US Depression confirmed by Payrolls Decline – depression from underemployment not unemployment
Bernie Snyder
Feb. 1, 2008

Still Federal Reserve do not get it. It is not the time for classical economics. The US depression is the result of underemployment and not just unemployment. The definition of underemployment is as follows. The economy has close to full employed but a massive number of people earn less than they need to sustain a moderate living.

Underemployment started in 1980s. It is the direct result of Regan’s supply side economics. Jobs are exported, productivity increased, and tax cut for the rich to make the rich richer and squeeze the middle class into poverty. Commodity inflation and sectors of hyperinflation like healthcare, higher education, energy cost and so on have created a deficit between what people make and what they need minimally to sustain a modest living.

The underemployment is a word that plagued the developing world for decades. That is people from China and India flock to western nations to escape poverty and lack of opportunity. American economy faces the same.

America now has two tier parallel economy. One is for the rich that is prospering. The second is that of the middle class that is suffering. The small businesses are struggling to make both end meet. The large corporations enjoy market dominance and survive with world’s worst inefficiencies.

The payroll decline of 17000 confirms the problems among small businesses. The underemployment now is accompanies by unemployment to cause negative growth.

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