But Only Speak The Word and We Will be Healed

Back on Labor Day U3, the official unemployment rate stood at 9.7% and U6, the more accurate measure that includes marginally attached and those forced to work less than full time, stood at 16.8%. The latest measures released on this past Friday are U3 at 10.2% and today U6 stands at 17.5%. Some economists consider an official unemployment rate in excess of 10% to be the difference between a recession and a depression. More importantly, our monetary institutions have built safeguards into our financial system to cover up to 10% unemployment. A sustained unemployment rate beyond 10% will result in more bankruptcies, foreclosures, and credit card defaults than the banks can cover. This might require another massive public bail out we can not afford.

Long term unemployment has other costs including suicides, divorces, spousal abuse, alcoholism, and depression. Unemployment has not topped 10% since 1983. Back then Americans were carrying much less debt and were unemployed for fewer weeks than has been the case in this recession. In addition, in 1983 the automobile companies covered most of their employees’ salary even during layoffs. Those days are gone forever.

I do not see a source for new wealth creating jobs. We have sent our factory jobs to China, we are sending our white collar and some of our professional jobs such as computer programming to India, and in the past 5 years we have overbuilt both residential and commercial real estate. Some estimate that even without considering future commercial bankruptcies or residential foreclosures it will take 15 years to absorb the oversupply in the construction trades.

As a nation, we really need to seek God’s wisdom and his mercy. More than ever, today is a day for prayer.

A Confession of Sin from the Book of Common Prayer

Almighty and most merciful Father; we have erred and strayed from thy ways like lost sheep. We have followed too much the devices and desires of our own hearts. We have offended against thy holy laws. We have left undone those things which we ought to have done; and we have done those things which we ought not to have done; and there is no health in us.

But thou O Lord, have mercy upon us, miserable offenders. Spare thou those, O God, who confess their faults. Restore thou those who are penitent; according to thy promises declared unto mankind in Christ Jesus our Lord. And grant, O most merciful Father for his sake; that we may hereafter live a godly, righteous, and sober life, to the glory of thy holy Name.

Amen