Sunday, January 11, 2009

Nice to see someone admit...

...that they're fudging the numbers.

Great Depression jobs parallel may not be far flung
Thu Jan 8, 2009 9:37pm EST
By Pedro Nicolaci da Costa

NEW YORK (Reuters) - When economists tell us the current U.S. slump could never turn into another Great Depression, they all point to one thing: one of four Americans was out of work in the 1930s.

But since the definition of joblessness has changed over the years, this expert assessment might be too rosy...

...Figures collected for Reuters by John Williams, from the electronic newsletter, suggest that, while we are not there yet, the comparison is not as outlandish as it might initially seem.

By his count, if unemployment were still tallied the way it was in the 1930s, today's jobless rate would be closer to 16.5 percent -- more than double the stated rate.

"I expect that unemployment in the current downturn, which will be particularly deep and protracted, eventually will rival, if not top, the 25 percent seen in the Great Depression," Williams said...

So they lopped off 10%? Who noticed? Well, we did. But to them, the few who did notice are far outnumbered by the complacent masses who didn't notice - and who, if they did notice, would not really understand just how much globalization contributed to that number. They like it when the masses are not riled up. If they were, the people might, you know, start giving all their business to local and regional companies instead of the multinational conglomerates who grease Congress' palms. Can't have that, now can we?

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