- Business and Employment
The True Unemployment Figures
The current spin on the economy is that we are slowly getting out of a big hole, job wise. The growth is pathetic. Obama has tried but experts think he has not done enough. The words avoided are, modern day depression, which is in fact what it is. Forty-five million Americans are on food stamps, that is 15% of the population, double from 2000.More than 11 million are collecting disability checks and half of these are during the Obama term. Both groups are the invisibles because they get checks in the mail. Many of them did have great jobs that have been lost since 2008.
The report indicates 8.1% are unemployed. Of course, these numbers are so skewed and screwed because of how they are tabulated. The real number is 18%, when you include the millions who have stopped looking. The average time a person is now unemployed is a whopping 40 weeks. About 8 million have not looked for work in four weeks or more. The latest job report indicated 96,000 jobs were created (BTW, these are low level wage gigs), it was hoped 125,000 would be created, which is still bad, even so, this 125,000 (that was not achieved) is far below the average of 140,000 in 2011.
Need more bad news? Okay, how about 41% have been unemployed for at least 27 weeks, or 5 million long termers. Fewer Americans are now working than were in 2000 even though the US population increased 31 million. About 15% of the population is working only 2-3 days a week because that is all they can find (remember, 8 million are not even looking-they are burned out). And for those working, they have seen the lowest pay raises in the past 30 years, a paltry 1.6% on average. The quit rate for jobs, even the $8 hr. ones, has never been lower. Few quit now. They just grin and bear it. The unemployment for those 55 yrs. +, is 4 million, Those in this group that are working are not retiring making it harder for the younger workers to enter.
Economists agree that at least 250,000 jobs need to be created every month for any changes to be seen. I doubt if Romney will be able to do much better than Obama given the overall situation.