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(pss, 30 October 2010 14:
First of all it is accepted that unemployment figures issued by your Department of Labor is held, shall I say, in some doubt by the financial sector of your country because they are so watered down that its laughable. I have explained numerous times on this forum of how government’s hide the actual figures by separating people on social security into various programs thus not showing them as unemployed. All western countries used this same formula.
Read the New York Post 30/10/10 by John Crudele.
Austan Goolsbee from the University of Chicago wrote an op-ed piece for The New York Times criticizing a Labor Department announcement about job growth the month before. And he attacked the idea that the country had just experienced nothing more than a mild recession.
"Unfortunately, underreporting unemployment has served the interest of both political parties," wrote Goolsbee. "The situation has grown so dire, though, that we can't tell whether the job market is recovering."
Some of your academics say that the real level is anywhere between 22% and 32%. Your total workforce is about 160 million.
The US GDP is based on many indicators, but I’ll use only one. The toxic loan business had shown that assets such as houses were highly over valued and prior to the crash homes selling in Las Vegas for $1,000 000 but were on the market for $100 000 after the big fall. Florida is another example of where the crash has devastated the housing industry – it even worse than Las Vegas. So if the value of homes fall then it affects the GDP. The only reason the US dollar is not on par with the Albanian lek is because China refuses to allow its currency to float.
If you are interested in buying some of these houses there are plenty of people that organize tours of bank repossessed homes in the US – in fact they come from as far as Australia.
“536,000 applications for unemployment in Sept” came from your valued Government not my figures. So you see these are not idle rantings, and I would not believe too much of what your government tells you – they tend to tell whoppers to cover their backside and can you imagine what would happen on the NY stock exchange if the US announced an unemployment rate of say 23%? Kaos would be putting it mildly.
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