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The Unemployment Rate may actually be above 15%

Discussion in 'Political Discussion' started by PatriotsReign, Jan 9, 2009.

  1. PatriotsReign

    PatriotsReign On the Roster

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    BelichickFan and I discussed the unemployment rate a couple of months ago. We were discussing how changes in the methodology make it impossible to compare the rates to any period prior to 1994 and specifically, the early 80's recession and the Great Depression.

    Here's some eye-opening data;

    "But one prominent critic, John Williams, an economist and publisher of the research site Shadowstats.com, said that when you take into account the large number of people who have been so discouraged by job market woes that they have not been actively looking for work for more than a year, the unemployment rate is actually as high as 17.5%

    Williams explains that prior to 1994, all people who were "discouraged workers" were counted in the unemployment survey. But that's no longer the case. So he believes his number is more of an apples-to-apples comparison to some of the numbers cited about the peak level of unemployment during the Great Depression, which was around 25%.

    What's more, Williams believes that this and other tweaks to the employment calculations over the past few decades were designed to give a more optimistic view of the economy."


    A bad job market may be even worse than the numbers say - Jan. 9, 2009
  2. shmessy

    shmessy Maude Staff Member PatsFans.com Supporter

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    #75 Jersey

    It's worse than that.

    I mentioned a few weeks back about the folks who got the axe in October, November and December who are yet to hit the UE rolls because they are still getting paid bi-weekly severance and unused vaction/sick time.
  3. PatriotsReign

    PatriotsReign On the Roster

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    You're right...I have a friend who was laid off in October but was going to get paid through the end of the year.

    You probably already know this, but if you collect severance, you are also eligible to collect unemployment at the same time. I was laid off 6 years ago and got 3 months severage (paid bi-weekly) and I collected unemployment at the same time. I didn't know you could do it until it happened to me.

    Severance is not pay and is not counted as such by the UE office.

    But to your point, there's a lot out there that's not being counted.

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