A terrific multimedia timeline graphic on the rise of unemployment across the country from 2007-2009.
"The worst is yet to come" writes Nouriel Roubini, one economist who saw the trouble coming and about whom Fortune magazine said
In 2005, Roubini said home prices were riding a speculative wave that would soon sink the economy. Back then the professor was called a Cassandra. Now he's a sage.
Unemployed Americans should hunker dow for more job losses.
This is very bad news but we must face facts. Many of the lost jobs are gone forever, including construction jobs, finance jobs and manufacturing jobs. Recent studies suggest that a quarter of U.S. jobs are fully out-sourceable over time to other countries.
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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.
The weakness in labor markets and the sharp fall in labor income ensure a weak recovery of private consumption and an anemic recovery of the economy, and increases the risk of a double dip recession.
Ben Bernake is more circumspect
In remarks to the Economic Club of New York, Bernanke predicted the economy should continue to grow next year, but he warned of "important headwinds," including a weak job market and tight credit for small businesses and households.
Those forces "likely will prevent the expansion from being as robust as we would hope," he said.
So what's an average person to do?
Megan McArdle who blogs on economics for the Atlantic has had her own share of economic travails. Newly engaged, she was surprised to find herself converted by financial guru David Ramsey whose message is simple Lead Us Not Into Debt.
Nonetheless, Ramsey has made a convert out of a secular journalist with one of the pricey M.B.A.s he likes to poke fun at. I have never felt as serenely in control of my finances as I have during these months of knowing that every single dollar is where it is supposed to be: either in the bank, or on a well-chaperoned date with our envelope organizer. The process has been surprisingly painless but, even more surprisingly, pleasant.