Despite Paul Krugman's column today (12/28/09), no one needs to be reminded that the decade now ending was an economic disaster. But you have got to read this from today's msnbc if you really want to get depressed.
In short, it says that unemployment will stay high for most of the NEXT ten years!
Citing "most economists," the article says that unemployment won't get back down to 5.5% until 2015 at best, and will average 8% through the decade. There is no "next big thing" to boost the economy, the hole we're currently in is very deep, productivity growth is soaring, and the Boomers can't afford to retire - squeezing the younger generations out of the job market.
As a result, wages will continue to stagnate. But don't worry if people won't be able to afford to buy anything... because they won't be making anything.
Just remember Henry Ford's greatest contribution to the world, and it wasn't the assembly line. It was the $5 wage. And why did he do it? So his employees could afford the cars they were making!
That was then. This is now.
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