Bureau of Labor (BLS) reported that 663,000 jobs disappeared in the U.S. in March. According to the mainstream media, that puts the unemployment rate at an already devastating 8.5%.
But seriously folks, that’s just the tip of the iceberg. In reality, the unemployment rate is closer to 15.6%. I know: I can hear you saying, “Chuck, where in the world did you get that number?”
Ahhh grasshopper… You get 15.6% when you add in all the people who were laid-off but no longer receive unemployment benefits.
As I have often said in the past, the BLS does NOT count employed people after their benefits run out. What do they count them as? Who knows, but they sure don’t count them as unemployed! And isn’t that really questionable? Why not call them what they are?
Dean Baker, who is the co-director of the Center for Economic and Policy Research in Washington, said this after Friday’s report hit the news:
“There’s just no way we’re anywhere near a bottom. We’ll be really lucky if we stop losing jobs by the end of the year.” He went on to say, “We’re clearly looking at a worse downturn than they (the Obama administration) had been anticipating when they planned the stimulus. We’re going to need some more.”
John Williams Shadow Government Statistics Report claims the real unemployment number is actually 19.8%.
Wait – wasn’t the unemployment rate 20% during the Great Depression? No, the real rate was probably much higher – 30%- but accurate statistics weren’t fully developed at the time. It’s almost official: we are in a depression. Yet – the market closed higher on Friday, after the report. Has the news been discounted already? Probably.
In a sign of the times, ex-Wall Street women and realtors turn to stripping.