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Weekly Touchpoint: Unemployment Greater than Great Recession

Posted By Isaac Nuriani |

We’re ten years into the recovery from last decade’s Great Recession, and things are looking awfully good. Most notably, the unemployment rate is now just under 4%, and has been hanging around that level for quite a while now. Pretty great. Or, it would be, except for the inconvenient fact that there are actually now more unemployed people in America than there were during the years of the 2008-2009 Great Recession. What does that say about the true, underlying condition of our economy? If you’re paying attention to what’s really going on, you’re also (hopefully) protecting your portfolio with physical precious metals.

  • Michael Snyder of The Economic Collapse blog asks, “Wouldn’t it be horrible if the number of Americans without a job was higher today than it was during the Great Recession of 2008 and 2009?” Sure it would – and it is. Right now, 102 million Americans are without a job, and, as Snyder details, the number of out-of-work Americans never reached 100 million at any time during last decade’s economic debacle. Although the nation’s population has climbed a bit in the last 10 years, that doesn’t wholly explain why so many Americans are unemployed in what is supposed to be a roaring economy. It turns out the labor force participation rate (LFPR) – the number of Americans either working or looking for work – is abysmal; just 63%. When the recession hit, the LFPR fell from 66% and stayed between 62% and 63% for the duration. Ten years later, the LFPR is still at 63%. As Snyder asks, “Does that look like a recovery to you?”
  • Economic analyst John Mauldin wants you to know that arithmetic is not bearish – it’s just math. And when arithmetic says our economy is close to dead, it’s nothing more than a simple declaration of facts. Mauldin, writing for Forbes, says the numbers practically demand things come to a grinding halt; that there’s no way the massive (and growing) national debt and continually mounting entitlement program shortfalls can be addressed by “niche” fixes such as a wealth tax. Mauldin says flatly that because there is zero political will to make meaningful cuts in entitlement programs, all we will do is continue to borrow ourselves into economic oblivion.
  • Sean Fieler of The Federalist says it’s time for the U.S. government to stop messing around and start encouraging citizens to own gold. And a big step in that direction, says Fieler, would be for the feds to implement tax policies that are friendly to owners of physical gold, to include dumping collectibles taxes. After all, notes Fieler, “gold coined by the U.S. Mint is money – not property.” Pointing out that a growing number of countries are encouraging their own central banks and citizens to hold gold, he said “it is increasingly reasonable to assume that gold will be part of the world’s monetary future, not just its past,” and thus “the U.S. Treasury should embrace policies that will attract more of the world’s gold to America and better position our citizens and our nation for whatever the monetary future may hold.”

Global debt is exploding, enormous numbers of Americans aren’t working and there’s now a growing movement to make everyone an owner of gold. Makes sense to me. The fact is, there continues to be a great deal of trouble bubbling just beneath America’s – and the world’s – economic surface, and it just makes good sense to protect what you have with the most reliable portfolio-defending assets: physical gold and silver. Call Augusta Precious Metals at 855-242-4121 or visit

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