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Unemployment is stuck over 9%, with unemployment among African-Americans, Hispanics, and teenagers at depression double digit levels for at least two years now.
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That uncertainty is why I weigh the potential benefits to the potential price, just in case things like high unemployment temper the inflationary pressures everyone is so sure of, or, just in case we go through a double dip or even a depression.
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Unemployment will soar back into double digits, breaking the post depression record of 10.8%.
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And some people may sincerely believe we are indeed in a double-dip or even a Depression.
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It didn't help that we were smack in the middle of the Depression and Prohibition. (Talk about a double whammy-first, you lose your job, then you can't even get a drink.) I remember a lot of potato soup at home, along with canned peas, canned pears, canned everything.
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The unemployment rate for blacks was still well into double digits at 13.8%, for Hispanics still nearly double digits at 9.7%, for teenagers, continued depression at 23.4%, for black teenagers, a genocidal 37.8%.
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There are many possible scenarios, including a continued gradual recovery, a double-dip recession, a Japanese-style stagflation, or a genuine depression.
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