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RECESSION WATCH….Via Brad DeLong, the Wall Street Journal reports the following:

The unemployment rate is expected to rise to 8.5% by the end of next year and inch even higher in early 2010, economists for Goldman Sachs wrote Friday. The cumulative trough-to-peak increase of more than 4 percentage points in the jobless rate would be the most since World War II, they said.

The BLS unemployment series is above, modified to show 9% unemployment in 2010. I guess this would technically beat out the 1979-81 “double-dip” recession because there was a pause in the middle of that one. To me, the current recession still doesn’t look quite as bad ’79-’81, but then, we haven’t had a sudden oil crisis yet either. And let’s hope we don’t. It looks plenty bad already.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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