Daily Censored (by Michael Collins):
Official unemployment is around 9%. That excludes the marginally employed and under employed. Adding those two groups takes unemployment up to 15.9%. Add the long-term unemployed and the figure climbs to nearly 23%.
When you have 23% real unemployment/underemployment among those willing and able to work, you have budget deficits at every level of government. Businesses fail or slow down. Governments reduce or eliminate services. People lose their homes and health insurance. Credit ratings dive, making it more expensive or impossible to borrow for any reason, including emergencies. The unemployed contribute much less to the economy, which shrinks substantially, leading to more under or unemployment. There future darkens. All that’s left is hope, a commodity of little use today.
If you’re part of the financial elite in crowd, you don’t need hope. You’re about to get another big payday. Much lower taxes and relaxed regulation of foreign exchange derivatives are on the way.
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