More People Will Be Unemployed than During the Great Depression

“…total global losses from the coming financial meltdown could

 easily reach $25,000 billion to $30,000 billion.”

Financial Times, June 25, 2008

GEORGE WASHINGTON'S BLOG

SUNDAY, JANUARY 25, 2009

More People Will Be Unemployed than During the Great Depression

In 1930, there were 123 million Americans.

At the height of the Depression in 1933, 24.9% of the total work force or 11,385,000 people, were unemployed.

Will unemployment reach 25% during this current crisis?

I don't know. But the number of people unemployed will be higher than during the Depression.

Specifically, there are currently some 300 million Americans, 154.4 million of whom are in the work force.

Unemployment is expected to exceed 10% by many economists, and Obama "has warned that the unemployment rate will explode to at least 10% in 2009".

10 percent of 154 million is 15 million people out of work - more than during the Great Depression.

More on this topic (What's this?)

Doug Casey: We've Just Begun "The Greater Depression" (Blogging the Commodity Bull Market, 1/13/09)

Wagering on Hard Times (Financial Armageddon, 1/8/09)

recession reflections (The Money Gardener, 1/25/09)

Read more on U.S. Economic Cycles at Wikinvest