Thursday, September 24, 2009

Unemployment at 20%?

It is according to Paul Craig Roberts: If measured according to the methodology used when I was Assistant Secretary of the Treasury, the unemployment rate today in the US is above 20%. Moreover, there is no obvious way of reducing it. There are no factories, with work forces temporarily laid off by high interest rates, waiting for a lower interest rate policy to call their workforces back into production.

Read all of his article to find out why other economic measurements such as the inflation rate have become mere fictions since the 1990's.

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