Mortimer Zuckerman in The Wall Street Journal: It’s worse than you think.
– June’s total assumed 185,000 people at work who probably were not. The government could not identify them; it made an assumption about trends. But many of the mythical jobs are in industries that have absolutely no job creation, e.g., finance. When the official numbers are adjusted over the next several months, June will look worse.
– More companies are asking employees to take unpaid leave. These people don’t count on the unemployment roll.
– No fewer than 1.4 million people wanted or were available for work in the last 12 months but were not counted. Why? Because they hadn’t searched for work in the four weeks preceding the survey.
– The number of workers taking part-time jobs due to the slack economy, a kind of stealth underemployment, has doubled in this recession to about nine million, or 5.8% of the work force. Add those whose hours have been cut to those who cannot find a full-time job and the total unemployed rises to 16.5%, putting the number of involuntarily idle in the range of 25 million.
That’s only a few of the ten reasons Zuckerman points out. Do go over and read the rest. Into this reality Nancy Pelosi and the House Democrats have launched economy-killing spend and tax proposals to over-regulate – or kill – darn near every engine of wealth expansion in America. And it is getting worse daily.
Had enough change yet?
Unemployment was under 5% for much of the Bush presidency. In just six months, the economy has sagged to a level not seen in decades.
How’s that hope holding up?