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The Shocking Reality: This Chart Shows Just How Bad Unemployment Is Today Compared to The Great Depression
The Shocking Reality: This Chart Shows Just How Bad Unemployment Is Today Compared to The Great Depression
(Desperate Americans stand in soup kitchen lines and look for work. Circa 1929)
While the Obama administration and their mainstream surrogates maintain that the economy is growing at a booming pace, the reality of the situation is starkly different.
According to a report from the Bureau of Labor Statistics some 94.6 million Americans (age 16 and over) are either not working or have made no effort to find a job. With a population of 320 million, that means nearly one in three people in the United States are currently out of work.
The Bureau of Labor Statistics reports that a record 94,610,000 people (ages 16 and over) were not in the labor force in September. In other words they were neither employed nor had made specific efforts to find work in the prior four weeks.
The number of individuals out of the work force last month — due to discouragement, retirement or otherwise — represented a substantial 579,000 person increase over the most recent record, hit in August, of 94,031,000 people out of the workforce.
Curiously, the official unemployment rate remained unchanged at 5.1%, suggesting that some 95% of people actually have jobs.
But as we’ve repeatedly pointed out, that number has been completely skewed over the last two decades as it fails to account for people who have stopped looking for work (because there are no actual jobs available).
According to John Williams of Shadow Stats, if we were to calculate unemployment using the same metrics as we did during the 1930’s, or even the 1980’s, we’d already be in Great Depression territory. Williams, who utilizes a reporting methodology that accounts for “long-term discouraged workers who were defined out of official existence in 1994,” notes that the real unemployment rate is rapidly approaching 25%.
Now compare the above chart to similar measurements from the 1930’s and you’ll see just how bad things really are:
(via Casey Research)
…click on the above link to read the rest of the article…
Should Texas Secede? Texans May Have Ballot Question to “Reassert Its Status As Independent Nation”
Should Texas Secede? Texans May Have Ballot Question to “Reassert Its Status As Independent Nation”
The question of secession on a ballot it is a one. Secession might make a powerful statement to voice defiance government tyranny, but it could also set off sparks.
Now, it appears that the biggest and most independent-minded state in the union might test that question. What happens after that is anyone’s guess.
Regardless, the possibility shows the pulse of the nation:
Texans May Have Secession Question on Republican Primary Ballot
by Joshua Krause at the Daily Sheeple
Aside from voting for whatever politician happens to be the flavor of the month, the Republican voters of Texas may have an additional question to answer for when Super Tuesday arrives next year. If the Texas Nationalist Movement has its way, then the Republican primary ballot may have to ask voters to decide whether or not they think “the state of Texas should reassert its status as an independent nation” and secede from the United States
Much to the chagrin of the Republican party, the Texas independence group is currently gathering signatures for a petition that would place their non-binding question on the ballot. According to the Texas Secretary of State, they will need at least 66,894 signatures, though the organization is shooting for 75,000.
Historically, the Republican Party would have the final say on what goes on their ballot, and they’ve tried to distance themselves from the Texas Nationalist Movement in the past. If the petition succeeds, it would be the first time that an outside group has their referendum placed on the Republican ballot. The group’s president hopes that the vote will get state legislators to take the issue seriously. “Texas and Washington, D.C. are on very different paths, and the people of Texas obviously recognize that…The Texas Nationalist Movement message has been one not of reaction to grievance but one of a future we can build as an independent nation.”
…click on the above link to read the rest of the article…
The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit”
The Massive Debt Bomb is Going to Explode: “We Are Reaching a Limit”
Debt now defines us.
Personal and household debt is at unprecedented historical levels. Many Americans are stretched many times past their limit with no hope of getting out of the black.Student loan debt is its own huge bubble, waiting to burst, and perhaps big enough to trigger another crisis in its own right. Dozens of states and cities are on the verge of default, as are places like Puerto Rico.
Then there’s federal government debt. The next round of drama in the debt ceiling charade is coming up this fall. Partisan politics will be showcased, and programs targeted for cuts, before Congress once again rubber stamps putting the country into further rounds of endless debt. The Fiscal Times reports:
In July, Lew warned Congress that the government’s use of “extraordinary measures” to continue to finance the government on a temporary basis without breaching the current $18.1 trillion debt ceiling would last through Oct. 30.
Fears of provoking yet another debt ceiling crisis that would threaten a first-ever default on U.S. borrowing have hung over Washington for months.
The American people will never escape this debt, and it may even cause another government shutdown/showdown.
How bad will it really get? What will happen if individuals and governments just can’t make payments?
Will America ever be like Greece, Argentina or other unfortunate nations?
USA Watchdog’s Greg Hunter speaks with David Morgan of Silver-Investor.com about the impact of the massive debt bomb looming over all our heads:
The main problem America and the world has is what Morgan calls “the debt bomb.” He says the debt is at the center of the black hole of our problems. Morgan explains, “We are reaching a limit. All systems reach a limit. No tree grows to the sky.”
…click on the above link to read the rest of the article…
“Everyone Preparing for the Wrong Outcome”: Schiff Says QE4 is Coming, Not a Rate Hike!
“Everyone Preparing for the Wrong Outcome”: Schiff Says QE4 is Coming, Not a Rate Hike!
The printing presses are firing up all over again… err, at least the digital ledgers are, anyway.
Financial expert and infamous goldbug Peter Schiff was interviewed by Fox Business from the floor of the U.S. Stock Exchange.
Schiff warned viewers that “everyone is preparing for the wrong outcome with the U.S. economy.”
That outcome? The financial world has been waiting with feverish anticipation for “the big day” when the Federal Reserve finally raises interest rates – a quiet move big enough to shift economic tectonic plates.
But contrary to conventional wisdom about when the Federal Reserve will raise interest rates, and thus turn the page on a new era of the economy, Schiff says they can’t and won’t raise rates anytime soon – though they should have several years ago.
It didn’t happen months ago when many expected it. It won’t happen now in September, and likely not for a long time.
Why?
Because the Federal Reserve can’t raise rates without collapsing the bubble economy.
“I was saying they weren’t going to raise rates. Not because they shouldn’t, but because they can’t, because they will prick this bubble economy that they worked so hard to inflate,” Peter Schiff told Fox Business.
Instead of letting certain markets fail as they should have, they were propped up by the Fed. And these zombie banks and businesses have been sucking life out of the real economy – at great expense to average people.
“The economy has never been good. We’ve really been in a recession, I think, for the entirety of the recovery. I think the policies that the Federal Reserve has used to prop up the stock market and the real estate market have hurt the real economy. That’s why things are actually getting worse. But on Wall Street, yeah, things look good. But if the Fed takes away those monetary supports, we’re going to be in a bear market. We’re going to be in a deeper recession. We’re going to resume the financial crisis that was interrupted by this monetary policy.”
