The Ongoing Crisis and Liberal Blindness
Richard D. Wolff, Richard D. Wolff's Blog: "The double dip of this crisis is upon us. The latest data agree: the housing market has been in full double-dip mode for five months as home prices keep declining. The foreclosure disaster keeps increasing the combination of homeless families and empty homes. Think capitalist efficiency. Unemployment rose back above 9 % again. The average length of unemployment is now 39.7 weeks, the longest since these records began in 1948. Investments by businesses are decelerating and governments keep dropping workers. Over 20 million workers are unemployed or underemployed. Over a quarter of the nation's productive capacity remains unutilized, gathering rust and dust. Annual output of $1 trillion is lost by wasting these resources. Think capitalist efficiency again."
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