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7.7% unemployment inaccurately depicts true jobless rate

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opednews.com Headlined to None 12/10/12

That calculation is consistent with a recent survey of income and program participation (SIPP) conducted by the U.S. Census Bureau that shows that well over 100 million Americans are enrolled in at least one welfare program run by the federal government. And that figure does not even include Social Security and Medicare.

The implications for the U.S. economy should be obvious. Government benefits for the unemployed merely provide enough for families to get by and cover basic living expenses. They leave no room for the type of discretionary spending that keeps businesses thriving in America. The amount of citizens out of work, not contributing revenue and receiving benefits, combined with billions in defense and war spending, bank bailouts, tax breaks for huge corporations that outsource jobs, etc., is simply unsustainable.

The only solution to the economic downturn in the U.S. is to bring back or create well-paying jobs in the U.S. Even though seasonal retail jobs that pay less than $10 per hour make good headlines in reports, they are not the solution.

Sources:

Bureau of Labor Statistics report (pdf)

BLS -- Seasonal Adjustment Files and Documentation

Economic Populist

Washington Post

BLS report -- Alternative Measures of Labor Underutilization (Table A-15)

BLS report -- Alternative Measures of Labor Underutilization for States

Washington Post -- Brad Plumer

Economic Policy Institute

Christian Science Monitor

NBC News

CNN Money

U.S. Census Bureau -- Survey of Income and Program Participation (SIPP)

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http://www.examiner.com/independent-in-madison/gregory-patin

Gregory Patin is a free-lance writer residing in Madison, WI. He earned a BA in political science from the University of Wisconsin - Madison and a MS in IT management from Colorado Tech. He is politically independent and not affiliated with either (more...)
 

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I would like to hear your comments or story here.... by Gregory Patin on Monday, Dec 10, 2012 at 10:17:50 AM
Neither the 49% rate nor the (more ridiculous) 7.7... by Scott Baker on Monday, Dec 10, 2012 at 10:23:06 AM
I'm very glad to see a good, analytical essay writ... by Sister Begonia on Tuesday, Dec 11, 2012 at 2:38:20 PM
Thanks for your comments, Sis and Scott. The point... by Gregory Patin on Tuesday, Dec 11, 2012 at 5:20:11 PM