From Darwin K. Hoop:
The lower 90% have been living through a depression since 1999. I’ve seen deep-dive studies that suggest the true unemployment rate is about 40%. It wouldn’t surprise me to learn the rate is closer to 50%. I live in a prosperous region inhabited by an unusually large population of people who possess graduate and professional degrees. So many of the stores that serve this demographic have closed, it’s impossible not to suspect the depression has begun its march through the upper 1/3rd of the population. I know twice as many unemployed PhD’s as employed. Now, the rest of the world is divesting in every way possible. No doubt, the plutocrats who run the show have already evacuated their funds from a market they know will never be able to recover its highs no matter how much they reconfigure the indexes to hide the losses.
Nevertheless, Trump and the plutocrat worshippers at the New York Times are not exactly lying when they issue crazy-sounding paeans to those unemployment numbers. Taken as a solitary indicator, few things are more delicious to a heartless capitalist than very high unemployment numbers. It means they can treat their employees like so many slaves and move everyone’s compensation lower. Alan Greenspan was infamous for his sociopathic speeches extolling the virtues of high unemployment.