Decline and Fall (Maybe) New Years Edition

[Donnachaidh]

http://www.economicpopulist.org/content/decline-and-fall-maybe-new-years-edition

The Money Party. Lots of fiddling while Rome and the rest of the world burned. Knowledge is power and among the ruling elite in the United States, the power was off. Somebody forgot to pay the bill or paid with a bad check, no doubt.

A Decade of Job Stagnation In 2000, 135 million citizens were employed. In 2010 there were 139 million Americans employed. Given the 9.7% increase in population since 2000, we would expect to see at least 148 million citizens with jobs. Nobody much wants to talk about this or the true unemployment figures produced by the US Census called "U6". That measure accounts for, "Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force." Bureau of Labor Statistics

The "U6" unemployment figure is 17%, well above the official 9.8% we hear all the time. The official number accounts for 15 million citizens. But when we use U6, we add 9 million citizens forced by economic conditions to work less than they want in part time jobs and 2.5 million marginally attached to the work force - those who gave up looking and get no benefits. That gives us a real world total of 26.5 million citizens out of work or working part time against their will.
Using more refined, politically neutral measures (closer to those in the Great Depression), the over all unemployment percentage is 22.5%, a total of 34.6 million citizens without employment. Shadow Government Statistics calculates the real unemployment rate by adding in "long term discouraged workers" (those who stopped looking), a measure the government no longer uses.

If people don't have jobs they suffer more, have less advantages to offer their children, and drift quickly into poverty. They face homelessness and risk falling so far behind they'll never recover. Thanks to the dreadful members Congress who voted for the new bankruptcy bill in 2007, those unemployed will always have their medical bills to pay. Thoughtful bunch.

MORE at the link --