Cogent analysis of the “real” unemployment rate. We are in a terrible jobless crisis, the worst in 70 years and both the Dems and GOP are talking deficit cutting. It is just a big heap of fail. Of course, since this jobless rate has led to record profits for the donor class, it ain’t really a crisis in DC, is it? There is a very hand chart and analysis by Tyler Durden at Zero Hedge:
Today’s reported unemployment rate: 8.1%. The reason: the labor “participation” dropped to a 31 year low 63.5% as reported earlier. Of course, this number is pure propaganda, and makes no sense for one simple reason: despite the economic collapse started in December 2007, the US civilian non-institutional population since then has grown by 186,000 people every month on average hitting an all time high of 243,566,000 in August. These people need a job, and the traditional shorthand is that at least 100,000 jobs have to be generated every month for the unemployment rate to merely stay flat, let alone improve.