The number of laid-off workers receiving unemployment benefits hit an all-time high of nearly 5 million, and new jobless claims are at levels not seen since the early 1980s. The Labor Department reported Thursday that the number of people receiving regular unemployment benefits rose by 170,000 to 5 million for the week ending Feb. 7, marking the fourth straight week [unemployment] claims have hit a record.And Business Week's Michael Mandel thinks the coming decade will be about as dire as the Great Depression.
Personally, I think things will definitely get worse before they get better. But a ten year recession/depression? Ugh. It's only 6am and already I need a stiff drink!
