Wednesday, June 08, 2011

Worse Than the Great Depression!

The working class faces the worst jobs crisis since the Great Depression. This depression "recession" is not your typical cyclical downturn that will eventually rebound.   Over 20% of this country's workforce is either underemployed or completely unemployed.  House prices and wages continue to decline.  Nearly 14 million Americans are looking for work, and about 6.2 million Americans, 45.1% of the unemployed in this country, have been jobless for more than six months...that's worse than at the time of the Great Depression. What's more, over "1 million of the long-term unemployed have run out of unemployment benefits, leaving them without the money to get new training, buy new clothes, or even get to job interviews.

Nevertheless, the wealthy took their treasonous tax cuts wherever they could reap the highest return without any concern whatsoever about the state of the American economy.  Never mind that those tax cuts will cost the average taxpayer much more than the cost of the bailouts.

So, what's the solution?  Well,  balancing the budget on the backs of working families - slashing trillions of dollars in social spending - of course.  It doesn't matter that trillions of dollars have disappeared into thin air, and that  proof of the Federal Reserve's unprecedented support to foreign banks during the worst part of the financial crisis is finally released.   The international capitalist elite continue to exploit  the economic crisis - that they caused - to the fullest extent, using it as a giant club to bash the average taxpayer.

Mass unemployment and the eventual elimination of the social safety net will create such desperation that people will take poverty-wage jobs without benefits.  Third world, anyone?

Links: 

Economic Policy Institute (EPI) - The EPI pointed out that the labor force participation rate remained at its lowest point of the recession and that the labor force in May was smaller than it was a year ago, by about 500,000 workers, even though the working-age population grew by 1.9 million in that period. In other words, the improvement in the unemployment rate over the last year (from 9.6 - 9.1%) is due to would-be workers deciding to sit out the economic storm”.

1 comments:

Ashlee,  02:31  

i totally agree, it is worse.... now its a double dip recession.... not to mention many politicians are being Under the Radar with the sitaution..... thanks for posting :D

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