Tuesday, December 08, 2015

BLS: Seasonally Adjusted U6 Unemployment Rate is 9.9%

Bread Lines
Bread line in New York City
While we can all remember seeing movies depicting the destitution of the 1930s, few remain today who remember the bread and soup lines of the Great Depression.  Our parents, grandparents and great grandparents, however, lived through it.

My mother told stories about how, in the 1930s she, her parents and four sisters lived in a one bedroom house (still standing on High Street in Washington Court House, Ohio) with a coal stove for heat, a wood stove for cooking, one bare light bulb hanging on the back porch and an outhouse.  There was no water heater and bathing was done in a wash tub.

She often spoke of what a treat it was at Christmas time, when the local doctor brought fruit baskets to his poor patients.  Fresh fruit was scarce and unaffordable.


Soup Lines
Soup line
Arguably, things are not as bad today as they were then; or are they?  No, we don't see soup lines, but could that be because the modern day welfare system hands out EBT cards, used to pay for food electronically, masking the problem from those not directly effected?  (Out of sight, out of mind.)

The following article from MRC TV reports that the U6 unemployment rate for November is 9.9%.

While the official reported unemployment rate, the U3 rate, is at 5.5%, it only counts those with jobs or those who are actively seeking employment.  It fails to consider those who have become so discouraged that they have stopped seeking work. The U6 rate is calculated using the labor force participation rate, which counts people of working age, between ages 17 and 62 (or something close to that), and is the most accurate reflection of the health of the economy.  "According to the U.S. Bureau of Labor Statistics, this measure incorporates "total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force." Business Insider

Your government is lying to you.

Read here: By Ashley Rae Goldenberg

Popular Posts