Discussion in 'Economy' started by akiak, Jun 19, 2008.
95 % of people in the US are employed.
I doubt that figure.
Actually of those that actually WANT to work over 98% are employed and most of those are under FULL benefits.
You came to that conclusion, I would imagine, because the unemployment rate hovers around 5%.. But that completely ignores the fact that many people do not claim unemployment, and either work on and off under the table, collect welfare and never work at ALL, and a whole host of other variables.
95% employment is a ridiculous statement, brotha.
Actually, that's not true. 62% of the people are employed.
The unemployment rate is 5.5%. The augmented rate of unemployment, which the government includes an estimate of those who have dropped out of the workforce but would take a job if they were offered one, is about 8.5%.
How bad is the economy? Its a mild recession that will last longer than usual.
An official unemployment rate of 4-4.5% is generally considered to be FULL employment in a Western society. At 5% companies are beginning to experience some problems in hiring and keeping staff, at 4.5% they are having frequent labor shortages, especially skilled labor, at 4% is is a major problem and an employment CRISIS at 3.5%.
I wonder what the national mood would be if we had a REAL deep recession ala late 1982- early 1983? It's been so long, I think most people have forgotten what they are really like. 10%+ unemployment, 2%+ DECLINE in growth (we are still +.6% in this "recession"), and inflation at 10%+ (we are currently running about 7% or so).
BTW, most of western Europe has been at 10-15% unemployment now for over 30 years....
Just think back to the good old days .... of Jimmy Carter.....interest rates pushing 19% and inflation at 13 or 14%.....
The children here don't have a clue what a floundering economy is.....
Have patience, my friend.
I don't think we're going to get back to the 1980s. But I do think this malaise will last longer than people think. There are just too many problems in the economy that have to be worked out over time.
Employment growth has been very poor in Europe over the past 10-15 years, but up until the mid-80s, early-90s, Europe's economic growth was in line with America's. Unemployment is around 8-9% in Europe, the lowest in some time.
I think we've bottommed out but any recovery is a while away.
It's not just problems with the economy, we are in one of those once a century societal upheavals where we undergo radical changes. This time the change is a painful combination of finally weaning ourselves off the standard energy source for the last 100+ years and all the social and cultural upheaval that come along with that, and the end of a long line of ever increasing generational standard of living increases. The next generation may be the first in many generations that will NOT enjoy a higher standard of living than the preceding one....mostly because of the cataclysmic nature of moving away from and oil based culture to whatever follows...a PAINFUL transition. Kind of like the transition from a largely agrarian society in the late 19th century to an industrial one by the early 20th...
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