10 Reasons the Economy Will NOT Recover in 2010
Michael Shulman, October 16, 2009
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#2 The Jobless Recovery
The pundits on CNBC get all giggly when we lose "only" 550,000 jobs -- a true sign of the times. Uber analyst Meredith Whitney, one of the few people on Wall Street who has been worth listening to during the past three years, is forecasting 13% unemployment in 2010 or 2011.
Officially, unemployment currently stands at 9.8%. But if you add in part-time workers wanting more work and the people who are so discouraged they have stopped looking, the number is a shocking 20%.
Unemployment puts pressure on wages (which are stagnant) and hours worked (which are decreasing). This all adds up to falling national income, which means …
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