(snip)"I like the concept of a "contained depression".
We are certainly in a depression. However, 40 million people on food stamps as of August 2010, masks that depression. The cost of the food stamp program is on schedule to exceed $60 billion in fiscal 2010. For comparison purposes, there was just over 11 million on food stamps in 2005.
Please note there are 14.6 million unemployed, but of them 4.5 million of them are receiving regular unemployment benefits and another 4.7 million are receiving extended benefits [ thanks to repeated congressional re-approvals of extended benefit payments - sic]. Thus 63% of those unemployed are receiving benefits. Being paid while not working also masks the depression.
In addition, there is massive underemployment with 8.5 million working "part time for economic reasons" and another 2.6 million "marginally attached" workers who want a job but are not considered unemployed because they have not looked for 4 weeks. This is "containment" of sorts, as the official numbers mask the depth of the unemployment problem.
Finally, countless millions have not paid their mortgage for months or even a year without being foreclosed on [ thanks to gov't HAMP process mandates - sic]. Free from mortgage expenses but having a place to live certainly makes life a lot easier."(snip)
from
http://globaleconomicanalysis.blogsp...epression.html
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