More than a half-million American workers lost jobs last month, the biggest drop in payrolls since late 1974. Economist Peter Morici emailed this morning that the threat of a widespread depression is now real and present.
The economy has shed 1.9 million jobs since December...Unemployment increased to 6.7 percent in November; however, factoring in discouraged workers, unemployment is closer to 8.7 percent. Add workers in part time positions that cannot find full time employment and the hidden unemployment rate is nearly 13 percent.
Look for a government stimulus package to be fast-tracked.