UNEMPLOYMENT IS MUCH WORSE
THAN IS BEING REPORTED
Global Research,
April 7, 2009
As I [i.e., Global Research] have previously pointed out, unemployment may
actually be higher than during the same phase of the Great Depression.
Specifically, as of 1930 - the year after the 1929 crash - the
unemployment rate was 8.7 percent.
PhD economists John Williams and Paul Craig Roberts - former Assistant
Secretary of the Treasury and former editor of the Wall Street Journal
- both say that if the unemployment rate was calculated as it was during the
Great Depression, today's figure would actually be 17.5% nationally.
Yesterday, the Bureau of Labor Statistics published a report showing
that 7 states had unemployment rates above 10% in February. Ranked from largest
to smallest, they are:
UNEMPLOYMENT FIGURES WHEN CALCULATED
THE WAY THEY WERE IN THE GREAT DEPRESSION
| |
"OFFICIAL FIGURE"
|
"REAL FIGURE"
|
Michigan: |
12.5 % |
25.1% |
Rhode Island: |
11.4 % |
22.9% |
South Carolina: |
10.9 % |
21.9% |
Oregon: |
10.9 % |
21.9% |
California: |
10.6% |
21.3% |
North Carolina: |
10.3% |
20.7% |
Nevada: |
10.2% |
20.5% |
There are also numerous states with 9% unemployment. |
18.1% |
The “real” unemployment figure [i.e., the figure to the right] is
very frightening; indeed, it is substantially higher than the numbers for the
comparable period of 1930 (today is comparable to 1930 because we are one year
or less into the current financial crisis).
Moreover, contrary to what people have been led to believe, unemployment
is accelerating, and so by the end of this year, unemployment could be even
higher.
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