9.5% unemployment. Bad. . . but not that bad is it? Really? Let's see.
Government fabricated new job figures.
Government fabricated new job figures.
Unpaid involuntary leaves.
Nearly a million and a half job seekers not counted because they missed the survey.
25 million forced to take part time work or reduced hours, not counted, involuntarily idle.
Average work week now reduced to around 33 hours.
Length of unemployment now surpassing 24 weeks.
Wages stagnant, no gain.
Production sector biggest job loser.
Companies will increase current workers hours before calling back lay offs.
Lay offs and lost jobs will continue into 2010 and beyond.
But 9.5%, while bad, isn’t that bad, right?
The Great Depression produced a 25% unemployment rate at its height in '32-'33. So this "recession" (whatever) is bad, but nowhere near a depression… correct?
Well, not to put to fine a point on it but . . . NO!
Thank Slick Willie's administration for changing the way we measure unemployment. Discouraged workers – those waiting out the bad times – and the chronically unemployed – those who haven’t held a job in the past year – were dropped from the list as were the underemployed.
That means those with part-time work who wanted or needed to work full-time, couldn’t find better jobs. They might be paying the interest on their credit cards working nights at a 7/ Eleven, but they still need more work, and can’t find it.
The current U-6 un-employment rate is 17% and those who prognosticate such things foresee 20% unemployment by January 1, 2010.
This after Trillions and trillions of "bailout" bucks. So, where's the bailout???
