October 13, 2010
On the Right Track?
When discussing the American economy during his recent swing through Iowa, President Obama said, "We are on the right path. We're on the right track." Not impressed with the president's assurances, Goldman Sachs is advising its clients that the economy is likely to be "fairly bad" or "very bad" over the next six to nine months. Looking at the data, one can only wonder whether that assessment is not too optimistic.Consider this.According to Gallup, unemployment stood at 10.1 percent in September. Among Americans aged 18 to 29, the figure was nearly 14 percent.Noted Bloomberg, "The jobless rate would have equalled or exceeded 9.5 percent for 14 consecutive months, surpassing the 13-month period from mid 1982 to mid 1983 as the longest span of elevated joblessness since monthly records began in 1948."Underemployment -- which includes those who would like to work full-time but can find only part-time work -- is at a staggering 18.8 percent.Last...(Read Full Article)