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Global Jobs Crisis Will Get Worse: ILO

October 31st, 2011 Comments off

The International Labor Organization is the latest global body to warn about the ongoing global economic crisis. According to the most recent report from the ILO, the global economy is about to tip into what it calls a “a new and deeper jobs recession.” Given that advanced economies already are experiencing levels of unemployment and underemployment rivaling the Great Depression of the 1930s, it is not surprising that the ILO believes that the next phase of the jobs crisis will lead to a sharply elevated risk of social unrest.

As fiscal austerity becomes the preferred policy response in advanced economies to the ongoing global economic crisis and its related sovereign debt crisis, even higher levels of unemployment are unavoidable. The current spread of the Occupy Wall Street movement to many other cities across the world points to the validity of the ILO’s warning about spreading social unrest.

 

 

 

                 

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Officer Larry of the NYPD is on his way to Zuccotti Park in lower Manhattan to arrest peaceful protesters involved with the Occupy Wall Street movement. Being a public spirited member of the New York Police Department, Officer Larry does remind us that there is a global economic crisis underway that rivals the Great Depression of the 1930s.