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Real Unemployment at 23% - Dampening the Excitement

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There was a shadow over the national conventions of both political parties.  The people know that the economy is much worse than anyone in the power structure will admit.  As usual, the people are right.  The real rate of unemployment is 23%, not the official figures we hear on a regular basis.  The 23% figure  represents all of those unemployed no matter how long, the involuntarily under employed (part time), and those who have given up looking, the discouraged, due to an chronically arid job market.   If either wing of The Money Party, Democratic or Republican, admits to the the real unemployment situation,  they would be forced to admit a complete system failure and compelled to act now.  There would be no choice but to drop the nonsense about austerity and balanced budgets.

shadowstats.com by John Williams - Shadow Government Statistics

Here is how the fantasy of the official unemployment figure works.

Official unemployment  includes those who are both unemployed during the week of the Bureau of Labor Statistics (BLS) survey and without a job for the prior four weeks.

The official unemployment number we see excludes those marginally attached to the labor force, discouraged workers, and those working part time due to the absence of full time work. The Alternative unemployment statistic is always higher than the official version. It includes most of the unemployed but excludes discouraged workers after twelve months without a job (See Appendix).  In the chart above, you will see the official government unemployment number (U-3), the alternative number (U-6), and the shadowstats.com figure, which includes U-3 and U-6 plus  all those unemployed who have given up. That represents 23% of the work force. (Graph Courtesy of Shadowstats.Com Shadow Government Statistics - John Williams)

How can citizens make responsible decisions when the official unemployment rate, 8.1%, is just 35% of the real unemployment rate, 23%?

Who benefits?

Another Useful Fiction - the Consumer Price Index

The Consumer Price Index (CPI) is used to measure the annual rate of inflation.  The measure is vital to effective understanding of the real state of the economy at any point and over time.  It is also the measure used for a variety of important programs like Social Security and other retirement programs.


shadowstats.com by John Williams - Shadow Government Statistics

There were major changes in the methodology for determining CPI prior to 1980 and again in 1990.  The net result is a much lower CPI and a much lower reported rate of inflation.  Combining the real CPI, based on the more robust and realistic 1980 CPI with flat wages over the years explains why so may feel like they're treading water and struggling against increased prices.  It explains why so many wonder what's going on given the reports that we've conquered inflation.  (Graph Courtesy of Shadowstats.Com Shadow Government Statistics - John Williams)

It's easy to conquer inflation, unemployment, etc. when you control of the rules that define the outcome. Just change a few assumptions, and, as if by magic, inflation is no longer a problem.

The recent scandal in setting the Libor interest rate exposed bankers colluding to take more from customers by lying about basic data that created this rate central to loan rates.  How is that any different than what the government has done with with the CPI?  It is the same process, distorting reality to benefit those distorting the data.  There is one difference, however.  The international bankers carried out their deception in secret, ashamed to show the public their very profitable conspiracy.  The government, under both parties, is open enough for just about anyone concerned to see that they're rigging the game.  Since it is so beneficial to both parties, just about nobody complains.

People know when they're unemployed.  They know when their communities are suffering in a very real way.  They know that it's harder and harder to keep up financially, that their incomes are inadequate to buy the necessities and get a break now and then.  The deliberate manipulation of unemployment, inflation, and other data to put a smiling face the economic collapse isn't working very well lately.

It's time to clean house of those who deliberately manipulate information vital to public awareness and debate and to dismiss those who enabled this ongoing deception through affirmative efforts or silence in the face of obvious distortions.

END

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Thanks for posting this. It's going into my bookma... by Faith Carr on Sunday, Sep 9, 2012 at 7:31:02 AM
So, how do we clean house? Members of congress gen... by Erik Kengaard on Sunday, Sep 9, 2012 at 8:35:32 AM
Start by realizing there are usually more than two... by Richard Pietrasz on Sunday, Sep 9, 2012 at 10:58:26 AM
As we saw with Obama's efforts being shot down at ... by Dane Swank on Sunday, Sep 9, 2012 at 11:38:37 AM
Ok, so we support a second currency, a US Treasury... by Toby Seiler on Sunday, Sep 9, 2012 at 2:23:51 PM
it's debts, but as with the true unemployment numb... by Mark Adams JD/MBA on Sunday, Sep 9, 2012 at 4:41:50 PM
Customer deposits are the property of the bank. G... by Kansas Bright on Monday, Sep 10, 2012 at 11:27:14 AM
The sentiment is out there but the absolute demand... by Michael Collins on Sunday, Sep 9, 2012 at 10:32:01 PM
Why don't we start by holding them accountable to ... by Kansas Bright on Monday, Sep 10, 2012 at 10:25:47 AM
   It's more urgent to end long-... by Jean SmilingCoyote on Sunday, Sep 9, 2012 at 11:27:24 AM
Jean, you should talk to about 100 entrepreneurs a... by Toby Seiler on Sunday, Sep 9, 2012 at 2:37:15 PM
And the first one is very creative, makes a point.... by Michael Collins on Sunday, Sep 9, 2012 at 10:35:35 PM
A part time employee cannot afford to support thei... by Dane Swank on Sunday, Sep 9, 2012 at 11:46:41 AM
It says the U6 rate includes underemployed and the... by Toby Seiler on Sunday, Sep 9, 2012 at 2:47:36 PM
But that would be a very inconvenient number. ... by Michael Collins on Sunday, Sep 9, 2012 at 10:38:42 PM
It would be interesting to know how many are decen... by GES on Sunday, Sep 9, 2012 at 12:05:55 PM
I guess around 25% are employed to their fullest p... by Toby Seiler on Sunday, Sep 9, 2012 at 2:53:37 PM
Los Angeles County as an example.  Here's a L... by Michael Collins on Sunday, Sep 9, 2012 at 10:44:31 PM
Your statistics about real unemployment and the re... by Phil Weingart on Sunday, Sep 9, 2012 at 1:18:34 PM
Your reading in a bias that may not have been inte... by Toby Seiler on Sunday, Sep 9, 2012 at 3:21:21 PM
I am Michael Collins and I endorse those comments!... by Michael Collins on Sunday, Sep 9, 2012 at 10:51:39 PM
the people. To wit, compare the bailouts to the no... by Michael Collins on Sunday, Sep 9, 2012 at 10:50:40 PM
I believe it was the Humphrey-Hawkins Act that est... by Paul Roden on Monday, Sep 10, 2012 at 11:49:17 AM
Local banks benefit when local citizens are workin... by Michael Collins on Monday, Sep 10, 2012 at 12:08:10 PM
Basic Fact:   Politicians are LIARS - is... by Laurence Almand on Sunday, Sep 9, 2012 at 5:17:54 PM
The problem isn't that this country exported 95% o... by Don Caldarazzo on Sunday, Sep 9, 2012 at 7:44:59 PM
Carried on front page point to OEN article.  ... by Michael Collins on Sunday, Sep 9, 2012 at 10:28:36 PM
" It's time to clean house of those who deliberat... by Kansas Bright on Monday, Sep 10, 2012 at 10:21:46 AM
Right on target.  I look forward to reading t... by Michael Collins on Monday, Sep 10, 2012 at 12:57:17 PM
Having a hard time finding work? It's not your fau... by Paul Bern on Saturday, Sep 29, 2012 at 4:18:33 PM