So, you think that 9.5% June unemployment is bad? In today’s Wall Street Journal, US News and World Report editor-in-chief Mortimer Zuckerman makes the case that we are in a second Great Depression:
The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion
He also includes 10 items that back that up, as well as what happened to the Porkulus.
