Duration of unemployment in the US, Bureau of Labor Statistics.IMF Fears 'Social Explosion' From World Jobs Crisis -- The Telegraph
America and Europe face the worst jobs crisis since the 1930s and risk "an explosion of social unrest" unless they tread carefully, the International Monetary Fund has warned.
"The labour market is in dire straits. The Great Recession has left behind a waste land of unemployment," said Dominique Strauss-Kahn, the IMF's chief, at an Oslo jobs summit with the International Labour Federation (ILO).
He said a double-dip recession remains unlikely but stressed that the world has not yet escaped a deeper social crisis. He called it a grave error to think the West was safe again after teetering so close to the abyss last year. "We are not safe," he said.
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My Comment: Throw in higher taxes, higher debts, and greater government involvement in the economy .... this all becomes a prescription for more unemployment and suffering down the road. As for the "social explosion" that the IMF predicts, this will come about when governments start to cut back on programs to meet debt obligations .... a scenario that is going to happen sooner rather than later.
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