The Big Lie: 5.6% Unemployment
Quotes from Jim Clifton’s article, CEO at Gallup.
Jim Clifton is routinely quoted by the press, but not this time. Here is the reason why and a few facts that may surprise you.
“If… anyone is unemployed and has subsequently given up on finding a job — if you are so hopelessly out of work that you’ve stopped looking over the past four weeks — the Department of Labor doesn’t count you as unemployed.” “Say you’re an out-of-work engineer or healthcare worker or construction worker or retail manager: If you perform a minimum of one hour of work in a week and are paid at least $20 — maybe someone pays you to mow their lawn — you’re not officially counted as unemployed in the much-reported 5.6%. Few Americans know this.”
That’s not all, “those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find — in other words, you are severely underemployed — the government doesn’t count you in the 5.6%.”
The Real Unemployment Rate: 12.6% – This number reflects the government’s “U-6” report which is easily accessible. It accounts for the full unemployment picture including those “marginally attached to the labor force,” plus those “employed part time for economic reasons,” says Louis Efron from Forbes.
So what does this mean to you, the average American? It means jobs have not come back to pre-recession levels as you are being led to believe – 5.6% is a big lie promoted by this administration to mislead you. It means business is having a much more difficult time recovering with the additional government regulations and mandates placed on them since 2008.
If you have a job, appreciate your employer because he is struggling to keep things afloat. Lastly, many people are in much worse shape. Appreciate your job and your good fortune, but be cautious.