Unemployment 25%....McKinsey Adopts Alstrynomics
It takes a while for McKinsey Fools to catch Alstrynomics....at least they are getting closer.
The Los Angeles Times Reports on the Current Un-Employment Situation: In addition to the 15.1 million people counted as officially unemployed, the number of people so discouraged that they have quit looking for jobs is 9.2 million.
Is the total number of unemployed now 24,300,000?
The newly defined “de-facto” unemployment rate does not include all the categories of people who are no longer in the labor force, in other words, the under-employed, the marginally employed, and the part time job seekers who can no longer find work.
Data from The McKinsey Global Institute estimates the real de facto unemployment rate in the United States would be 24.78%.
Thus, there are almost 39 million, not 15.1 million, or even 24.3 million Americans who are no longer working or looking for work.....
President Obama is running out of time.....what will he do....fight or restructure????......remember, small business is responsible for 50% of jobs in America.....and the bankers are cutting small business off of credit.
With so many businesses shutting down....and now health care and government shutting down....30, 40, 50% unemployment is not too far away.......but thank goodness 80% of the economists think the recession is over.....whew!!!!!
But these are the same idiots that can't see we are ALREADY deep into a Depression......and when the dollar is cut off.....we will be in something no one can foresee.