
The Real Unemployment Rate
It’s useful to remember that the ‘unemployment rate’ used by this, and the last several administrations in Washington, is not the actual unemployment rate. Since the 1970’s consecutive administrations have segmented out portions of the unemployed and removed them from the equation. Usually, these segmented lists are basically people who are no longer looking for work or who are barely employed. Of course, people who the government determines ‘can’t work’ are also removed (having had a number of relatives in this camp, much to my disgust, I think getting on this list isn’t particularly hard).
To wit:
“If one considers the people who would like a job but have stopped looking — so-called discouraged workers — and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.
This is the number we should use, since it is the actual number.… Read More