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Reply #21: Trillion$$$ Underground Economy Keeping Many Americans (Barely) Afloat in Desperate Times [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 08:06 AM
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21. Trillion$$$ Underground Economy Keeping Many Americans (Barely) Afloat in Desperate Times
http://www.alternet.org/story/152446/inside_the_trillio...

...Also called the shadow or informal economy, it's not just illegal activity like selling drugs or doing sex work. It's all sorts of work that doesn't get regulated by the government or reported to the IRS, and it's a far bigger part of the economy than most of us are awarein 2009, economics professor Friedrich Schneider estimated that it was nearly 8 percent of the US GDP, somewhere around $1 trillion. (That makes the shadow GDP bigger than the entire GDP of Turkey or Austria.) Schneider doesnt include illegal activities in his count-- he studies legal production of goods and services that are outside of tax and labor laws. And that shadow economy is growing as regular jobs continue to be hard to come bySchneider estimated 5 percent in '09 alone.

The Young Women's Empowerment Project describes the street economy as ... any way that girls make cash money without paying taxes or having to show identification. Sometimes this means the sex trade. But other times it means braiding hair, babysitting, selling CDs/DVDs, drugs or other skills like sewing and laundry...
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