1 in 10 Americans Unemployed

by Leigh Graham · 2009-11-06 06:48:00 UTC
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Building Trades Unemployment Rally 10% unemployment is here. The worst unemployment rate since 1983; for those of you who weren't in elementary school then - how does this recession match up in your mind to that one? Given the rising cost of living compared to the declining value of wages over the last two decades, how are households getting by in this bleak reality relative to 26 years ago? Will Obama and Congress get us out of this mess?

More than 7M Americans have lost their jobs in the last two years, and remember, official unemployment rates only count people actively looking for work. The # of people out of the workforce through no fault of their own is likely much higher - they've given up looking for work at this point.

Should we rejoice that layoffs are happening more slowly? Education and health services are actually adding jobs, and government employment is stable - stimulus funds are likely contributing to this. But even government programs can't prop up the construction industry, as our anemic real estate markets cancel out the need for construction work.

Scarecrow at FDL says we have a "moral imperative" to get the unemployment rate down as soon as possible, and that we need another stimulus package passed by the holidays. I am someone who thinks that even after recklessly spending so much on Iraq and tax cuts under Bush, spending heavily on stimulus and public works initiatives (if designed well) is absolutely essential. My and future generations are already heavily leveraged - at least let's be so for good reason with positive long-term prospects. What do you think?

My thoughts go out to all those out of work struggling to get by. My thoughts also go out to the loved ones of those who lost their lives at Fort Hood yesterday. What a horrible, horrible tragedy.

(Photo "Building Trades Unemployment Insurance Rally" by aflcio2008)

Leigh Graham
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