Here is a graph from the U.S. Bureau of Labor Statistics. It compares official government unemployment data for November 2007 and November 2008 over a broad range of job sectors.
(Click on the graph to enlarge)
The data is disturbing. You tell me… are we in a recession or a depression?
Unlike previous recessions since the 1980s, even the health care and education industries are suffering due to misguided FIRE Economy (Finance, Insurance, and Real Estate) investment practices that caused them expand budgets and take on enormous debts and imploding state budgets funded by income and real estate taxes. Federal spending is still strong (and why not--it's other nations' money AND LOTS OF IT) but state spending is collapsing along with state budgets as state and local tax revenues implode.
This is not looking good at all, in my opinion…
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