May 2, 2011
Meanwhile, Back in the Homeland
Economic Terror Wins the Day: We're in a Depression
By MIKE WHITNEY, Counterpunch
On Thursday, Gallup reported that “More than half of Americans say the U.S. economy is in a recession or a depression despite official data that show a moderate recovery…..The April 20-23 Gallup survey… found that only 27 percent said the economy is growing. 29 per cent said the economy is in a depression and 26 per cent said it is in a recession, with another 16 per cent saying it is “slowing down,” Gallup said.”
55 percent of Americans believe we are in a depression or a recession a full 5 years after the housing bubble burst (2006) and 3 years after Lehman Brothers collapsed. (2008) Gallup's findings jibe with other surveys that indicate growing desperation among the public. For example, Globescan found that a large number of Americans have given up on free-market capitalism altogether, while other polls show dwindling confidence in government institutions, the Federal Reserve, the Congress, the judicial system and the media.
. . . . . . .
Do you have any idea how bad unemployment really is? Take a look at this from Calculated Risk:
“There are currently 130,738 million payroll jobs in the U.S. (as of March 2011). There were 130,781 million payroll jobs in January 2000. So that is over eleven years with no increase in total payroll jobs.
“And the median household income in constant dollars was $49,777 in 2009. That is barely above the $49,309 in 1997, and below the $51,100 in 1998……
