Skip to comments.How nation's true jobless rate is closer to 22%
Posted on 01/12/2010 3:21:17 AM PST by Scanian
This'll make you laugh.
Back in November 2003 an economist named Austan Goolsbee from the University of Chicago wrote an op-ed piece for The New York Times criticizing a Labor Department announcement about job growth the month before.
And he attacked the idea that the country had just experienced nothing more than a mild recession.
"Unfortunately, underreporting unemployment has served the interest of both political parties," wrote Goolsbee. "The situation has grown so dire, though, that we can't tell whether the job market is recovering."
OK, I promised you a laugh. So here it comes.
Goolsbee no longer works at the University of Chicago. He now has a job at the White House as President
(Excerpt) Read more at nypost.com ...
Well this is probably the most accurate reading of the current state of Joblessness that I have read to date.
Driving across town. (Phoenix AZ) yesterday I was amazed at the amount of small businesses that have been shuttered.
I had not taken a trip like this since November, and the total number of closings is staggerering.
When will the lemmings understand that Our fearless leader is the biggest job killer in the history of our country?
Only when they finally realize that there is a method to his madness - a very destructive one.
John Williams of shadowstats.com has been on this beat for some time as well. As measured by 1960’s rules, we are well above 15%.
Another attack on the “birth death model” by a guy who has been pretty much right the whole time:
“Given those fantasyland projections I have serious doubts that 800,000 take aways is enough.”
“In terms of the unemployment rate, what happens is nothing. The unemployment rate is measured by the Household Survey not the Establishment Survey. The Birth/Death Revisions are to the Establishment Survey.
“So while there will be dramatic revisions to the Establishment Survey in terms of jobs lost in the January report (published on the first Friday in February), it will not affect the unemployment rate.”