I agree that unemployment is going to have a huge impact on the economy.
But the “worst case” scenario for the stress tests only has the unemployment going to 10.6%. I can imagine a much worse number.
Maybe it’s because I’m watching it happen around me. My husband’s job went to part-time over the past 6 months and as of this past monday he’s one of the newly minted unemployed. My employer keeps announcing more cuts. My neighbors are all feeling it – the lady across the street lost her job about 6 months ago. My friend is a VP for a large company – they are shutting down the site she runs… she’s not sure if she’ll have a job.
These are all people who are professionals, have been with their employers for years.
The job situation is going to drag the economy down further… which will mean more job losses.
