Political Commentary
WASHINGTON ” The economic collapse of 2008 and 2009 did so much damage to the United States that only now can we begin to measure the devastation.
A sentence buried in the budget that President Obama submitted to Congress this week screamed for attention. “Household net worth fell from the third quarter of 2007 to the first quarter of 2009,” it said, “by $17.5 trillion or 26.5 percent, which is the equivalent to more than one year’s GDP.”
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The casualties of that upheaval are all around us, most notably in the 10 percent of Americans who are officially unemployed ” a figure that increases to 17 percent when you consider part-time workers and those who have become discouraged.
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