Gloom and Doom Serves No One (10/18/11)
Much of the East Coast media still insists upon referring to our current economic era as "The Great Recession," claiming these are worst times since the Great Depression.
But while our current 9.1% unemployment level is high, it was about 11% in the early ‘80s, with high inflation also wreaking havoc. Also, keep in mind that even during what we consider full employment, the unemployment level almost never dips below 4%.
So actually, about five percent of people who really want a job are unable to find one.
That is a lot of people who probably are going through their toughest times ever. But it also means almost 91% of us ARE employed. And in Louisville we're especially fortunate that ours wasn't a boom or bust housing market with an epidemic of foreclosures. Plus, in the local region thousands of job additions have been announced in recent months by major employers like Ford, GE and Honda.
Yes, many people are still hurting. And we should do everything in our power to get them working again.
But the disastrous picture being painted by some is grossly exaggerated. And it's important that we not listen only to the Chicken Littles, but also try to keep track of all the good things that the East Coast media aren't talking about.
But what do you think? Call and let us know.
I'm Bill Lamb, and that's my…Point of View.