Re: SCHILLING wants TAXPAYERS beanballed to bankroll more of his sinking firm, should OBAMA give him a bailout?
posted at 5/23/2012 12:47 PM EDT
In Response to Re: SCHILLING wants TAXPAYERS beanballed to bankroll more of his sinking firm, should OBAMA give him a bailout?
[QUOTE]In Response to Re: SCHILLING wants TAXPAYERS beanballed to bankroll more of his sinking firm, should OBAMA give him a bailout? : Yeah, yeah, you want to use some magic formula that measures the people who have stopped looking, but you didn't want to use that same formula prior to January, 2009. Didn't you say something about personal attacks?
Posted by slomag[/QUOTE]
It's not a magic formula, it's the truth. The unemployment rate is much higher than the numbers indicate. 9:58 AM, May 4, 2012ι Abby W. Schachter
The unemployment rate is 8.1% but is that the real number of people out of work in America? Not even close.
As reported, 115,000 jobs were added in April, which is considerably lower than previously predicted. But still the number of jobs added brought the jobless rate down by .1 percent, which sure seems like things are moving in the right direction, albeit slowly.
But the devil is in the details, and the truth is that the numbers hide a disturbing trend of people exiting the work universe by not even trying to find a job.
"The unemployment rate has fallen a full percentage point since August to a three-year low. But last month's decline was not due to job growth. The government only counts people as unemployed if they are actively looking for work.
"In April, the percentage of adults working or looking for work fell to the lowest level in more than 30 years."
So if you add back all the people who have stopped looking for work you get a "real" unemployment rate of almost 15 percent.
"Factoring in those discouraged adults and others working part time for lack of full time opportunities, the unemployment rate is about 14.5 percent. Adding college graduates in low-skill positions, like counterwork at Starbucks, and the unemployment rate is likely closer to 18 percent," writes Peter Morici.
President Obama thinks the holy grail for his reelection is getting the unemployment rate under 8 percent. And that may just be the number come November. But if the reduced jobless number actually happens because of people giving up rather than getting into the job market, then we'll be facing four more years of sustained, high unemployment and the consequences of that damage, both domestically and internationally, ought to concern every American.
Read more: http://www.nypost.com/p/blogs/capitol/the_real_unemployment_rate_Dz8PweHqsH1MVVwgkK51mI#ixzz1vo4jVpLp