20
Oct
09

actual u.s. unemployment over 18%

according to white house advisor

According to official statistics, the unemployment rate in the United States is now 9.8 percent. But those statistics understate the severity of the jobs crisis. The official statistics do not include the 875,000 Americans who have given up looking for work, even though they want jobs. When these “marginally attached” workers and part-time workers are added to the officially unemployed, the result, according to another, broader governement measure of unemployment known as “U-6,” is shocking. The United States has an unemployment rate of 17 percent.

And even this may understate the depth of the problem. By adding the 3.4 million Americans who want a job but have not looked for one in over a year, businessman, philanthropist and Obama advisor Leo Hindery Jr. infers an actual unemployment rate of 18.8 percent. In other words, nearly one in five Americans is unemployed or underemployed.

The sound you hear is the sound of the social fabric in America rotting and beginning to snap. Thanks to the unemployment insurance system adopted during the New Deal years, and thanks in part to the stimulus that the Obama administration and Congress passed earlier in the year, we do not have hordes of out-of-work Americans standing in line at soup kitchens and riding the rails from town to town. Even so, the invisible decay of America’s social order is just as real as the highly visible decay of abandoned McMansions in new developments that are turning into ghost towns across the continent.

if the moneyed class doesn’t get busy, they’re going to have issues they can’t throw a TARP over.

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