Underemployment

My friend Ray (a very smart guy) recently posted some very interesting information on underemployment which appears to bring overall unemployment close to 20%. This is a very high number and its impact on the economy should not be underestimated since it will likely double the time it takes to get back to a sustainable level of employment.

My outlook for the U.S. economy pending additional major ecological disasters and the inability of the EU and the IMF to effectively prop up the Greek economy and the rest of the PIIGS continues to be slow growth with sporadic volatility because those invested in the U.S. stock market will remain apprehensive until the the job market improves and we begin reducing the deficit and pay down the debt.

Of course, this assumes that our elected officials find the political courage to do what is necessary to turn this ship of state around and the leadership to convince the American public that now is the time to make our own sacrifices instead of saddling our children with an enormous amount of debt which is $58K per person I believe and rising everyday.

Will a powerless deficit reduction committee created by presidential decree do the trick? It appears doubtful, but I am hopeful that what is happening in Greece will help our political leaders to see the writing on the wall and to spur them into directed non-partisan legislative action for the good of the country (if the country goes bankrupt isn't that the ultimate in national security issues?!) and the American people who should be holding themselves and their elected officials on both sides of the aisle accountable.

Holding our elected officials accountable should be done with decency and vigor without resort to the shameful tactics used by some on the far right and left. The strength of our country lies in our capacity to change and to do what is necessary to meet the challenges of the day, to leverage the diversity of our people, and to marshall the good will of all for the common good of the nation.