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U.S. Economy: Unemployment
- The greatly undervalued underemployment rate, counting part-time workers who want full-time jobs and laid-off workers who have given up their job hunt, will exceed 20% by 2010. (January 4, 2010)
- As local banks continue to fail, mounting unemployment, home foreclosures spiking, with scores of local business struggling to endure, people go into survival mode to meet their basic needs as state and municipal government begin default on their debt obligations. Thus local governments will have greater difficulty providing essential services and maintaining control. As a result public order will begin to gradually deteriorate in some municipalities in several economically hard-hit states. U.S. states projected to default on their debt obligation in 2010 will be:
1. California
2. Michigan
3. Rhode Island
4. Nevada
(January 4, 2010) - Due to ravages of economic contraction there will be over 25 million people unemployed and/or underemployed by 2010, with nearly 50 million people living in poverty and struggling with no health insurance or health care of any kind. (January 4, 2010)
