The Unemployment and Jobless Recovery Myth – California Average Underemployment Rate for 2009 at 21 Percent. The Middle Class Destruction through Unemployment Corporate Jargon.

The Unemployment and Jobless Recovery Myth – California Average Underemployment Rate for 2009 at 21 Percent. The Middle Class Destruction through Unemployment Corporate Jargon.
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It is amazing that we even have to debate the issue of employment. Our economy cannot function and provide the middle class a thriving environment without jobs. This should be obvious yet the Wall Street crowd is feeling comfortable even though the public is still dealing with double-digit unemployment (we’ve lost jobs for 24 straight months and would have to go back to the Great Depression to find a similar streak). In fact, the largest state economy in our nation that of California with an economy of over $1.8 trillion managed to average out an underemployment rate of 21.1 percent for all of 2009:

Source: BLS

This chart is downright troubling. Who would have thought that Michigan and California would lead the way in 2009 with underemployment rates over 21 percent? Michigan has had issues for many years and their economy pulls in a GDP of $380 billion. But California being the biggest economic state in our country with a GDP of $1.8 trillion should make you pause before you think we are somehow in recovery mode. And from the looks of it, California with their historical housing bubble looks to have years of financial trouble to work through. These issues are large and we haven’t even begun examining their state budget issues that are projected to come in at $21 billion.

Having a job is the cornerstone of our economy and also our vibrant middle class. This has been the case for multiple decades and actually has been part of our identity since the disastrous years of the Great Depression. Having a job is a pact with our country and Wall Street has taken this for granted in the last thirty years. Slowly we moved from an economy that valued work to a casino like economy that funneled money into Wall Street and whatever demand came after the spending of the corporatocracy was given as crumbs to the public. ...