The real U.S. jobless rate is 15 percent
The Obama administration keeps reporting supposed good news on the employment front. Americans sense that something is not quite right about the rosy official numbers, and a series of independent reports confirms their skepticism.
On Feb. 16, the Congressional Budget Office (CBO) released a report on long-term unemployment showing that the past three years have witnessed “the longest stretch of high unemployment in this country since the Great Depression.” The report observes that if the underemployed had not been excluded from official statistics, “the unemployment rate in January 2012 would have been about 15 percent.” The “share of unemployed people looking for work for more than six months,” i.e. the long-term unemployed, has been above 40 percent since December 2009, the highest level since these data have been…
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