Telegraph article: Unemployment figures mask UK labour markets grim reality The main thrust of the article is that you can roughly add 50% to the unemployment statistics, because there are even more people who are "part time, but who don't choose to be" than there are "officially" unemployed. That is a Depression-era level of unemployment.
My take is that things are worse even than that. I for one am working part time and don't choose to, but I am on nobody's statistics. There will be a LOT of people the same as me.
Sadly, I can see things getting worse still from here, before they get better. This will come to be referred to as the Greater Depression when people read about the story of now in their history books (in certain circles the unfolding situation has already been termed that for some years). Probably few people in the coming decades will bother to read this section of their history books though, much as we all spent little time thinking about the Great Depression until we could see one of our own coming right at us recently, until about 80 years or so time -- when it is time for them also to experience their own Greater Still Depression.
It's just time. If your interest is piqued by this statement I make here, you will find the book The Fourth Turning is thought-provoking reading for your library list.
Thursday, 18 February 2010
The Greater Depression
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