Treasury Secretary Timothy Geithner explained 2 days ago on Business Week that the US economy is starting to expand after the worst crash after the Great Depression in 1930. He stated that the economy will start to create jobs again.

Meanwhile, the UCLA Anderson Forecast just issued a projection today which agrees that the US economy is growing slightly. However, the growth is just not big enough to repair the damage in unemployment. The forecast believes that the economic growth will be 3.2% this quarter, which is a decrease from 5.9% in the previous quarter at the end of 2009. The growth of the economy will also continue to slow down towards the end of 2010 to a little bit above 2%.

With this forecast, it is barely enough to actually reduce the unemployment rate which is (officially) around 10% or, according to the Shadow Government Statistic, is over 22%. For California, the forecast looks even less encouraging. With the “official” unemployment rate at 12.5%, California lost about 1.4 million payroll jobs. By the end of 2010, it is hoped that California could reduce this rate just a little bit to 11.8%.

The US has lost about 9 million jobs since the recession began. While Americans are now struggling with unemployment and hoping the government will come up with a much better and more effective ideas to create more jobs for them, a report issued this week by the Economic Policy Institute, stating that a total of 2.4 million jobs in America have gone to China since 2001, that is since they joined the World Trade Organization.

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