Saturday, July 06, 2013

Lies, Damned Lies, and Statistics

The federal government is trying to put lipstick on a pig and say the job market is doing "better" when in fact it is in crisis mode thanks to continuing lack of demand for goods and services.

Our politicians and their billionaire backers LOVE this dire state of affairs because it continues to force wages and salaries down to third world levels so they can have more.

According to the government, there were 11.8 million unemployed workers in June, an increase of 17,000 from May. There were an additional 8.2 million workers holding part-time positions but wanting to work full-time, plus 2.6 million so-called “marginally attached” workers desiring a job but not counted among the unemployed because they had not looked for work over the previous month. Within this latter group, “discouraged workers,” who have given up looking for work, number 1 million, an increase of 206,000 from a year earlier.

In June, the number of involuntary part-time workers shot up by 322,000, an indication of growing desperation among laid-off workers, who are forced to accept positions at a fraction of the pay they received in their previous jobs.

While the official jobless rate held at 7.6 percent—historically, an extremely high level—the so-called “underemployment” rate, including those working part-time for economic reasons and those who have stopped looking for work, shot up by half a percentage point, from 13.8 percent in May to 14.3 percent in June. This, the highest level since February and the biggest monthly increase since the height of the crisis in 2009, is a more accurate measure of the social crisis than the headline figures in the jobs report.

Some 23 million Americans are officially counted as “underemployed,” and even this figure significantly underestimates the real scale of unemployment and its associated social ravages.

This is practically depression era level, yet nobody in Washington cares.

Some of us don't have five or six years to wait for the economy to "get better."

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