Permanent War, Permanent Recession
The British economy grew by only 0.5% in the first quarter of 2011 and contracted by 0.5% the quarter prior, the WSWS reported today, causing many to concede that Britain is teetering on the edge of a “double dip recession.” The situation in the U.S. was not much better, with anemic first quarter growth of only 1.8%, following a decline of 3.1% the previous quarter.
If these numbers don’t sound worrisome enough, consider that the average time an American worker stays unemployed is now 39 weeks—the longest period on record. This has been especially hard on youth (ages 16-24), whose jobless rate was 18.4% last year—also a record high. Or consider this: Real earnings in the UK have contracted in each of the past four years, something the British haven’t seen since the 1870s, with household incomes predicted to