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State of the union – unemployment, foreclosures, trade deficit, & the uninsured

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As promised, we will continue to look at the economic and employment realities of 2010. Only when we fully understand the breadth of our current state of the American union, can we begin to understand the depth of our economic and employment crisis, and the urgency for major sociological and economical revolution and reconstruction in the USA and the world.

Unemployment in the USA remains at 9.6 % and underemployment at 18.6%. Gallup classifies American workers as 'underemployed' if they are either unemployed or working part time but wanting full-time work.

In August, lenders took back more homes than in any month since the beginning of the U.S mortgage crisis. Across America, banks repossessed 95,364 properties, up 25% from August 2009.

On Thursday of this week, the Commerce Department declared that the broadest measure of the U.S. trade deficit widened for the fourth quarter in a row, growing to $123.3 billion in the last quarter, which was a 12.9% increase from the first quarter of 2010.

Lastly, the number of Americans without health insurance has increased to 50.7 million, or 16.7% of the population. Rising health costs combined with many workers losing their jobs, companies discontinuing employee health benefits to cut their costs, and families living without coverage to cut their costs all have contributed to this increase of the uninsured.

All of these key indicators reveal to us further evidence that we are in deeper trouble than the political rhetoric recognizes. Every good physician and every good psychologist would agree that we must realize and admit that we are sick before we are willing to seek for and accept a cure. Maybe it’s time for our government leaders to realize the same. Those who continue to declare that they see some light at the end of this economic and unemployment tunnel haven’t yet realized that it’s a train.

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