That's Bob Herbert, of course, asking the fundamental question no one else is asking.
One of the great stories you’ll be hearing over the next couple of years will be about the large number of Americans who were forced out of work in this recession and remained unable to find gainful employment after the recession ended. We’re basically in denial about this.
There are now more than five unemployed workers for every job opening in the United States. The ranks of the poor are growing, welfare rolls are rising and young American men on a broad front are falling into an abyss of joblessness.
Some months ago, the Obama administration and various mainstream economists forecast a peak unemployment rate of roughly 8 percent this year. It has already reached 9.4 percent, and most analysts now expect it to hit 10 percent or higher. Economists are currently spreading the word that the recession may end sometime this year, but the unemployment rate will continue to climb. That’s not a recovery. That’s mumbo jumbo.
Exactly. The same mumbo-jumbo we've been hearing for the past three decades. It's trickle-down by another name, a concentration on Wall Street while Main Street gets the shaft. All that talk of a jobs program to get the economy moving vanished once Obama was actually elected and was replaced by a HUGE bankers' welfare system. Result: the economy remains in deep trouble, jobs are still being lost rather than added, and the nation is so deep in the hole it may be decades more before we dig our way out, if we ever do.
But that's us. Wall Street is in much better shape than it was and they're standing ready to go on exactly as before, raping the country and calling it "financial therapy". Herbert just called "bullshit" on the whole sick, slick mess.
You go, Bob.
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