by Jim Clifton
GALLUP - February 3, 2015
Here's something that many Americans -- including some of the
smartest and most educated among us -- don't know: The official
unemployment rate, as reported by the U.S. Department of Labor, is
extremely misleading.
Right now, we're hearing much celebrating from the media, the White
House and Wall Street about how unemployment is "down" to 5.6%. The
cheerleading for this number is deafening. The media loves a comeback
story, the White House wants to score political points and Wall Street
would like you to stay in the market.
None of them will tell you this: If you, a family member or anyone is
unemployed and has subsequently given up on finding a job -- if you are
so hopelessly out of work that you've stopped looking over the past
four weeks -- the Department of Labor doesn't count you as unemployed.
That's right. While you are as unemployed as one can possibly be, and
tragically may never find work again, you are not counted in
the figure we see relentlessly in the news -- currently 5.6%. Right now,
as many as 30 million Americans are either out of work or severely
underemployed. Trust me, the vast majority of them aren't throwing
parties to toast "falling" unemployment.
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