Paul Craig Roberts On The State Of The Economy

Paul Craig Roberts was the assistant secretary of the treasury in the Regan administration and is a frequent contributor to Counterpunch. Yesterday he released an excellent piece on the state of the United States economy, its a must read. One of the most unbelievable statements I have reprinted: Noted statistician John Williams (shadowstats.com) reports that biases in measurement have understated the job loss over the last 12 months by 1,150,000 jobs. Williams reports the unemployment rate as it was measured prior to “reforms” designed to minimize the measured rate of unemployment. According to the methodology used in 1980, the US unemployment rate in December 2008 reached 17.5 percent.

To read the full article click here: Our Collapsing Economy By Paul Craig Roberts