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Mortimer Zuckerman: Those Jobless Numbers Are Even Worse Than They Look
Wall Street Journal, ^ | September 7, 2012 | Zuckerman

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 workers—government-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 ...


TOPICS: Business/Economy; Editorial; Government; News/Current Events; Politics/Elections
KEYWORDS: jobless; mortimerzuckerman; zuckerman

1 posted on 09/08/2012 10:20:36 PM PDT by george76
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To: george76

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?


2 posted on 09/08/2012 10:26:05 PM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: george76
Mortimer Zuckerman was a big Obama supporter in 2008. He has buyers remorse now.
3 posted on 09/08/2012 10:28:11 PM PDT by CaptainK (...please make it stop. Shake a can of pennies at it.)
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To: 2ndDivisionVet

Why do people believe BS polls which utilize BS methodology?


4 posted on 09/08/2012 10:31:07 PM PDT by A.A. Cunningham (Barry Soetoro is a Kenyan communist)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks george76.


5 posted on 09/08/2012 10:32:21 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: george76

This is Obama’s Depression with leftwing policies that will extend it until after WW3


6 posted on 09/08/2012 10:34:46 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: george76

If we were all in Unions we we would all have jobs!


7 posted on 09/08/2012 10:38:23 PM PDT by Dallas59 (President Robert Gibbs 2009-2011)
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To: george76

Zuckerman’s an idiot who couldn’t see the obvious stupidity of his supporting Obama.


8 posted on 09/08/2012 10:41:31 PM PDT by Psycho_Bunny (OWS = The Great American Snivel War)
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To: CaptainK
Mortimer Zuckerman was a big Obama supporter in 2008. He has buyers remorse now.

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 can’t predict things two years from now, but if he continues on the downward spiral he is on, he won’t 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.

9 posted on 09/08/2012 10:44:24 PM PDT by cynwoody
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To: Psycho_Bunny
Zuckerman’s an idiot who couldn’t see the obvious stupidity of his supporting Obama.

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!

10 posted on 09/08/2012 10:48:12 PM PDT by PGR88
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To: george76
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.

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.

11 posted on 09/08/2012 10:53:15 PM PDT by Harmless Teddy Bear (Fate plays chess and you don't find out until too late that he's been using two queens all along)
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To: 2ndDivisionVet
Because the Democrats are excellent LIARS.
12 posted on 09/08/2012 10:58:38 PM PDT by RC one
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To: PGR88

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....


13 posted on 09/08/2012 11:01:01 PM PDT by volunbeer (Don't worry America, our kids will pay for it!)
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To: Harmless Teddy Bear

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 statistic’s)

The BLS stats are pure rubbish!


14 posted on 09/08/2012 11:07:19 PM PDT by Fully Awake DAV (Navy Vet when homosexuality was not tolerated)
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To: george76

15 posted on 09/08/2012 11:09:43 PM PDT by Beowulf9
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Comment #16 Removed by Moderator

To: CaptainK
Mortimer Zuckerman was a big Obama supporter in 2008. He has buyers remorse now.

He will vote for Ubama again - - take that to the bank.

17 posted on 09/08/2012 11:25:50 PM PDT by Lancey Howard
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To: PGR88
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.

In the end, Mort is still a liberal.

Nary a peep about tax cuts. Though he does allude to reduced regulation...

18 posted on 09/08/2012 11:32:13 PM PDT by okie01 (THE MAINSTREAM MEDIA: Ignorance on parade.)
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To: Fully Awake DAV
...of the 163,000 jobs "added", 429,000 was based on purely statistical fudging.
19 posted on 09/08/2012 11:40:36 PM PDT by Sgt_Schultze (A half-truth is a complete lie)
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To: Harmless Teddy Bear

http://www.Indeed.com

http://www.NationsJob.com

http://www.CareerBuilder.com

http://www.Jobvertise.com


20 posted on 09/08/2012 11:41:04 PM PDT by 2ndDivisionVet (You cannot invade the mainland United States. There would be a rifle behind every blade of grass.)
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To: Lancey Howard; CaptainK
He will vote for Ubama again - - take that to the bank.

I think not. Mort's a businessman.

He'll vote for Romney.

Indeed, I think he's already endorsed Romney.

He's still a liberal, though (as is evident from his proposed "cures" for the economy).

21 posted on 09/08/2012 11:51:40 PM PDT by okie01 (THE MAINSTREAM MEDIA: Ignorance on parade.)
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To: Fully Awake DAV
Yep, I have to scramble to find three or four new places per week to send in my resume.

Yes, I will accept part time.

Yes, I will accept lower wages then I was earning before.

Yes, I will do grunt work.

I think I have proved that by the temp jobs I have taken.

I have started my own business and the way it has been growing I will be able to draw something like a salary sometime in the next couple of years. But I need something to cover the bills right now.

22 posted on 09/09/2012 12:54:10 AM PDT by Harmless Teddy Bear (Fate plays chess and you don't find out until too late that he's been using two queens all along)
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To: george76
I have long regarded that we are actually in a Depression, given the "real" unemployment figures that you don't hear about from the White House and the amount of credit card debt and food stamps that people use. Not to mention all the quantitative easings.

I hope Romney/Ryan wins by a landslide come election time.
23 posted on 09/09/2012 3:31:13 AM PDT by hawaiianninja (Palm note to self: Work for a successful 2012! +Throw the liberal garbage out!)
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To: george76

Lets ask the NAACP and the congresional black caucus. They know the numbers of young black American unemployment thier dear leader is responsible for. Hear anyone say anything? Oh no this might disrupt the gig we have, sitting at the big table skimming off the top, throwing crumbs to our subjects with the message of vote color. You have to have a audience to perform, the people effected the most need to step into reality but it’s hard when you are offered candy that costs you nothing. How is this any different than the corner drug dealer selling heroin?


24 posted on 09/09/2012 4:42:30 AM PDT by ronnie raygun (bb)
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To: george76

I’m seeing a possible Romney endorsement from e NY Daily News in the near future.....


25 posted on 09/09/2012 4:56:54 AM PDT by Tanniker Smith (Rome didn't fall in a day, either.)
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To: PGR88
his recommendations at the end of the article are just idiotic

Exactly. I thought it was a very good article until I reached the five recommendations. He knows obama blew it but he want to use obama solutions to "solve" the problem.

1. Govt. spending.

2. Govt. spending.

3. Yes! The only good idea on his list.

4. Govt. spending.

5. Gvot. spending. Obama's omnipresent "roads and bridges" solution. What the hell are we going to use these roads and bridges for? To allow union construction workers to get to their next make-work job more safely?

26 posted on 09/09/2012 5:00:14 AM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: A.A. Cunningham
“Why do people believe BS polls which utilize BS methodology?”

Why? Because they watch the State run media, that is why.
The majority of Americans spend a fraction of a moment on news and a majority of their time watching “reality” TV or sports.

All they know is what the alphabet networks tell them.

“Never underestimate the stupidly of the American people”.

27 posted on 09/09/2012 5:48:15 AM PDT by CapnJack
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To: PGR88

[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!]

My thoughts exactly!


28 posted on 09/09/2012 6:54:00 AM PDT by KansasGirl ("If you have a business, you didn't build that. Somebody else made that happen."--B. Hussein Obama)
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To: george76

50 million on food stamps divided by 300 million is 1/6.

1/3 is 33%, so half of that is 16.5%

Granted, that’s way oversimplified. (subtract those of ineligible age, add back those on other transfer payments, adjust regionally & seasonally, etc.)

But one out of six.


29 posted on 09/09/2012 6:59:44 AM PDT by P.O.E. (Pray for America)
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To: P.O.E.
But one out of six.

Yes, isn't that outrageous? And yet the government advertises Food Stamps like Wal*Mart advertises household goods. nobama and his goons won't be happy until everybody that qualifies is getting their monthly taxpayer paid largess.

The sad progression today: Job ☞ no job ☞ unemployment pay ☞ Social Security disability (which is going broke real fast) ☞ Food Stamps.

30 posted on 09/09/2012 8:03:47 AM PDT by upchuck ("Definition of 'racist:' someone that is winning an argument with a liberal." ~ Peter Brimelow)
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To: 2ndDivisionVet
Conditions are hidden. In the Great Depression we had soup lines. Today we have SNAP debit cards from the gov. We used to have Hoovervilles. Today the Obamavilles are a secret closely guarded by the media.

In the 30's people were ashamed to "go on relief." Today there is a defiant sense of entitlement about it. Sadly, Obama represents a parasite class numbering in the millions.

31 posted on 09/09/2012 8:10:04 AM PDT by hinckley buzzard
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To: 2ndDivisionVet
Conditions are hidden. In the Great Depression we had soup lines. Today we have SNAP debit cards from the gov. We used to have Hoovervilles. Today the Obamavilles are a secret closely guarded by the media.

In the 30's people were ashamed to "go on relief." Today there is a defiant sense of entitlement about it. Sadly, Obama represents a parasite class numbering in the millions.

32 posted on 09/09/2012 8:21:16 AM PDT by hinckley buzzard
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To: george76; Jet Jaguar; Lady Jag; Slings and Arrows; null and void; maggief; Dog; BP2; Candor7; ...

GOOD article to discuss with the reality-challenged...ping


33 posted on 09/09/2012 8:46:54 AM PDT by bitt (These Commies are making it impossible to stick to my self-imposed moratorium on foul language)
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To: george76

“Mortimer Zuckerman: Those Jobless Numbers Are Even Worse Than They Look”

The problem, Mr. Zuckerman, is that in the Alice-Through-The-Looking-Glass world of entitlements, “jobless numbers” count for less and less.

In this world, one is not seen as winning by “creating jobs”, but rather by creating more benefits for the jobless...


34 posted on 09/09/2012 9:00:59 AM PDT by Road Glide
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To: CaptainK

“Mortimer Zuckerman was a big Obama supporter in 2008. He has buyers remorse now. “

Indeed. Mort’s wised up, though. He’s a sharp cookie and nothing indicates that more than when someone changes their mind and admits they were wrong.

Mort’s one of the very few Democrats that I respect, and I suspect Mort is becoming less Democrat day by day. He may still be registered Democrat, but he talks more and more like a conservative every time I hear him talk. I’m hoping that others in the Jewish community pay as much attention to Mort as others are starting to do.


35 posted on 09/09/2012 9:13:16 AM PDT by catnipman ((Cat Nipman: Vote Republican in 2012 and only be called racist one more time!))
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To: george76
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...

The MSM will NOT be running with this story...

36 posted on 09/09/2012 10:05:53 AM PDT by GOPJ (Peace is that brief glorious moment in history when everybody stands around reloading - T. Jefferson)
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To: 2ndDivisionVet
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?

Because the MSM lies for Obama.

They cover the positive about him - and ignore the horrors... Think of it as the most expensive ads a political party could buy - and all for free. That we're even in the game is a miracle.

37 posted on 09/09/2012 10:11:18 AM PDT by GOPJ (Peace is that brief glorious moment in history when everybody stands around reloading - T. Jefferson)
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To: bitt

Nice to see Zuckerman is awakening to the facts on this employment issue.


38 posted on 09/09/2012 10:45:09 AM PDT by Marine_Uncle (Honor must be earned.)
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To: bitt

Thanks for the ping!


39 posted on 09/09/2012 11:06:08 AM PDT by Alamo-Girl
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To: ronnie raygun

Amen....AMEN!!!


40 posted on 09/09/2012 6:20:33 PM PDT by IWONDR
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To: okie01; Lancey Howard; CaptainK; Psycho_Bunny
I think not. Mort's a businessman.

Correct, though, if anything, Zuckerman leans to the right. Familiarity with his editorials (not the Op-Eds) in the Daily News would seem to indicate that. Before Obama, the News endorsed George W. Bush twice.

41 posted on 09/09/2012 6:37:03 PM PDT by presidio9 (Islam is as Islam does.)
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To: bitt; Perdogg; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks bitt.
42 posted on 09/09/2012 8:07:13 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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