I can’t let yesterday’s release of the weekly jobless claims figure pass without comment. The Labor Department announced that first-time jobless claims rose to 516,000 last week, the worst figure since 9/11 in 2001. That’s an annual rate of almost 18% of the labor force losing their jobs every year, a big jump from the previous week. And all forecasts are that it’s going to get worse.
So add another 516,000 to the list of casualties of the Economic Collision I warned of in Five Short Blasts, the collision between falling per capita consumption and rising productivity, brought on by overcrowding and overpopulation, and accelerated by free trade with grossly overpopulated nations. Anyone not affected yet had better fasten their seat belts!