The Wall Street Journal printed an op ed piece from Mortimer Zuckerman, concerning the real numbers on unemployment. Folks, looking at this article, it's ugly, really, really ugly.
The underlying numbers point towards a continued downward economic spiral. From the underpaid to part-time workers to those suffering from hour cuts, it is clear this recession is showing little signs of letting up despite two, yes, two stimulus packages from the federal government.
Businesses remain in pure retraction mood, looking for survival instead of expansion. The outlook for the near future appears to be more of the same. Even President Obama is now adjusting his statements, declaring unemployment may continue climbing.
What President Obama seems unwilling to acknowledge the stimulus package as noted by Zuckerman, has mostly been used for programs that created nothing. They have funded such things as medicaid and other social programs. Add in the money packaged to the states and what we have is a stimulus that has cost the American taxpayer billions and will eventually result in higher taxes on exactly those needed to solve the recession; the wealthy and business.
Predicting the direction of economies can make a fool of the intelligent. However, all signs are pointing towards rougher waters and that is a scary thought.
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