Without housing construction there will be no recovery. Housing construction is the mother of all recovery ie employment, appliances, restaurants entertainment etc etc.. Households already inundated with durable household appliances and electronics. suv's during the housing boom that gave them fake wealth. Now most households are underwater without discretionary income instead they are deep in debt. Restaurants, entertainment venues, travel in the slump. Now GOP even talking with austerity BS as the solution that's gonna put the final nail in our economic coffin. They also holding their austerity mantra as hostage for not passing the debt ceiling.
Silly me, I didn't see that point...I thought your point was the "real" UE rate was 16 or 20%, and not the accepted 9.1%, based on historically and internationally accepted definitions.
Check out this link: Hit's the nail on the head as it were!
He was talking about the top 5%. The remaining 95% can tell you we never really came out of the recession. Just Ben and company stealing the interest from savers and giving to elites. unemployment falling from 9.7 to 9.1 (real #'s actually closer to 20%) is hardly coming out of a recession.