Secretary of Labor Reich: Unemployment Numbers Show We’re Already In a Depression

Robert Reich was Secretary of Labor under Bill Clinton, and is an economics professor at U.C. Berkeley.

Reich has every incentive to paint a rosy picture of the economy, because:

  • Committed Democrats want Obama to succeed in turning the economy around, and worry that “gloomy talk” about the economy could make that difficult
  • The Labor Department has traditionally used a reduced unemployment figure (called “U-3”) to hide the extent of job losses

So it is news that Reich, citing the real unemployment numbers (called “U-6”) says we’re already in a depression:

This is still not the Great Depression of the 1930s, but it is a Depression.

For more on the real unemployment numbers, see this and this. For more on high-level experts who have said we’re already in a depression, see this.

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