Gates predicts 'significant' US recession
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The oracle of Redmond Bill Gates is back, predicting the US economy will suffer a "fairly significant recession" and unemployment will surpass nine per cent.
Bloomberg reports the Microsoft chairman-come-Windows-pitchman offered dreary divinations of American job rates to gathered alumni at the centennial celebration of the Harvard Business School in Boston.
Gates, awarded an honorary degree from Harvard in 2007 after dropping out in 1975, said a perception of a strong US economy had lead many investors to make unrealistic expectations of high returns when things were looking more rosy.
The US national employment rate of 6.1 per cent was unchanged in September, following a 0.4 per cent rise in August. That puts the total number of unemployed at approximately 9.5 million.
Gates is likely guilty of imprudent investments himself. The recent economic upheaval has damaged Gates' investments, ending his 15-year reign as America's richest person. The top honor now belongs to philanthropist Warren Buffett.
Before any readers re-stock their unused Y2k bunker, keep in mind Gates' track record of predictions include gems like declaring in that Spam email will be "solved" in two years time - back in 2004. Let worries be soothed by having several dozen Nigerian princes requesting up-front expenses to transfer millions of dollars to your bank account only a click away.®
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COMMENTS
Willy Gates?
The lowest form of scum on this planet!
Mine's the tuxedo with the Apple pocket square, sir!
@ Edwards
Why do you assume that the B&MG foundation (a) only represents 0.1% of his wealth and (b) doesn't use any of his free time?
I admire Gates more than I admire some "lady who lunches" who never did a day's work in her life but spends her ample free time socializing in the name of charity.
Unemployment figures
The reg should have pointed out that it is widely accepted that the US official unemployment figured quoted from the BLS are completely misleading at face value. I'm sure some of the audience may not be aware of this.
The 6% figure represents those who have been laid off in the past 6 months, qualify for and are receiving government unemployment checks. If one takes any job, even fixing the neighbor's computer for pay or selling something on ebay, then one looses unemployed status (at least if the income is reported). Most of those who've been fired, left voluntarily, just graduated, finished a contract, etc do not qualify for government unemployment and are not considered unemployed, even when in fact they are.
What this means is that official employment figures are greatly under reported, some say by as much as 100%, but 10% is closer to the truth than 6% being quoted in this article.
As for Bill Gates, it's a little late in the game to be making novel claims.
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