The same Robert Wiedemer claiming 50% unemployment and 100% inflation before 2012?
Umm yeah. I know where to file this guy's opinions.
Unfortunately Robert is correct. Most people have stopped being able to find work. I know at least one person here on this site that lives off of doing odd jobs (all under the table.) It's the only income he has and he is barely able to get working doing that.
The bulk of people in the US (nearly 50%), no longer have Employment Insurance (EI). EI ran out for them years ago. They are not eligible for any form of welfare, and the ones on welfare don't count in the EI unemployment stats.
A couple of fairly reliable sources, I'd find actual gov't stats for you but I'm not that familiar with American gov't stats places. In Canada we have StatsCan for all our gov't census info.Forbes
2/09/2012 - "...the labor force participation rate had plummeted to 63.7%, the most rapid decline in U.S. history..."
Read More: http://www.forbes.com/sites/peterferrara/2012/02/09/dont-be-fooled-the-obama-unemployment-rate-is-11/Business Insider
January 24, 2011 - "Only 47% Of Working Age Americans Have Full Time Jobs"
Read More: http://articles.businessinsider.com/2011-01-24/markets/29974517_1_part-time-unemployment-labor-force
America is in trouble. Hard economic lessons need to be learned - not by the people, but by your Government. Unfortunately, it's the people that are suffering.
What the guy in the interview says is the truth. Things need to change and they need to change fast. You can't avoid what's coming, but you can make hard choices and lesson the blow of it.
If I was living in the US right now I'd be preparing for this. As it is, I live in Canada and our situation is nothing like yours and I'm still prepared because your economic bubble burst is going to hurt us again, just like it did last time.My suggestions
Get out of real estate while you can, land is good, houses/property is bad. But keep in mind that the government makes money off of land taxes so it's best just to get out of the real estate game right now while you can.
Keep investments minimal and easily affordable. Also get out of any investments that are tied to the government at all (gold, bonds, gov't businesses, any business that's received a gov't bail out package - financial institutions etc...)
I'm not saying stuff your money in a mattress, just invest money wisely.
Keep your portfolio versatile and don't over invest.
Trim all your expenses now before you are forced to do it. It'll help you out in the long run.