The “5%” that the Obama administration touts as the unemployment rate, technically called the , does not include people who are unemployed, but have temporarily given up. So, if the job market is bad enough, you can lower this number by moving people out of the job market and onto government assistance or family support, or by forcing them into small, part time jobs to survive. This will lower the U-3 unemployment rate and begin to raise the real unemployment rate, or the . So, a 5% U-3 rate can easily be a sign a progressively worsening economy if you have a high or rising U-6 rate and a decreasing participation rate.
This is why the U-6 rate and the are more accurate indicators of the economy. The participation rate is a measure of total percent of the population working or trying to work. Currently, this number is far worse than under any modern administration. In fact, it has been getting much worse under the Obama administration and is now worse than at any time since the Carter administration in 1977.
As if a 9.7% unemployment rate is not bad enough, . Take the staggeringly large number of people suffering hopeless unemployment along with the growing epidemic of the severely underemployed and put it all together with the larger income gap between rich and poor people, all after almost two full terms of President Obama’s policies, and we are left with large and festering pile of excrement behind a President’s plastic smile.
Today, with more people struggling through the physical, mental and emotional devastation of unemployment, along with the millions of people seeing their degrees, skills and life of experience being wasted on small, part-time or low-paying jobs, Obama’s 5% gloating seems callous and disconnected
All of this wouldn’t matter as much if it was just another annoying politician in the land of Make Believe. The most concerning problem is the deceptive media outlets that gush stories propagating the myth that we have 5% unemployment. This spin gets read by the average voter who tunes in briefly and infrequently and often has little understanding of depth of the many economic problems. This leads to voting decisions that directly harm the growing millions of unemployed and underemployed people. Despite the desire of voters to fix problems and help the unemployed and underemployed, these people will continue to be kicked aside, forgotten and left for dead amid a pile of feel-good lies and Progressive political gain. It is sick, sad and unacceptable.
Also published on Medium.