Jim, I've read many times here on FR that the ShadowStats numbers represents the formula used as recent as the Clinton presidency.
Looks like 22-23%...depression era numbers IMO.
I answere my own question. The unemployment rate for the time period before 1940 was essentially an estimate. If you were FDR, you would want an exceptionally high rate in 1933 and trending lower. That is was in fact happened and what would have happened in any case. The exaggeration, if any, was slight.
Today, however, we have large numbers of disabled and this category was not large in 1940. Today a far larger portion of the potential work force is in school of some sort. They are not counted as unemployed even though unemployment may have pushed them into a school where they can live off loans, grants, etc.
Why am I rehashing all this? Merely because, Romney could justifiably say that Obama has given us unemployment rates to rival those of the Great Depression. Of course he won’t for a variety of reasons. Of course, to do so would be unabashed racism.
Jim, I've read many times here on FR that the ShadowStats numbers represents the formula used as recent as the Clinton presidency.
Looks like 22-23%...depression era numbers IMO.