Today the Labor department reported the unemployment rate is now 10.2%, a depressing psychological barrier to a grim economy. But what I don't understand is why the MSM and the government continue to push this figure. If they wanted to be really honest about unemployment, we would have been "celebrating" the true double-digit rate back in 2008 by looking at the U-6 rate. That's the rate I hope is used more and more.
As the link states, the U-6 rate is really anybody who doesn't have a full-time job that wants one, even those who gave up looking for a job. This is what we're dealing with. It's really 17.5% unemployment.
The U-3 rate is used purely for political reasons. I see no other relevant reason why this is the rate du jour. You would think the MSM would jump at the U-6 rate since they love a depressing and dramatic story.
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