The Economy: We are So Screwed

I've Moved! The Boomer Chronicles has closed after 6 years, but you can keep up with me on my new blog at

This morning I read a piece by Nouriel Roubini, professor of economics at the Stern School of Business at New York University, that was astounding. If you think the economy is going to turn around anytime soon, you are mistaken. Above, I’ve linked to Roubini’s entire piece and I recommend you read it. In the meantime, here are a few highlights:

…We can expect that job losses will continue until the end of 2010 at the earliest.

While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.

…If you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down…. The jobs just are not coming back.

Based on my best judgment, it is most likely that the unemployment rate will peak close to 11% and will remain at a very high level for two years or more.

6 Responses to “The Economy: We are So Screwed”

  1. Brian Says:

    But, hey, all the guys at Goldman Sachs got big fat bonuses AND flu shots, so I guess it’s all good, right? RIGHT???

  2. Linda Says:

    Totally screwed from the sounds of it. I am SO thankful to have a job with good security and no chance of a layoff!

  3. Rhea Says:

    Linda, no chance of a layoff? Wow. That is a special job.

  4. Douglas Says:

    Everything we have been told since November of 2008 has been wrong or an outright lie. The stimulus package? Bogus. Bailout of GM? Bogus. I don’t want to say that the country voted for the wrong guy because McCain would have been no better. We needed to bite the bullet, not bail out those that should have been allowed to fail. I am not worried about my job because I am retired. I am not worried about my pension fund because it is one of the few that are truly protected and has more assets than liabilities. But I worry about my son and about my grandchildren.

    My life is good. At least for now. And I have good health. At least for now. But I am living one day at a time.

  5. morrison Says:

    McCain would not have brought us to socialism. McCain would have known what to do about Afghanistan, Fort Hood, the terrorist trials in NYC, the apology tours, the bowing-down-to-your-knees tours and I can go on and on, ad nauseum. McCain also wouldn’t be squeezing the elderly, taking from the rich to give to the poor nor re-distributing the wealth.

    Realistically, we can’t truly know what McCain would be doing, but we sure as hell know what Obama is doing. To say Obama is a disappointment, is a grave understatement.

    In the 1st 100 days of FDR, he put 350,000 men to actual work with the CCC and other work programs. Have you taken a look at Obama’s transparent website? Riddled with lies and inaccuracies, as per ABC news.

    Nope, it ain’t gonna get get much better. Roubini may have predicted our future but no one is telling us what we can do to prepare for the worse. America has exported all her top paying jobs to China & India while having open borders that has been letting in illegal aliens to work at all the remaining low paying jobs (thanks to NAFTA and other work treaties).

    America is a joke. My own prediction is a 100% collapse and bankruptcy, just like Russia. Pirogies, anyone?

  6. Diana Says:

    I love the use of “discouraged workers’ you become a discouraged workers when your unemployment insure runs out. Even though you are still looking for a job in a market that has no jobs, they automatically label you as a dropout from the labor market. You are no long considered to be dissevering to be called unemployed.

    As for the economic recovery, I am very pessimistic. As long as we are in the “Global Economy”, I see our jobs being shipped to third world countries and our standard of living decreasing. I see the U.S. becoming a service economy and you cannot have any growth when you have to import all your manufactured goods and you have nothing to trade in return.

    I’m glad that I am retired, I pity the younger generations that they have to see their jobs being shipped overseas.

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