January 25, 2012

SPENGLER: Forget about Economic Recovery: Obama Is Toast. “People are hurting, and badly. The official unemployment rate may have fallen, slightly, but the real unemployment rate — the number of working-age Americans who aren’t working — rose from about 12% before the 2008 crisis, to about 23%, and hasn’t come down. That includes people who have retired early because they can’t find work, spouses who used to earn a second income but have gone back to homemaking because work isn’t available, self-employed people whose businesses have collapsed, young people who live in their parents’ basement because they can’t afford tuition and can’t find work. . . . Roughly one out of eight Americans who presumably want to work, and were working before 2007, can’t find work today.”