Posted on 12/29/2010 7:30:47 AM PST by FromLori
The federal agency that tracks unemployment is changing its methods in an effort to more accurately gauge the severity of the nation's jobless woes.
Citing "an unprecedented rise" in long-term unemployment, the Labor Department's Bureau of Labor Statistics (BLS) announced it is changing its upper-limit for tracking long-term unemployment from two years to five.
Beginning next month, BLS will send out modified forms that will allow people surveyed to mark if they have been without jobs for "260 weeks or over." Previously, the form had only asked if jobless stints had lasted "99 weeks or over."
Increasing the reportable limit will allow the government to better understand the true nature of the unemployment situation and how long people are remaining out of work, officials said. Given the "historically large" amount of people currently unemployed beyond the two-year reporting limit, current BLS measures of unemployment might underestimate the problem, the bureau said.
(Excerpt) Read more at thehill.com ...
They’re trying to get people used to the idea that this is the “new normal”.
So the long term number will suddenly go DOWN precipitously and the media whores will tout Obama’s great work on the economy. Sigh.
How about two GENERATIONS to five.
Does that graph take into account population increases and changes in the size of the labor pool over time?
In 2012, expect the Dems to say, the average length of unemployment in 2010 was 36 weeks (or whatever it is today with a 2 year limit for counting), and under the Republican 112th Congress, it soared to 3 1/2 years (or however far they can push it up).
The public at large won't care that no comparison can be made because the methodology changed.
It's the moral equivalent of deciding that the flood water level starts half way up your living room wall. See? It's only two feet of flood...
Here’s a little tidbit that ought to delight all you Freepers:
I am sending the e-mail I just composed below to my elected federal gov’t officials here in Illinois. I went on-line to check what my January 1st paycheck was going to be, expecting it would be larger, because as a retiree my pension gets an automatic 3 percent increase each year. Lo and behold, instead of having the same taxes withheld as last year, because of the Bush tax cuts just being extended, I was confronted with a tax increase instead, more taxes taken out of my paycheck. How could this be? I called my retirement system to find out why, which is described below, and boy am I ticked. The American public is going to be hacked off big time when they figure this one out. For your perusal and disgust. Here is my composition I will be sending to my elected officials in my State:
It appears most wage earners in the U.S. are in for a rude surprise when they receive their January 1, 2011 paychecks and find out that the increase in their paychecks that they are expecting are going to be a wash or of little gain financially to them. What you, our government employees failed to remind your citizens about, is that the Making Work Pay tax credit that was issued in 2009 expires on December 31, 2010. Therefore, wage earners’ tax tables have been revised once again upwards, and therefore anyone who was working on a payroll and received the Making Work Pay tax credit will be paying more in taxes during 2011, not less. Even if one receives the 2% SS payroll tax credit, it will come out at best a wash, or very little gain indeed. So, the workers of America are in for a real shock when they receive their January paychecks and find they either owe more in taxes than this past year, or have a miniscule gain financially at best.
Happy New Year, you fine public servants. You’ve done us such a great favor financially during this Great Recession. It appears everything the federal government touches turns into a farce and disadvantages our citizens. There are going to be a lot of very angry people out here when the reality of the above sinks in. I know I myself plan on spreading the word about this, and I suspect this information will end up going viral on the Internet. Guess how everyone will feel toward their elected officials when the reality sinks in that rather than getting more in their paychecks, they will more than likely be getting less, or a wash at best. I know how I feel, and it’s not jolly. Rather it is Bah Humbug to the whole lot of you. A most Unhappy New Year to all; Uncle Scrooge (Sam) has struck again.
“[Updated Dec 2010] The Making Work Pay tax credit expires on December 31, 2010. As a result:
- The income tax withholding tables for 2011 will no longer be adjusted for the Making Work Pay credit.
- There is no longer an optional additional withholding adjustment for pensions.
Note: The Making working Pay $400/$800 credit is being paid by the IRS (via adjusted withholding tables for employers), while the $250 social security payment is being paid out by the SSA.
Most qualified wage earners should already have or be receiving the making work pay credit, which was typically handled by their employers through automated withholding changes in May 2009. For the making work pay credit, this would be reflected with a larger paycheck as a result of the changes made to the federal income tax withholding tables (see irs.gov) .”
Lifetime unemployment!!!!!Minimum $1000.00 a week,unlimited healthcare for the poor,free hosuing,free food, and a clothing allowance and throw in a new car for good measure. The RAT platform for ‘12!!!
“Long term unemployment” used to be two years - how long did unemployment “benefits” last - 99 months, or almost two years. So, prior to the 2010 midterm elections, long term unemployment meant you had exhausted your “benefits”.
Now the labor department says “long term unemployment” means five years. This coordinated policy means, IMHO, that the dimocrats were planning on “extending benefits” to five years.
What do you think would have happened if they had “won the midterms”?
By the time the policy had been converted into actions the “extended benefits” would have gotten the dimocrats past the 2014 Presidential and midterm 2014 election cycles.
Good thing I don’t get a paycheck...
You’ve got that backwards. The long term number will go UP.
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