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The True Unemployment Rate - 10.9%

February 07, 2004

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Special thanks to George Ure at Urban Survival for pointing out the truth about the unemployment statistics released last week. The link that George supplied is to the Bureau of Labor Statistics, Table A-12. Alternative measures of labor underutilization

"Alternative measures of labor underutilization?" Hmm...What does it mean in English? Also known as the U-6 number, it is a more accurate measure of the nation's unemployment rate.

This page estimates the "total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers at 10.9%. What are "marginally attached workers?" According to the BLS, "marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule. " Do you know anyone like that? They're not counted in the big, pretty headline number (Unemployment rate falls to 5.6%) that is reported on the six o'clock news. How come?

As we said, 'The second great depression will not be televised.'

If you've got some time on your hands, how about writing some of your journalist friends and ask why they consistenly ignore this number?

***
I just finished reading "Animal Farm" this weekend. It is a great refresher to remember how the govenment operates.

Posted by manystrom at February 7, 2004 09:27 PM
Comments

Synchronicity. I just read Animal Farm in the last week, probably at the same time you were reading it. It seemed a logical book to crack after I finished 1984. Everyone should read Animal Farm! It is a very short book that packs so much meaning between its covers.

Readers should know that it was written as an allegorical history of the Communist revolution in Russia. While the book is a scathing criticism of Communism, it should also be seen as a warning about any system that allows the concentration of power into too few hands.

When you read it you should pay attention to the Sheep. In Animal Farm the Sheep are born Sheep and have no hope of dying as anything but Sheep. In the real world Sheep are not born as Sheep; if they choose, they can stop being Sheep. The most important question you can ask yourself after reading this book is 'Am I a Sheep?'. If you don't like your answer, you have the redeeming choice to change. Unfortunately most Sheep will never read Animal Farm willingly. The temptation of mental decadence is too powerful for them(OH LOOK! Another picture of Janet Jackson's brest!).

Animal Farm is a great book. Readers should also read 1984. The current political climate makes 1984 a powerful warning. It is a warning that needs to be understood more than ever before. Take a look at Big Brother's party slogans:

War Is Peace
Freedom is Slavery
Ignorance is Strength

Its chilling how you can see each principle in action.

These two books are the best place to start. Once you read 1984 you should also read Brave New World by Aldus Huxley. The combination of 1984 and Brave New World will give a better understanding about where things are going. Brave New World gives critical insights into the roles of the media, consumerism and much more. When you selectively combine the worlds of 1984 and Brave New World and you get the most damning depiction of today's society.

Hopefully reading Animal Farm, 1984, and Brave New World will help you see the world in a different light. Being a Sheep is one thing, being a Sheep and KNOWING IT is another.

Posted by: Cory at February 8, 2004 03:01 AM

After reading Animal Farm, 1984 and BNW, don't overlook We, by Yevgeny Zamyatin, and visit a world without privacy.

Posted by: davepowers2 at February 8, 2004 04:34 AM

The US is in a Japan style economic bust that began in 2000. The US major averages post bubble behavior is very similar/has a very high correlation with the Nikkei. Line up the Nikkei chart's late 1989 peak with the peaks in NDX in 3/2000 and in SPX in 8/2000 and the charts look very similar with major declines and rallies coinciding.

Posted by: Joe F. Rocks! Growth Stock Investor & Market Strategist at February 11, 2004 01:33 AM

My 'Hot Rails to Hell' chart of the US Dollar index at http://www.chart-w59.com/id5.html
shows where America has been and also predicts it's ultimate destination, if things don't change quickly here in Uncle Sam's Asylum.

Also check out my 'Americruiser' chart at
http://www.chart-w59.com/id9.html

Posted by: Don at February 12, 2004 01:19 AM

THE BUTCHERS OF AMERICAN JOBS

Fellow Friends and American Taxpayers:

During the last thirty years the United States has been at the mercy of decadent elements whom have abused it's confidence. During these thirty years those elements have done nothing but destroy, disintegrate and dissolve. Hence, it has been neither prosperity nor dream that Americans have experienced, rather hard misfortunes, hunger and hopelessness. This is the result of in-sourcing of foreign labor, of out-sourcing of American jobs and the lack of protectionist policies. In all cases the American people are the losers.

I do not know how many thousands of people will hear this speech or read it later on, whether at their own home or living with their relatives, but, I want to speak to you as one American to another.

Recently, in the press, televised media and Internet there has been a flood of liberal propaganda claiming that "protectionism" is evil and "free trade" is Heaven. They make no distinction as to what is being protected or what is free except that if economic policy is good for the American people that is protectionism and is evil. The goal of these anti-protectionists and free trade activists has been evident from the beginning. They say everything will be "cheap." They say it will create jobs. Well, "free trade" has been around for over thirty years and the American unemployment today is nearing Great Depression levels of fifteen million. Said President McKinley in the 1890's: "Sure, everything would be cheap and everybody would be cheap... It is the badge of poverty... And when things were the cheapest men were the poorest."

Take for example, President Bush's expert economic advisor, a professional college student, Professor Greg Mankiw, GM for short, recently wrote that the outsourcing of American jobs to foreign countries was "a plus for the economy in the long run." That is to say, Americans must be put into the unemployment lines so that foreigners in Asia can make the money. Mr. Mankiw has lost himself in his "long run" feverish fantasy and confuses his chaotic dreams by isolating himself from reality. He spits out insults against the American people and U.S. Congress because he has managed to find a little corner for himself near the university and political manure piles to count his seven figure paycheck for writing a book that is nothing more than "Socialism, Betty Boop style."

In a political election year the President's staff always uses every propaganda means at their disposal from number juggling to using the old Roman orators trick: the big lie, to present to the public a bright, cheery outlook of the economy. Everybody knows how the Bush teams adds and subtracts. They divide figures that are unfavorable to his cabinet by two, and multiplies the favorable ones by the same number. In more desperate situations, they outright claim confused information! This balances the account.

On March 22, 2004, an interview with Secretary of Commerce, Mr. Donald Evans, was televised where one noticed that his relations to the truth were a bit strained. As we all know Mr. Evans is a close friend of big corporate scandals. During the interview he announced to the American public that current unemployment is at 5.6 per cent. Mr. Evans may be able to fool the corporate CEO's, but we Americans will never be in any doubt as to which multiplier or divisor we need to apply to his numbers. The real U.S. unemployment figure is a staggering 10.9 per cent! About 15 million unemployed Americans. Granted, he can claim to be less than a liar than President Bush. Bush has had more experience. Evans went on to say he supports outsourcing, viz, the purposeful practice of increasing unemployment, and, a type of amnesty for illegal aliens that in the final analysis only encourages terrorism in this country since it is offering money for violating U.S. federal laws. He stated that it's time to "fix" it, but doesn't know how. History "fixed" that problem in 1954 under one of America's greatest Presidents: Dwight Eisenhower. He rounded up the 5 million illegal aliens and deported them back to their own country where -- they -- belong.

But, the most astonishing moment of his interview came when Evans bombastically announced that there are "one million new hires every week" in the United States. If that is so Mr. Evans, why are there 15 million unemployed Americans?

Commerce Secretary Donald Evans is a longhorn "white" trash liar. Why do I use the term white trash? You use the term to describe something despicable and contemptable. He is being paid large sums of American taxdollars, yes, your tax dollars, to put as many of you Americans out of work! Evans is one of those diabolical masterminds of outsourcing, who's terror campaign encourages it's practice at every opportunity. His criminal madness knows no bounds and he has the impudance to say he's working for the American people! Evans evaluates everything only as to how it affects his billfold. The more Americans he puts out of work, the fatter his billfold gets.

I say to you: Here is my billfold Evans. Show me yours. The one with the most money is the anti-American pig!

It would surely be good for the American people, the ones whom built the United States into a great industrial complex, if they did not have to stand beside these underground gangsters with their fat wallets and empty consciences. As the famous saying has it: "Tell me your friends and I'll tell you who you are."

These liberals have come down -- down from the mountain top after seeing the burning Bush with "free trade", "anti-protectionism", "in/out sourcing" under arm ready to convert the unsuspecting soul to their paradise that is nothing more than a fearful wasteland with starving and unemployed people. It's theory is glossy and grandoise, but one look at reality and one sees the millions of sacrifices that have been made in honor of it through massive job losses and unnecessary bloody wars. And all these diciples of "free trade" and "anti-protectionism" can say: "But, everything belongs to everybody and everthing will be cheap. It's the long run!"

Cheap is not the American way.

Making Americans unemployed is not the American way.

Selling American jobs is not the American way.

I ask you, fellow Americans: Is that what you want, cheap merchandise, cheap wages, massive unemployment? A cheap life where hunger and desperation sit beside you at the supper table?

The only remaining question is why Congress has not demanded that Bush's economic team be outright fired, instead of stubbornly holding on to these glittering brilliant minds that are so posionous and harmful to the United States.

Foreigner in/out-sourcing, free-trade and anti-protectionism are the real butchers of American jobs and industry with the gangsters Evans and Mankiw as their criminal czars. They are the sworn enemy of every decent professional and non-professional American worker. We Americans will not tolerate the anti-American behavior of Evans and Mankiw and demand they be immediately fired and the money they have received returned to the taxpayers.

Posted by: New Jersey Attack at April 6, 2004 01:35 PM

New Jersey Attack-
You so graciously spoke for us newly poor, and growing segment of the American workforce. Although we "paid ourselves first", after two years of unemployment, it has taken its toll,not just fiscally, but emotionally. Since both our jobs went to India, we now find ourselves regretting having voted for Bush (corprotist slime) and the lying, morally bankrupt administration.
The U.S. will not the #1 super power, which means we are losing it all.
Our post war plans for Iraq are non-existent, and the money we are spending is money, we need in this country.
All this cheap money the Feds are throwing from helicopters might be creating a "wealth effect", but we are actually going in the opposite direction. So, thanks New Jersey Attack, for expressing what I am to upset to express. We have been sold out.

Posted by: Outsourced/ Going Broke at April 6, 2004 10:25 PM

Regarding Bush's "mental masturbXtion" (excuse the term, but appropriate) regarding retraining, the only winners are the retrainers, all the newly formed corporations, jr. colleges (give me a break) sucking up tax dollars. They don't have a clue, do they. What is an Engineer or a Radiologist going to retrain for, hospital corner sheet skills? They never seem to have an answer,just a lot of rhetoric.

Posted by: Outsourced/Going Broke at April 6, 2004 10:50 PM
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