The Economic Facts Of This Economic Depression

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The US has recovered just 1.8 million of the nearly 9 million jobs lost in the downturn versus an average 5.3 million job gains in the same period of the 1970s and 1980s recoveries. The number of people with jobs has barely changed since June 2009 - up just 0.4 percent. Many economists say the turnaround shows no signs of generating the 300,000 to 400,000 monthly payroll additions needed to rapidly lower the unemployment rate. There are probably about 50 million Americans who are unemployed, underemployed or no longer trying to get decent jobs, or who are close relatives of them. The rise of the official unemployment rate in May, 2011 (the real level is twice as high) and a paltry new number of jobs just rubbed salt in the wound. There simply is no basis for believing that many millions of new, good jobs will be created for many years.

Add the latest news that the housing market has turned even worse again, leading to the distressful conclusion that a double-dip recession has hit housing, which portends even wider economic pain. Single family home prices dropped in March, 2011 to their lowest level since April 2009. Millions of home foreclosures will be followed by even more. Of all homes with mortgages 23 percent are worth less than what is owed.

And don’t forget that there are enormous numbers of Americans fighting hunger even though 68 percent of Americans are obese or overweight. Forty four million Americans are getting food stamps.

Meanwhile higher prices for key necessities show that inflation is eating away at quality of life and living standards. Gas prices climbed 52 percent over the past two years, according to the Department of Energy, and are only now decreasing a little as many Americans have cut back on their driving. Food costs are also rising just like health care.

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