in this highly globalized economy with massive free trade flows, where many governments are striving to create political stability by employing as many people as possible. = Cheap labor, getting cheaper.

As far as employment being a "lagging" indicator, that's a common term that, frankly, is a huge misnomer to apply to all situations equally.

While rehiring may lag economic growth in normal cyclical downturns, we are not experiencing a normal cyclical downturn.

We are experiencing a structural change, with long term unemployed, across all vocational areas, already experience the longest patch of unemployment according to BLS statistics.

This is the biggest structural change to the U.S. economy since WWII, which was a positive structural change.

Unfortunately, this one is an intensely negative structural change, where whole sectors of the U.S. economy are literally getting wiped off the map of the country.
 
I don't have a wukipedia reference to quote. But the way I learned it and the way I tend to classify countries is in 5 tiers, mainly to do with class discrepancies.

1st world has a strong middle class.

2nd world is moving away from 3rd world status and bulding a middle class. China Brazil.

3rd world is losing middle class and increasing divergence between rich and poor.

4th world has very limited class system, most everyone is poor and major political strife is prominent.

5th world is a barren or broken nation.
 
There is a convergence of peaks forming and they will change how we live.

1) Peak Oil

2) Peak Credit

3) Peak Entitlements

4) Peak Employment

Some problems do not have solutions, just inferior substitutions.
 
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