If the recent slew of bad economic news coming out of the U.S. hasn't convinced you that the economy stinks, then it's time to wake up and smell the coffee. Because ...
All the recent talk about a double-dip recession is nothing more than pure B.S.
Why? Because the U.S. economy ...
A. Never emerged from a recession. Period.
Quite to the contrary, in reality ...
B. The economy is already in a depression.
The problem is that no one wants to admit it. Certainly not in Washington. Not on Wall Street either. And, unfortunately, not even on Main Street.
But the fact of the matter is that in real terms, the U.S. economy has already contracted more than it did during the Great Depression.
I'll prove it to you in a minute. But before I do, here are a few simple facts that also show you that the economy is either rivaling the depths of the 1930s, or is already in worse shape ...
First, the true unemployment rate in this country is at least 22%. Not the 9.5% mythical figure Washington is reporting.
You see, Washington plays with the unemployment number. The figure they report every month is what they call the "official" unemployment rate. But it includes only those ages 16 or older who are not currently employed, but are able and available to work, and "actively seeking work."
The problem: Washington conveniently leaves out people who are working part-time, people whose hours have been dramatically cut, and "discouraged" workers — those who are ready, willing and able to work — but have essentially given up looking for a job because they can't find one.
Add these workers into the mix and you have an unemployment rate of 22.7% — more than double the so-called official number and almost as bad as the Great Depression of the 1930s.
And that's just a nationwide average. In places like Detroit, Los Angeles, Allentown, Pa. and other urban areas, the real unemployment rate is as high as 40%, far worse than during the Great Depression.