Economics & Finance
June Fri 08, 2012
U.S. President Barack Obama climbed into the pulpit to give lessons to the Heads of States of Europe, warning them that the knots in the Eurozone are likely to cause damage to the entire world economy. Here at IlSussidiario we have never been complacent with regard to how institutions and governments of the Old Continent have managed the financial and economic crises that have been afflicting 350 million of their fellow citizens for the last five years. And we have also repeatedly emphasized how the troubles of the Eurozone have effects (negative ones) on a worldwide scale. However, although Europe is governed by leaders who often lack expertise, including technical expertise, before proclaiming himself a professor, Obama should see the old masterpiece of René Clair Le Silence est d’Or. Down in black and white, the official statistics should induce him to be quiet. In fact:
1) In May, 42% of the unemployed in the US looked for work without finding it for more than two years (the highest percentage since the Great Depression).
2) The percentage of the civilian population of working age with work, as an employee or autonomously, is 58%, the lowest level since the Carter Administration.
3) The growth of non-agricultural employment that began in 2009 is at the slowest pace since the Second World War in comparable economic recoveries.
4) The birth rate of new businesses is less than 8%, the slowest since statistics of this nature have been collected and analyzed.
5) Three out of ten young adults, unable to find work, live with their parents, which is the highest rate since the fifties.
6) 54% of graduates under 25 years of age are unemployed or underemployed.
7) 37% of minority youth are out of work, a level reached only at the time of the Great Depression.
8) One in six Americans is considered poor in terms of economic statistics (about 50 million people), the highest percentage in three decades.
9) 45 million Americans, one in every seven residents, lives on food stamps.
10) The percentage of Americans with incomes below minimum taxable income is 49.5%, the highest ever recorded since the federal income tax.
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