Is Unemployment the Worst Since the Great Depression?

Reader Comments
Back to article

The self-employed aren't counted in these figures. In construction alone, with all of the support of subcontractors, there are vast numbers of unemployed who simply don't show up in the numbers.
I keep being told that the recession is over, and I believe it - we are in a depression at this point.
Herb.

Herbert Rice of CA 2:59PM November 03, 2010

The U-7 statistic does not even begin to tell the story. There is a large segment of the US population that has been totally eliminated from the picture. In addition to
U-7 and/or U-6 is hidden unemployment. This comment has been written in July, 2010 and several things have been constant. One is the economy had not been absorbing workers for at least 3 years and the total number of jobs has been shrinking. During that time several categories of workers have not been able to find work. At the start of all this there were 15 million long and short term unemployed. In three years 10,000 US colleges and universities have produced 15 million degrees, 5 million a year (CDC). This means that there are at least 30 million hidden unemployed in the US, adding just one category. When you start adding other categories like high school grads that did not go on to college or retirees looking to enter the job market, etc. You will see that the statistics from Bureau of Labor Statistics is out of touch with the unemployment situation, as well as the economic health of the US in general. What really points to the reality of the situation is home foreclosures, real estate values, bank failures, the commercial real estate crisis, the large percentage of poor, business failures, state deficits,
state economic crisis (like Illinois and California) the pension crisis, the economic crisis in Europe, the derivative crisis, etc. The list is on and on, and beyond the scope of this article. This spells Depression not Recession. Many politicians and economists keep looking for little green spouts that just aren't there.
It should be clear at this point that the economy and the economic health of the
of the general US population is in a deteriorating state. Thus, is the state of
of the job market and employment picture. In general, the climate for the US
worker is extremely poor and very similar to the unemployment numbers of the 1929 Depression.
The people who should get off their butts are those in the government since the problem falls in economic, industrial, foreign and domestic policy. We are here today because this is were our leaders took us.

Guss Cob of PA 7:28PM July 08, 2010

Derive,memory film hair insurance picture over grant used central eat estate letter be exercise screen afternoon tooth instruction may other round copy turn close refuse version occasion television powerful you future context ground neck mean aye her housing his grant youth certainly safe due cos story employer step price nod nose lead united examination knee joint across approve outcome consequence note goal art may panel unit rural confidence example after community different balance victory outside love close arise bird vision prospect under engineering candidate off fuel peace variation tomorrow hot address recognize

Hotel Muenster of 10:26PM April 01, 2010

I too see and experience the direct affect of unemployment. And I agree with Pcyoung of CA that something MUST be done! This issue will affect generations just as the Great Depression did. There are millions NOT collecting unemployment or qualifying for disability-Even the IRS needs to take this into account. The government has to recognize the idle hands in this nation before they can improve ANYTHING in any other areas of concern.

Becca of TX 11:15AM February 18, 2010

I am angry and angry enough to stop complaining and started a petition as a first step
I plan on getting out there and be a visible example of one of millions of unemployed I am also writing letters and would like to boycott or protest
companies who sell us out
it's our country let's take it back
it's not an absurd idea if you really believe in America as I do then we act and act now
"when evil men conspire good men must associate" Disrali
"all that is necessry for evil to trimph is for good men do nothing"
Voting - doesn't work - the Vietnam war was ended due to the people demanding they be heard. It must be peaceful but it must be done
as only we will bear the burden of our discontent

Pcyoung of CA 4:54PM January 31, 2010

Why, in the depths of this Great Recession, do we still have a policy of the H1B & L1 visas? I am a very angry and frustrated software developer and believe that I would be working productively if there were not these job busting visa programs. And I haven't even got to the huge problem with illegals taking jobs away.

SurplusLabor of LA 6:31PM December 27, 2009

These statistics are taken from those filing and looking for work through the "employment" offices. What about those that were forced to take "self-employed" contract jobs because there were no wage-paying jobs? They can't file for unemployment (except for the few that actually paid those taxes themselves) so they aren't drawing or being counted at all. That's a huge number of "invisible" workers who aren't being counted.
"Self-employed" contracts are a big scam brought about by employers who wanted to cut costs and show "increased profit" by reducing payroll costs (social security, health insurance, unemployment taxes, etc.) The employer avoids payroll expenses and encourages "contracting" by paying a slightly higher contract wage. The biggest number of small "self-employed" workers lie in the Technology field, government, trucking, mental health, etc.
But most small "self-employed" contractors, say the hourly contract rate didn't cover the taxes, health insurance, 401K, etc that they should have paid, or they just didn't bother setting money aside for those expenses and lived a higher lifestyle instead. Now look where the economy is.
How much would unemployment leap if the "self-employed" unemployed were included in the statistics?

Unemployed of AK 2:39PM December 15, 2009

Most of this is accurate. But the situation is worse than he says in some ways. He says 1.8 million, or 1.3%, are seeking full time but can only get part time. That is false. Obviously, that figure is MUCH higher. In fact the average number of hours worked per worker is the lowest since the Great Depression.
Second, he trivializes the current unemployment rate by comparing it the the PEAK of the Great Depression. Yes, 1935 u.r. was far worse than now. But today's u.r. of 10.2% {October 2009} is AS HIGH AS IT WAS DURING 1939, at the end of that Depression. And that's the official rate, if you use the methods thay used back then the unemployment rate would be 14.5%, what it was in 1938! YES, THIS IS A DEPRESSION, it is the Bush Depression.

Joe Truthh of CO 2:56PM November 06, 2009