Skip to comments.Mortimer Zuckerman: Those Jobless Numbers Are Even Worse Than They Look
Posted on 09/08/2012 10:20:33 PM PDT by george76
Still above 8%and closer to 19% in a truer accounting...
Don't be fooled by the headline unemployment number of 8.1% announced on Friday. The reason the number dropped to 8.1% from 8.3% in July was not because more jobs were created, but because more people quit looking for work.
The number for August reflects only people who have actively applied for a job in the past four weeks, either by interview or by filling an application form. But when the average period of unemployment is nearly 40 weeks, it is unrealistic to expect everyone who needs a job to keep seeking work consistently for months on end. You don't have to be lazy to recoil from the heartbreaking futility of knocking, week after week, on closed doors.
How many people are out of work but not counted as unemployed because they hadn't sought work in the past four weeks? Eight million. This is the sort of distressing number that turns up when you look beyond the headline number.
The key indicator of our employment health, in all the statistics, is what the government calls U-6. This is the number who have applied for work in the past six months and includes people who are involuntary part-time workersgovernment-speak for those individuals whose jobs have been cut back to two or three days a week.
They are working part-time only because they've been unable to find full-time work. This involuntary army of what's called "underutilized labor" has been hovering for months at about 15% of the workforce. Include the eight million who have simply given up looking, and the real unemployment rate is closer to 19%.
In short, the president's ill-designed stimulus program was a failure
(Excerpt) Read more at online.wsj.com ...
19% is Great Depression or Weimar Republic territory. Why do some polls show Barrack Hussein Obama in the lead in this contest with conditions being what they are? How is he even competitive with Mitt Romney?
Why do people believe BS polls which utilize BS methodology?
This is Obama’s Depression with leftwing policies that will extend it until after WW3
If we were all in Unions we we would all have jobs!
Zuckerman’s an idiot who couldn’t see the obvious stupidity of his supporting Obama.
Zuckerman's disillusionment set in relatively early for someone as "progressive" as he. Example dated 2010-01-19: He's Done Everything Wrong. He concluded:
I cant predict things two years from now, but if he continues on the downward spiral he is on, he wont be reelected. In the meantime, the Democrats have recreated the Republican Party. And when I say Democrats, I mean the Obama administration. In the generic vote, the Democrats were ahead something like 52 to 30. They are now behind the Republicans 48 to 44 in the last poll. Nobody has ever seen anything that dramatic.
After an article full of damning statistics, his recommendations at the end of the article are just idiotic - "find the money for retraining?" Is that the best he could think of? Spoken like a true, brain-dead Keynsian central-planner. Talk about re-arranging the deck chairs on the Titanic!
These is a small problem with this method, you get a call back on perhaps 5% of the resumes you send out and many companies no longer let you fill out application forms. It is very possible to be hunting actively for work and yet go four weeks with neither of those things happening.
I agree. Exactly what jobs do they want people to train for?
Obama’s stimulus was a complete success if you were one of his friends and donors. They made out quite nicely by my calculations....
You are correct! Many of the alleged jobs created are not in reality jobs companies will actually fill. These are positions they “fish” for applicants and collect resumes for possible future positions.
Overqualified for min wage jobs and entry level...yes..oh...over 50 and disabled.....no response (some companies interview just for reporting statistics)
The BLS stats are pure rubbish!
He will vote for Ubama again - - take that to the bank.
In the end, Mort is still a liberal.
Nary a peep about tax cuts. Though he does allude to reduced regulation...