Year | Unemployment rate |
---|---|
1923-29 |
3.3 |
1930 |
8.9 |
1931 |
15.9 |
1932 |
23.6 |
1933 |
24.9 |
1934 |
21.7 |
1935 |
20.1 |
1936 |
17.0 |
1937 |
14.3 |
1938 |
19.0 |
1939 |
17.2 |
1940 |
14.6 |
1941 |
9.9 |
1942 |
4.7 |
And a nuclear world war will not do for Obama what WWII did for Roosevelt in 1941.
Looks like we’re close to the ‘30 level. Hopefully it won’t take another 10-11 years to get back to “normal”.
The actual unemployment rate at present is 13.9%, as measured by the U-6, Bureau of Labor statistics—this was the measure used during the Depression. It includes everyone in the official unemployment rate plus ‘marginally attached workers,’ who are neither working nor looking for work but say they want a job and have looked for work recently, and people who are employed part-time for economic reasons they want and are available for full-time work but took a part-time schedule because thats all they could get. We could get to 33% unemployment under this definition in a hurry. I just pray that the unintended consequences of the pig trough spendulus package won’t be as severe as they look to be.