Friday, December 2, 2011

Unemployment Rate Drops To 8.6% - NOT! Here's the truth...

Today the administration pointed out that the unemployment rate in November dropped to 8.6%. But did it?

Until the 1970's, the government counted all unemployed people in their calculation to determine unemployment rate. But under Carter, when the unemployment rate got out of control, it was decided to only count those who were collecting unemployment benefits. If a person was unemployed but was no longer collecting, that person would not be counted.

And that is how things are done to this day.

So, when the government says the unemployment rate has gone down, it is more likely that it actually went up, as people fall off the "collecting" list.

Also, this is the season where businesses hire a lot of temp help for the holidays. Even though those jobs will end in a month or two, the government still counts them, which also fraudulently reduces the unemployment figures.

I'm afraid the unemployment rate as stated by the government is just meaningless BS designed to help politicians paint a rosier picture. The true unemployment rate today is estimated at over 17%.


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