America Is 8 Million Jobs Short — And It's Getting Worse

The global economy is currently trapped in a state of "depression economics," defined not by negative growth but by a persistent lack of upside and structural stagnation. Jeff Snider, of Eurodollar University, argues that record stock market highs are decoupled from the real economy, driven by passive capital inflows rather than genuine prosperity. The 2021-2022 supply shock created a permanent price phase shift that outpaced income growth, leaving the workforce impoverished and job opportunities scarce. Furthermore, the Eurodollar system—the world’s essential ledger-based payment network—remains constrained by a post-2008 loss of trust and extreme risk-aversion. This environment fuels political upheaval and the appeal of socialist rhetoric, as the working class senses the system’s failure. A transition toward decentralized digital ledgers may eventually be required to restore the trust and mobility necessary for a new cycle of global economic expansion.