The Black Hole Gets Bigger, But Can Be Hard To See
February, with unemployment surging to 8.1 percent. The figures, even worse than expected, moved pundits to blithely deem 2009 "probably a lost cause." That's easy to say for the pundits, who remain employed – or they wouldn't be around for all that punditry – and thereby immune from the bad news they're reporting. Alas, the same disconnect can afflict the rest of us still working, at least for now.
about 4.4 million jobs, with more than half — some
2.6 million — disappearing in the last four months. Analysts say the "breathtaking" decline is so vast it may necessitate an essential restructuring of the economy, with many lost jobs simply disappearing.
people who do what I do in the Detroit area are a dime a dozen," he says. “Who’s going to put me to work? Where’s the work at? It’s just a great big black hole.”