The unemployment rate is a comparative number, the U-6 stat might give people the idea that the current recession is worse that the 1980 event.
But U-6 wasn’t calculated for the previous recessions, so I’m concerned that using it now will just create more heat than light and lend credence to the “catastrophe” talk in Washington.
We may well get our catastrophe with the massive pork being passed in Washington and Obama in charge.
But there is no reason to create alarmism by suggesting that the unemployment is worse than Carter already.
There weren't separate categories for "discouraged workers", "underemployed / irregularly employed" workers, etc. in previous recessions. The current U-6 number becomes more comparable to previous "headline" numbers the further back you go.
Comparing current "headline" numbers (U-3) with old headline numbers (when there was just The Number) is kinda like comparing current automobile death rates with those of the early 1960's. Yes they're lower but there are the matters of airbags, ABS, seat belts, unibody construction, etc.