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(CNSNews.com) – The Congressional Budget Office (CBO) is projecting that if changes in federal taxing-and-spending policies already enacted and set to take effect at the beginning of next year do in fact take place, the unemployment rate will climb to 9.1 percent.
In a report released on Aug. 22, An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022, CBO’s baseline projections show that by the fourth quarter of 2013 the national unemployment rate will be 9.1 percent......
John Williams, author of the book "Shadow Government Statistics," estimates that as of January, 2012 the real unemployment rate after adding in long term discouraged workers who are no longer seeking employment to the Bureau of Labor Statistics U6 number leaves us with a number of 22.5%.
By comparison the depression era unemployment rate peaked at 24.7% in 1933. If we are to accept William's number and measure depression by unemployment numbers only, we are currently in a depression now