The Truth and only the Truth
September 06, 2010
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The unemployment figures are far worse than the government admits. (Bernanke himself said as much. "The small decline in the unemployment rate is attributable more to reduced labor force participation than to job creation," he said. Think about that for a second if your definition of "unemployed" doesn't include those who have ceased to participate in the labor force, what use is it?).
We can find the real numbers for ourselves. The Labor Department's own data show that among adult men of prime working age, 25 to 54, just 81.2% have a job of any kind at the moment. (The figure until the crisis was nearly 90%, and back in the fifties it was around 95%).
The Labor Department further admits that a further 7% of those men are stuck working part time — a sharp increase from two years ago, due to the financial crisis.
Put the two together and you discover that 25% of men of prime working age in America, one in four, today lacks a full-time job. Nearly one in five lacks any job at all.
This is unprecedented in American history.
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