The White House released a report in September that the economy is turning the corner, and the Federal Reserve has indicated there are signs that the recession is ending after a slight dip in losses for the second quarter GDP results.
In the same month, another 263,000 jobs were lost and workers continue to suffer one of the worst job markets in over 25 years. For every open job, there are 6 job seekers.
The official unemployment rate has hit 9.8 percent. This stunning figure does not account for workers who are not eligible for unemployment benefits, have exhausted their benefits or are under employed. According to the AFL-CIO, the real unemployment figure nationally is closer to 17 percent or 26 million workers.
In some cities and communities, the unemployment rate is far higher. Michigan’s unemployment rate officially stands at 15.2 percent through the gutting of the auto industry and union busting that has continued through the current administration. Some cities like Highland Park, Mich., are at 36.4 percent official unemployment.
As unemployment continues to roar through working-class communities, the foreclosure crisis is starting to bleed into the prime mortgage markets. It is expected that another 5 million families will lose their home this year due to foreclosures, while 20 million homes sit empty and apartment vacancies are at a 20-year high.
Despite the continued unemployment, health care, housing and budget crises, the capitalists and their representatives in the White House and Congress claim the recession is showing signs of easing. Some of this optimism is based on short-term stimuli like the “cash for clunkers” program and the tax credit for new homebuyers that temporarily caused growth in certain areas that will most likely not sustain itself.
While the recession may be easing for parts of the capitalist class, working people continue to feel the worst effects of the capitalist economic crisis as daily living conditions plummet to new lows.
