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"The unemployment rate is a huge lie."

We all agree on that point and we all agree the Won has made the situation worse. Just for the sake of argument though, will America ever see full employment under any future President, regardless of party? Will high tech and productivity gains, plus free trade and the transfer of technology make eight (or sixteen--pick your number) percent unemployment seem like good times in the future? Short of a world war, is there any way out of the new normal?

Short of a world war, is there any way out of the new normal?

This has actually been going on for a lot longer than just under Obozo.
Think about the big cities around you... when was the last time you saw them put up a new factory, major manufacturing operation, etc.?
For most cities, those were buildings that got turned into lofts or gutted.

That began in the 60's-70's - it takes a long time for it all to go away.

We would need to radically re-wire our society, especially the rules for the economy, regulation and unionization, not to mention our education system.

I am not sure if it can be done.
We are probably heading for hyperinflation and war - history has given us plenty of precedents - 900 or so years worth. Obama has only put us on the fast track to the endgame.

Great book on the subject:

A President who departs from this path as radically as Thatcher did in the UK, yes. Of course, weak kneed Tories and aggressive socialists can ruin it all, but it can be done.