I heard a news guy on CNN the other day talking about the “real” unemployment rate being at 16%. He said the official rate was 9.5%, I believe from last month, but that the “real” rate was higher. He just mentioned it as an afterthought in the segment he was reporting. It struck me that these news guys know something we don’t; i.e. that the official unemployment rate number reported in the MSM is artificially kept lower than the actual rate, based on how they do the calculation.
Or, is it an open secret that the “real” unemployment rate is well into double digits percentages, but officially, the administration is working hard to somehow keep the official number below the magic 10%????
Yes, the number they give is called U2 (if I’m not mistaken), and it does not count the so-called “discouraged”, those whose unemployment has run out and who aren’t really looking because they know no one is hiring. If you count all those people, you get the number called U6, and it is around 16%-17.5%. But that’s probably undercounted too and the real number is around 20%.
But hey, that means 80% still have jobs, right?