New reports on unemployment, poverty and hunger released this week demonstrate that the global economic crisis is being used to effect a basic restructuring of social relations characterized by long-term high unemployment and the impoverishment of the working class.
An Organisation for Economic Cooperation and Development (OECD) study released Wednesday reports that by the end of 2010, 10 million jobs will likely be lost among member states, bringing to 25 million the number of jobs eliminated in the thirty-member group of industrialized nations since the economic crisis began at the end of 2007.
The OECD unemployment rate climbed to 8.3 percent in June, the highest on record dating back to World War II, and a sharp increase from the close of 2007, when unemployment stood at 5.6 percent.
Among member states, Spain has the highest unemployment rate, at 18.1 percent, and is joined by two other countries hard hit by the housing bust—Ireland and the US—with the sharpest increases in unemployment this year. Since the beginning of 2007, unemployment rates in Spain, Ireland and the US have increased by 9.7 percent, 7.8 percent and 4.5 percent, respectively.
Official unemployment in the US stands at 9.7 percent and will surpass 10 percent next year, the OECD predicts. Unemployment levels in Germany, France, Italy and Canada are expected to rise rapidly by the end of next year, reaching 11.8 percent, 11.3 percent, 10.5 percent and around 10 percent, respectively.
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Wow, 18 percent in Spain? That is just terrible. I can't believe how much this crisis has affected the unemployment rate and we're not even done yet. I wonder how long it will take for the rate to fall down to the original acceptable values around 5%. Thanks for a great article.
ReplyDeleteTake care, Elli
Everyone in the usa can find a job, they just dont want to. "Illegals" are still cutting lawns, cooks in restaurants etc. Many have saved enough money over the years to buy a small home, car , have a family. Once I see "americans" doing these jobs, I will rethink my stance.
ReplyDelete9:22 are you the same guy spreading hate about "illegals" in the other thread? Who even brought that up? The problem is systemic, even a Simpsons episode is devoted to the transparent diversionary tactic you're trying here. You guys need new material, it's getting yawnful.
ReplyDeleteRight, after graduating from college add cutting lawns and cooking in restaurants on your resume. Way to go!
ReplyDeleteIt's that they are lazy. It's simply not looking stupid by lacking initiative foresight, innovation and entrepreneurial aspirations. Government needs to help our best minds financially but instead we support the losers of the past and the future.
Welcome to socialism and anti capitalism.
a college degree doesnt guarantee you anything in this world. People with college degrees are not "Entitled" to anything. Cutting lawns and cooking etc.. etc is an honest living and at the end of the day you earn a paycheck, more than I can say for those college educated entitled kids collecting unemployment through my tax money.
ReplyDelete2:45 then have your people fix it already, its been going on for years... and its annoying.
ReplyDeleteLook for the United States's official unemployment rate to hit 12%-13% by year's end followed by a sharp upward spiral into an unadulterated nightmare.
ReplyDeleteunemployment=lazy entitled americans, who have never seen the world and dont know how good they have it.
ReplyDeleteCut lawns? I am retired from 30 years US Army, have 90K a year in passive income, owe no one anything. I cut lawns and unstop toilets, and re-do apartments. I do it because I can and I like working. I am an apartment manager and it pays some extra money although I don't need it. I get quite a bit for cutting the lawn. I just like staying busy. Age 65--health--excellent.
ReplyDelete65 year old retired persons with 90k in income in government intitlements (tax money)==== taking jobs away from those who need it most=== greedy and === selfis!!!!???
ReplyDeleteSome European countries unemployment rates-
ReplyDelete- Austria: 4.8%
- Belgium: 7.9%
- Cyprus: 5.9%
- Finland: 8.6%
- France: 10%
- Germany: 7.6%
- Greece: Latest available was June, at 9.2%
- Ireland: 13%
- Italy: 7.4%
- Luxembourg: 6.6%
- Malta: 7.2%
- Netherlands: 3.6%
- Portugal: 9.2%
- Slovakia: 12%
- Slovenia: 5.9%
- Spain: 19.3%
Thanks for reading :D
FOR many years, unemployment in the United States was lower than in Western Europe, a fact often cited by people who argued that the flexibility inherent in the American system — it is easier to both hire and fire workers than in many European countries — produced more jobs.
ReplyDeleteThat is no longer the case. Unemployment in the United States has risen to European averages, and seems likely to pass them when international data for April is calculated.