Long-Term Unemployment Staggering – Latest Stats: Still Over 6.2 Million Citizens Out Of A Job! 14.8 Million Citizens Unemployed Or Underemployed!
Thanks W. Bush, but don’t fret, because Rand Paul – Libertarian egomister – is gonna make you look super, as he just announced on TV’s Sunday talking heads programs that The Randster will “absolutely” move for a balanced budget amendment.
Hey! Paul. Study up, boy. It was done previously during the last Great Depression. Yeah… maybe you didn’t know that — so as to quell the rising tantrums of his era’s fiscal victorians — President Roosevelt raised taxes and cut spending in an effort to balance the federal budget. See… thing is… that nascent recovery of his time? Yep. Killed it!
If you and your Tea Partiers wouldn’t shun that little input called “knowledge,” you wouldn’t be on TV promising to ruin more lives and bring more economic destruction. Or, maybe you would. You are a Libertarian: “Ah, let ’em die… why am I responsible for anyone else’s welfare but my own?”
But wait! There’s more Randism to enjoy!
Asked where he’d cut spending, Paul said he’d be open to:
- cutting both military and domestic spending,
- including severely gutting entitlements (that’s Social Security and Disability payments), and
- it might be necessary to raise the retirement age.
Paul also said that he’d “probably” work to:
- reduce federal employees’ wages by 10 percent,
- would oppose earmarks, and
- likely would not vote to raise the debt ceiling.
Wow! No, I mean, really… Wow!
Hold on to your ankles, America… It’s gonna hurt, everything!
So, If It’s Going To Get Worse Because of Tea-Bagging Policies, Where Are We Now?
Well, despite the 151,000 payroll jobs added last month (btw, at this rate, it will take five more years to replace the jobs Bush/republicans destroyed in six months),
- workers unemployed for over 26 weeks increased,
- the employment-population ratio declined
- along with the participation rate,
- and the unemployment rate still flat at a very high 9.6
What’s that look like? click images to make larger
Still, It Could Be Worse… Wait! It Is Worse!
Like anything else, many ways exist to measure “unemployment.” It may come as no surprise that the most frequently cited “official” Bureau of Labor Statistics unemployment measure (called U-3) is the least revealing and least “scary.” Humm, go figure.
- The U-3 unemployment rate is the media’s monthly headline number — currently at 9.6%.
- The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure and includes short-term discouraged and other marginally attached workers as well as those forced to work part-time because they cannot find full-time employment — currently at… ready? 17%.
- Finally, there exists an “Alternate Unemployment Rate” reflecting current U-6 unemployment reporting methodology adjusted for estimated “Long-Term Discouraged Workers,” who were defined out of official existence in 1994. It’s no coincidence that this change occurred just after Poppy Bush’s (W’s dad) recession and high unemployment experience. What’s that unemployment figure look like? Currently, the Alternate Unemployment Rate sits at 22.5% as of November 5th, 2010.
Here’s the ugly picture: