Robert Reich: Should We Call It a Depression Yet?

by: Matt Stoller

Fri Dec 05, 2008 at 12:22

1. 1.2 million jobs were lost over the past three months.
   
2. The workweek dropped to 33.5 hours, "the shortest number of hours since the Department of Labor began keeping records on hours worked, back in 1964."
   
3. A substantial number of people are too discouraged to even look for work.

He pegs the actual percentage of people who need work at 11 percent.  I would throw in the prison population of 2 million or so, which gets us to around 12 or 13 percent.

During the nadir of the Great Depression, the unemployment rate was 25 percent.  This is more of a mini-depression than a great one.

A Detailed Analysis of the Economic Meltdown in Cartoon Form

by: Living Liberally

Wed Sep 24, 2008 at 14:15