Skip to comments.How Labor makes some workers disappear (Now, even U6 figures under-report joblessness)
Posted on 08/09/2012 6:38:12 AM PDT by SeekAndFind
President Obama can thank Bill Clinton for the fact that the unemployment situation doesnt look worse.
Thanks to a tiny tweak in definitions made by the Clinton White House back in 1994, Obamas life is a whole lot easier.
Dont get me wrong not easy, just easier.
Last Friday, the Labor Department announced that the headline unemployment rate for July the one followed in the newspapers notched up one-tenth of a point to 8.3 percent. And the president is certainly going to have a hard time explaining why the jobless level is still so high.
But theres another figure called the U-6, buried deep in the Labor report that should really be of concern to the president. And heres where Clinton did all future presidents a favor: making the U-6 number look better than it really should.
U-6 is defined as 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.
Are you clear on what this number is? Of course not its gobbledygook.
It means that U-6 includes people out of work plus anyone who wants a full-time job, cant find it and is settling for part-time work.
The unemployment rate in the U-6 definition rose to 15 percent in July from 14.9 percent in June. It had been 16.3 percent in July 2011.
But its those Americans not in the definition discouraged workers that you will want to know about.
(Excerpt) Read more at nypost.com ...
The Clinton administration decided that unemployed people couldnt be discouraged and not job-hunting for more than 12 months. If a person hadnt searched for a year he was simply not included in the U-6 or other measures of joblessness.
In other words, if you are unemployed long enough, you are no longer unemployed.
I like how you get to the meat of the matter.
What effect will that addition have to the reported unemployment rate?
There's almost three whole years worth of laid off, discouraged workers not counted? That's a LOT of people.
Things are much worse than they appear. Then, there's a 1920's drought going on in the breadbasket. Food is going to skyrocket, gas is going up, people are still getting canned and it looks like things are going down hill fast.
Yeah - 4 more years of this crap ought to do the trick - that is if destroying America from within is the goal.
You know what Oboma will do after he loses the election and America is in chaos? He's going to go to the middle east ( to his newly formed caliphate - at U.S. taxpayer expense ) and "lead them to victory" in the name of Allah.