When you look at the unemployment rate for true unemployment and not for the polished unemployment rate produced by our government
it becomes obvious that unemployment is over 10%. But now, according to the White House, even the government's polished up statistics
show that unemployment will reach double-digit numbers within the next few months.
In an interview with Bloomberg, President Obama did acknowledge this rising unemployment rate saying that he expects the nation to reach
10 percent unemployment sometime this year.
In May the unemployment rate reached a 25-year high of 9.4 percent. The unemployment rate is expected to remain high through
this year and on into next year. Somehow, despite this high unemployment rate and the knowledge that consumer spending accounts
70 percent of the economy, there are still plenty of analysts who expect the recession to end by late summer.
Of course these people are the cheerleading-analysts that dominate the mainstream. If there is one thing we should all have learned about
mainstream analysis from our current depression, it is that it will always favor growth/spending over reality.