While the post Wall Street-crash year of 2009 set the previous record high for global unemployment, 2013 is expected to surpass that number. Despite some bright spots in the US economy, hiring continues to be sluggish. As many have said, we don’t have a budget problem, we have an employment problem in the US.
Europe has a much deeper safety net and less of the problems that we’ve seen in the US (wealth inequality, war spending, tax cuts that were too extreme and tilted) though the economic situation has been slowing. The bankers in Europe also made bad decisions and now the economy is slowing.
The worst part about this is that even now, outside of perhaps Iceland, no government has been interested in punishing the bankers who were at the center of this crisis. What’s that all about? In both the US and the UK, Goldman Sachs and others on Wall Street have been busy gaming the tax system, still avoiding their responsibilities. Even worse, they’re getting away with it, because they know they can whatever they like. They are the government.
World unemployment could top record levels this year and continue rising until 2017, the International Labour Organization (ILO) said on Tuesday in its annual employment report.
2009 currently stands as the worst recorded year for world unemployment, with 198 million people across the globe without work.
In its 2013 Global Employment Trends report, the ILO forecasts unemployment numbers will rise by 5.1 million in 2013 to reach 202 million, topping 2009’s record.