The Big Lie: 5.6% Unemployment

[98valk]

http://www.gallup.com/opinion/chairman/181469/big-lie-unemployment.aspx

There's another reason why the official rate is misleading. Say you're an out-of-work engineer or healthcare worker or construction worker or retail manager: If you perform a minimum of one hour of work in a week and are paid at least $20 -- maybe someone pays you to mow their lawn -- you're not officially counted as unemployed in the much-reported 5.6%. Few Americans know this.

Yet another figure of importance that doesn't get much press: those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find -- in other words, you are severely underemployed -- the government doesn't count you in the 5.6%. Few Americans know this.

There's no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.

[bigguy]

This is my shocked face!

[Patrick]

I just had this very argument, errr, discussion with a very nice fella of the liberal persuasion.

The 'official' rate has been like this right along, phony.  Most folks I like to think already knew this.
Generally one can double the 'official' number.

Even to put it more in perspective the rate during the Great Depression was 25-30%. In the area my family and I were brought up in was 15-20%.  And 'they' still want to call this a recession.

[cookiedough]

Yep,  agree there are millions in this country under-employed and not working a full 40 hours per week.  Unfortunately,  the employers, at least around me,  is that they want part time people is all so they do not have to pay health insurance nor any other benefits. 

Most companies would rather see 2 part time people being paid slightly less and split their hours betweent them vs. paying a tad more for 1 full time person.  I see this EVERYWHERE DAILY.  Pisses me off!

[Robert]

U.S. Bureau of Labor Statistics seasonally adjusted for the months of
    Dec. 2013    Aug.  2014    Sept. 2014    Oct. 2014    Nov.  2014    Dec.2014

U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force
      3.6    2.9    2.8    2.8    2.7    2.6

U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force
       3.5    3.1    2.9    2.8    2.9    2.8

U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)
       6.7    6.1    5.9    5.7    5.8    5.6

U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers
       7.2    6.6    6.3    6.2    6.2    6.0

U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force
       8.1    7.4    7.3    7.1    7.1    6.9

U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force
      13.1    12.0    11.7    11.5    11.4    11.2

u-6 The bottom figure is the true unemployment rate as much as could be calculated except those who have just plain given up. Then watch this video on wealth distribution its very concerning and shows again a true picture of wealth in the US.

Wealth Inequality in America	powered by Aeva

[/url]

[98valk]

Yep,  agree there are millions in this country under-employed and not working a full 40 hours per week.  Unfortunately,  the employers, at least around me,  is that they want part time people is all so they do not have to pay health insurance nor any other benefits. 

Most companies would rather see 2 part time people being paid slightly less and split their hours betweent them vs. paying a tad more for 1 full time person.  I see this EVERYWHERE DAILY.  Pisses me off!

my one nephew just got a job with kelloggs, union there, he can only get 30 hrs due to obummercare, they told him in a yr they might bring him on full time. and the unions voted this un marxist in.

[Robert]

Printing more money will simply spread the value of the existing goods and services around a larger number of dollars. This is inflation. Ultimately, doubling the number of dollars doubles prices. If everyone has twice as much money but everything costs twice as much as before, people aren’t better off. Having the government print money will not increase wealth. Between the raising of taxes the printing of money, O care, giving jobs to immigrants life here in the US is more and more like slave trade.

These are the hidden costs along with unemployment that no one really talks about. We do more work harder for less money, less not in quantity but in value.
http://www.dollartimes.com/calculators/inflation.htm
Value of $300 by Year, starting in 1960
1961   $304.08
1962   $306.12
1963   $310.20
1964   $315.30
1965   $318.36
1966   $324.48
1967   $335.71
1968   $345.91
1969   $362.24
1970   $384.69
1971   $406.12
1972   $419.38
1973   $433.67
1974   $471.42
1975   $529.59
1976   $566.32
1977   $593.87
1978   $633.67
1979   $690.81
1980   $782.65
1981   $880.61
1982   $959.18
1983   $995.91
1984   $1,033.67
1985   $1,074.48
1986   $1,115.30
1987   $1,127.55
1988   $1,177.55
1989   $1,229.59
1990   $1,286.73
1991   $1,365.30
1992   $1,407.14
1993   $1,447.95
1994   $1,487.75
1995   $1,527.55
1996   $1,566.32
1997   $1,618.36
1998   $1,645.91
1999   $1,672.44
2000   $1,717.34
2001   $1,775.51
2002   $1,803.06
2003   $1,845.91
2004   $1,880.61
2005   $1,941.83      If you think it does not matter because its all a level playing field don't be mislead we pay more for
2006   $2,008.16      the same goods and services.
2007   $2,059.18
2008   $2,143.22
2009   $2,145.18
2010   $2,203.56
2011   $2,236.52
2012   $2,302.77
2013   $2,342.86
2014   $2,378.05

And you thought you earned more than your father although he may have been paid less.

[Bighead]

People of working age not currently looking for work that are unemployed are not counted in the Unemployment stats. so you can probably add 20% to that 5.6%.

[Jess from VA]

People of working age not currently looking for work that are unemployed are not counted in the Unemployment stats. so you can probably add 20% to that 5.6%.