MSM Finally Uses The D Word - Depression

Now, as a Real Heavy Politics reader - you have already seen RHP use that word to describe the situation in various income levels http://realheavypolitics.blogspot.com/2010/06/is-great-recession-actually-depression.html - something the media will never do outloud. But, now, even the NYTimes is starting to allow the viewpoint to make it to print - lord help us now - http://www.nytimes.com/2010/06/28/opinion/28krugman.html

You mean we can't afford the military?


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Is The Great Recession Actually A Depression?

Click tables for large view!

U.S. Unemployment Varies Significantly Based on Income Levels


The one word our worthless mouthpiece for the government media doesn't use to describe the current `new normal'; ie: `the jobless recovery' - is DEPRESSION. But, what do you call unemployment and underemployment rates of 28-50% for certain segments of our society? Is there a reason you find this data on a blog in the far corner of the blogosphere - and - not on your hometown front page; or, as the lead story in your worthless local TV news?

Could it be that the story of `haves' and `have-nots' doesn't make a good lead in to the commercial break?

Here's some additional findings of this study:
The total number of unemployed and underemployed has doubled in the last two years


Four year collage graduates, many managers, government employees, professionals are well protected from job losses

Blue-collar workers particularly in the construction sector, teenagers and black men have higher unemployment rates

From the chart above, we can infer that workers in the top two deciles have unemployment rates of just 4.0% and 3.2%

Workers in the lowest decile - those earning $12,499 or less - faced a Great Depression era unemployment rate of about 31% and the second lowest declie had an unemployment rate of about 20%

Both unemployment and underemployment rates increase dramatically from high income to low income levels

The study above clearly shows that lower-income Americans are affected greatly by the current recession while people at the top of the pyramid have almost negligible unemployment rates.

http://seekingalpha.com/article/189739-u-s-unemployment-varies-significantly-based-on-income-levels

Will Media Cheerleading Of Economy Continue With `Depression' Level Unemployment?

As a regular listener to CNBC and user of their website - and - a regular user of the cable newschannels -- it's strange to consider the continuing language they use concerning the economy -- specifically, the term `green roots'. To the common man in America, that term implies `an improvement' or a sign of better things happening. This in an economy and government that is often borrowing nearly 100 billion a MONTH - just to keep the whole ball rolling at all.

Cheerleading the economy with a backdrop of Michigan's official unemployment rate now exceeding 15% -- the first state since West Virginia in the mid 1980's. Cheerleading the economy with a backdrop of 15 states with an unemployment exceeding 10% - and with 38 states showing increases in unemployment last month. Cheerleading the economy while knowing that certain counties in California have unemployment nearing 20% and one county, Imperial, OFFICIALLY at over 27% unemployed.

Cheerleading the economy while the `official' U-6 - government unemployment figure exceeds 16% - (this includes the those underemployed and those who have given up looking) and in Michigan the number is now over 22%. Cheerleading the stock market rally, while knowing the biggest rallies that ever happened before happened in the Great Depression. Cheerleading the economy while knowing that the `wealth destruction' in this downturn - The Great Recession - is unmatched by any recent `recession'; indeed, palling in comparison.

Finally, cheerleading the economy while knowing that much of the `stimulus money' - isn't spent - and what is appears to be wasted or inefficient in it's allocation. And, lastly - cheerleading the economy while knowing that the `stimulus money' `saved' state and even local government jobs - such as teachers and firemen - and knowing that they will be lost jobs within a year without MORE `stimulus'.

Here's some links used in putting this post together:

http://www.appeal-democrat.com/news/percent-84524-county-unemployment.html Proof of 27% official unemployment in a California county.

http://www.google.com/hostednews/ap/article/ALeqM5iG41E9cl-hj1iLR6_ln6q-z8FY4QD99GEABO4 Proof of Michigan's official soft unemployment over 22%.

http://blogs.wsj.com/economics/2009/07/02/broader-unemployment-rate-hit-165-in-june/ Proof of U-6 unemployment in USA now over 16%.

http://online.wsj.com/article/SB123836938251967565.html "How a Modern Depression Might Look -- If the U.S. Gets There"

http://en.wikipedia.org/wiki/Depression_(economics)

http://baselinescenario.com/2009/01/15/intrade-market-betting-depression/ 56% betting ON a depression based on this definition. Real betting.

Today's Fun Link: (just hit the red x for a cool picture)
http://drewt333.deviantart.com/art/Undead-and-In-Love-70233797