Unemployment: The myth and the reality
And all of it brought to you in charts via Zero Hedge.
The myth:
The "official" unemployment rate is 8.2%. Zero Hedge claims the real unemployment rate is 14.8%.
The reality in two charts. Chart 1:
In case you’re missing the point, 88 million are not participating. That is a whole lot less than when this started. As Zero Hedge asks ‘must be that everyone is able to retire’. Uh, yeah, right. That chart and number provides context for the next chart.
Lets go to Chart 2. This is the chart that tells the tale and kills the myth:
This is the chart that the GOP nominee ought to have permanently hanging at every single event he holds during this election season. This is indicative of the real unemployment picture and it isn’t pretty.
Certainly, many Baby Boomers are choosing to retire, but as I said on the podcast, a) we’re just getting into Baby Boomer retirements and b) no one would dare argue that everyone has the ability to retire right now. So there is a serious discrepancy between the official unemployment rate and the real unemployment rate. That discrepancy is evident with these charts and destroys the myth of an improving unemployment picture.
~McQ
Twitter: @McQandO
“Certainly, many Baby Boomers are choosing to retire..”
According to the Census Bureau, the percentage of people over 65 participating in the labor force went up since the start of the depression, meaning ALL the jobs losses in chart 2 were people of ‘normal’ working age.
@CT Phil Quite a few of us Baby Boomers are under 65. Baby Boomers were born 1946-1964, so they range in age from 48 to 66.
@timactual If a baby boomer under 65 retires, then its a forced retirement most likely which is not natural and not good for the economy.
Well, doesn’t matter, you destroy the myth all you like – the media and the President KNOW that unemployment is going down, and so it’ s going down. Your actual facts and numbers won’t make the least bit of difference to their reality.
@looker The President KNOWs that unemployment is going down, and so it proves why he has hidden his college transcripts.
@looker “Your actual facts and numbers won’t make the least bit of difference to their reality.”
Now, now…. Don’t use the R word. “Narrative”. Please…
@Ragspierre Well, there must be TSA jobs opening up in Houston soon.
@looker But FUNemployment is up!
The WaPo reports “Health care law will add $340 billion to deficit, new study finds” and the DC reports that “Dodd-Frank costs US financial sector 24 million man-hours per year for compliance.” ‘Texas Republican Rep. Randy Neugebauer, the chairman of the committee’s subcommittee on oversight and investigations, told The Daily Caller that means that instead of hiring people to handle small business loans, banks will be hiring staff to comply with the new government regulations, ultimately having a negative impact on job creation.’ Of course, this was all done under the “evil” Bush I suppose .. but it wasn’t.
The Seminole Hard Rock and Casino hotel in Tampa, Fl, had 4000 people line up, some starting as early as 2am, for 400 jobs.
In fact, by 10am the hotel had seen the ‘planned 1000′ interviews for the day.
Newscasts filled by people who said they had been out of work for months.
The Buffett rule will solve this
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