The number of people signing up for unemployment last week alone is back up over 600,000. The unemployment rate is up in 48 states, Michigan is now over 14% and Oregon, Rhode Island and South Carolina are over 12%. Many state are past 10% or 11%. The total of continuing claims is down slightly but with the overall rate going up, this means people are using up their eligibility. These people have taken a big and for many an irreversible step toward homelessness.
After 40 years of Presidents screwing with the way the unemployment numbers are calculated these numbers only count about half of those that would be counted if you used the method used in the thirties. If you used that method we would see we are in a Depression. Other tracking indicators of things like trade, manufacturing output and banking activity also track the downward slide at the same rate as 29 and 30.
Two things are masking the situation: social programs that keep the number of people starving in tent camps to a minimum and so far have prevented rioting; the other thing is the massive amounts of goods and oil that we get because of credit from China and just printing money. When this catches up to us, things will change for the worse very quickly and in ways that will shock Americans. I’m serious about those canned goods.