Mish Shedlock proves his worth once again.
If my obscure corner of the avalanche of opinion serves to direct a few more people to his page, then I've performed a public service.
He documents unemployment numbers that the 'official' reports don't mention.
The truth is ugly, but we need the truth told in order to make our way out of this mess.
His final paragraph bears quoting here:
Look at the average age of baggers in grocery stores or greeters at Walmart. These people are not working because they want to; they are working because they have to. Demand for jobs is at an all time high while the number of available jobs and the pay scales of those jobs have both collapsed. The employment situation is not only an unmitigated disaster, things are about to get even worse with pending state cutbacks.
What I've noticed here, anecdotally: I make deposits at two banks at least once a week. Often, mine seems to be the only customer car in the parking lot. The employees, who by the way are lovely folks, seem to be looking for things to do.
My little town was hit hard in the wake of 9/11, and began to climb back out. A major fire subsequently hit the downtown business block, and the lot now stands vacant, as the insurer has gone to the wall to avoid paying any claim on the loss. The local radio station ceased broadcasting last fall. The local paper seems to be shrinking in both size and scope of coverage. The district congressman sends in op-eds to tell us that voting for massive spending will cure the massive federal deficit.
So, we're in for a long ride. Let's work on the culture in the meantime.
And, let's listen to Mish.
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