December 17, 2009
AOL’s job site reports the following:
Nearly one out of two workers in Detroit are unemployed, according to a report by The Detroit News. It’s a figure far higher than the government’s official figure, which is still close to a staggering 30 percent.
But the newspaper says that rate doesn’t take everything into account. For every person who is still looking and collecting unemployment, there are scores of others who have had benefits run out, accepted a part-time position, taken early retirement or a job outside of their regular field.
This is higher than the unemployment during the Great Depression. In 1931, the official unemployment rate was 24.9%. It took a world war to bring it down to 4.7%.
Will it take another war to bring the unemployment rate down again?