by Moe Lane
Short version:
we lost 85K jobs last month - they were expecting a gain - and the number is only holding still because a lot of people gave up looking for work. If you count
that number, we’re at 17.3% and that’s up from 17.2% in November.
Want to know more? Click here.
Check out the Comments section. Interesting.
This is just one:
Moe, it's even worse
If you go back to the old way of computing it–pre 1994–the real unemployment rate is over 20%!
I’ve got a diary up about it with a chart showing the differences. Even the U6 rate doesn’t include “discouraged workers” no longer looking for a job who lost their job over 12 months ago–and that is a huge number of people.
The “real” unemployment rate, for a variety of reasons, would have to go up to about 33-34% to equal the misery of the nearly 25% unemployment rate at the depths of the First Great Depression, but with Obama, Pelosi and Reid in charge I’m afraid we may get there.
From the 1940 feature film Ghost Breakers, starring the late, great, Bob Hope and Paulette Goddard:
Scientist: “It’s worse than horrible, because a Zombie has no will of his own. You see them some times, walking around blindly with dead eyes, following orders, not knowing what they do, not caring.”
Bob Hope: “You mean, like Democrats?”
