Friday, February 24, 2012
"Missing: 5.4 million workers"
Sadly, we've been conned into using the politically manipulated monthly unemployment percentage as a true indicator of how things are going.
The media isn't likely to tell us, but, that number is far from the truth...
The media isn't likely to tell us, but, that number is far from the truth...
Katie Johnston recently wrote about it at Boston.com:
"The Labor Department reported Friday that the official unemployment rate slipped to 8.3 percent in January, but when labor force dropouts and the underemployed - those working part time because they can’t find full-time jobs - are included, the rate doubles to about 17 percent.
Losing the productivity of more than 5 million people over the past three years means a slower recovery, with fewer people contributing to the nation’s economic output, buying products, and paying taxes, said Andrew Sum, director of the Center for Labor Market Studies. These missing workers are more likely to become poor, rely on government assistance, and develop mental health issues.
And when hiring picks up, many of these long-term unemployed will have lost so many skills and so much work experience that they won’t easily reenter the labor market. 'Their difficulties will end up being paid in part by us,' Sum said."
