In the chart he has the unemployment rate at around 5%. We all know that is baloney. It is much higher than that.
Yes, but you and I know that’s the rate they go by. And I’ll be honest: I don’t know many unemployed people, but my next door neighbor was a mortgage banker seven years ago (as was his wife), they both got laid off, and she got put back on (I’m sure at a reduced salary) and he sells cars now.
So, I think there is a lot in that “under-employed” interpretation they have in the article.
Add to that quoted 4% drop the fact that the gov’t understates inflation on purpose to reduce interest and SS costs by at least 1-1.5% a year that means a drop of about 20% over that timeframe.
Right, but if he had used U6, his editors would have had (a) no idea; and (b) pushed back because it wasn't what they saw on HuffPo this morning; and (c) just rewrite what's on the wire, Newman.
Here's hoping Newman finds a good job after Yahoo implodes very very soon...