Unemployment Over 13 Million and Rising: The Failure of Government Intervention Economics–20 Million Americans Looking For Full Time Job

Posted on April 6, 2009. Filed under: Blogroll, Economics, Employment, Energy, Homes, Immigration, Investments, Law, Links, Philosophy, Politics, Quotations, Rants, Raves, Resources, Taxes, Video | Tags: Business Cycle, Credit Cycle, Economics, government intervention, Meltdown, Monetary Economics, official unemployment rates, President Obama, real unemployment rates, Recession, Thomas Woods, U-3, U-6 |

World Wide Economic Disaster 2009

Riots around the World

Global Economic Collapse ! World Wide Riots !!!!!

us_unemployment_1890-2008

us_unemployment_rates

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2009	7.60	8.10	8.50
2008	4.90	4.80	5.10	5.00	5.50	5.60	5.80	6.20	6.20	6.60	6.80	7.20
2007	4.60	4.50	4.40	4.50	4.50	4.60	4.70	4.70	4.70	4.80	4.70	4.90
2006	4.70	4.80	4.70	4.70	4.70	4.60	4.70	4.70	4.50	4.40	4.50	4.40

http://www.tradingeconomics.com/Economics/Unemployment-rate.aspx?Symbol=USD

Most economists know that the official unemployment statistics published by the U.S. Department of Labor actually understate the unemployment rate and number of unemployed and underemployed individuals in the work force.

Last week the March 2009 official unemployment rate or U-3 rose to 8.5% or about 13.2 million unemployed Americans.

These numbers exclude so-called “discourgaged” and “marginally attached” individuals who did not look for work in the last four weeks. Also, many employed workers are working part-time jobs when they really need and want full-time employment and are called “ involuntary part-time workers”:

Does the official unemployment rate exclude people who have stopped looking for work?

Yes; however, there are separate estimates of persons outside the labor force who want a job, including those who have stopped looking because they believe no jobs are available (discouraged workers). In addition, alternative measures of labor underutilization (discouraged workers and other groups not officially counted as unemployed) are published each month in the Employment Situation news release.

http://www.bls.gov/news.release/empsit.faq.htm

The real unemployment rate or U-6 was 15.6% compared to the U-3 or official rate of unemployment of 8.5%.

Currently there are over 20 million Americans looking for full time employment or a job.

By July 2009 this number could easily reach over 30 million or over 10% of the population of the United States and with the real unemployment rate approaching 20%!

The American people’s patience with failed government intervention policies will reach a boiling point by July if not sooner.

President Obama honeymoon will be over as millions of high school and college graduates face a summer of unemployment and few future job prospects.

Nationwide the American people are currently protesting the incompentence of the political class in Washington D. C. with Tea Parties as the Second American revolution rolls into cities across the nation.

April 15, 2009 is the date for Tax Day Tea Parties with Americans demanding the repeal of the stimulus pork bill, bailouts, massive deficit budgets, and the passage of the FairTax.

A peaceful tax revolt could turn ugly if Congress tries to pass a new cap and trade carbon tax, card check for union elections, and an amnesty bill for illegal aliens.

There are currently between 20 million to 30 million illegal aliens in the United States with over 15 million working in primarily low-skilled jobs.

More and more Americans are demanding criminal alien removal and deportation to their country of origin.

These are jobs unemployed Americans need and want to support their families.

If the political class in Washington D.C. tries once again to pass an amnesty bill, do not be surprised if rioting in streets begins starting in Washington D.C.

A repeat of 1968 is not out of the question.

1968 Riots in Washington D.C.

1968 DC Riots

Riots of 1968 Pt 1

Race Riots of 1968 Pt 2

The clueless political elites of both political parties are about to be educated.

Employment Report Preview

http://www.youtube.com/watch?v=hj4xOww9RwA

Peter Schiff 4/3/09 Video Blog on Unemployment

Unemployment Rate Highest Since 1983

Real Unemployment Figures Double Those Reported By Labor Department

Congress Is Allowing More Greencards And Visas As Unemployment Soars.

Tom Woods on Glenn Beck Meltdown

Monetary Lessons from America’s Past

Thomas Woods – Interventionist Economics

Over 200 top economist against the Obama plan

Time to join the Second American Revolution and rally at a Tax Day Tea Party in your community on April 15, 2009:

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

tea_party_truck

Glenn Beck Shorts 03-31-09 Tax Day Tea Parties April 15th

TEXAS “Tax Day” TEA PARTY Events – CAPITALIST MARCH ON WASHINGTON

Together We Can Save the Nation

Make a Point on Tax Day 2009

“…April 15th–the single greatest reminder to every American of just how broken our national tax system is.

This year our work is more important than ever before. Our battered economy can be healed with the FairTax.

Can you help us make that point during this dangerous time for our country?

Our voices are needed. If we make our democracy work, we can move the FairTax closer to passage.

It’s all about working together. Below, please find the perfect way for you to support the FairTax–and literally help save the nation.: …”

fairtax

http://www.fairtax.org/site/PageServer?pagename=2009TaxDay

LOL

It’s not AIG. It’s the GOV…

Background Articles and Videos

THE EMPLOYMENT SITUATION: MARCH 2009


   Nonfarm payroll employment continued to decline sharply in March (-663,000),
and the unemployment rate rose from 8.1 to 8.5 percent, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. Since the recession
began in December 2007, 5.1 million jobs have been lost, with almost two-thirds
(3.3 million) of the decrease occurring in the last 5 months. In March, job
losses were large and widespread across the major industry sectors.

Unemployment (Household Survey Data)

In March, the number of unemployed persons increased by 694,000 to 13.2 mil-
lion, and the unemployment rate rose to 8.5 percent. Over the past 12 months,
the number of unemployed persons has grown by about 5.3 million, and the unem-
ployment rate has risen by 3.4 percentage points. Half of the increase in both
the number of unemployed and the unemployment rate occurred in the last 4 months.
(See table A-1.)

   The unemployment rates continued to trend upward in March for adult men (8.8
percent), adult women (7.0 percent), whites (7.9 percent), and Hispanics (11.4
percent). The jobless rates for blacks (13.3 percent) and teenagers (21.7 per-
cent) were little changed over the month. The unemployment rate for Asians was
6.4 percent in March, not seasonally adjusted, up from 3.6 percent a year earlier.
(See tables A-1, A-2, and A-3.)

   Among the unemployed, the number of job losers and persons who completed tem-
porary jobs increased by 547,000 to 8.2 million in March. This group has nearly
doubled in size over the past 12 months. (See table A-8.)

   The number of long-term unemployed (those jobless for 27 weeks or more) rose
to 3.2 million over the month and has increased by about 1.9 million since the
start of the recession in December 2007. (See table A-9.)

http://www.bls.gov/news.release/empsit.nr0.htm

Unemployment: Official, Effective, Real
by Bob Powell, 9/12/06

“…There are different estimates of the number of unemployed and the unemployment rate (in percent). This paper explains the differences and adds other categories that might well be described as unemployed. While official unemployment in June 2006 is 4.8%, real unemployment is 12,3%, which includes those who want a job now but are classified as “not in the labor market” and additional jobs needed to keep up with population growth since April 2000 when employment began to decline.

Note that none of this includes the underemployed, which adds considerably to slack in the “labor market.”

The official definitions from the BLS web site are given further below, but in brief: …”

, which is considered to be a broader measure of unemployment, came in at 15.6% in March.

What’s the difference between the two numbers?

Well, the U-6 unemployment number contains two very important groups of people that the U-3 unemployment number does not:

1. Marginally attached workers, who are people that are not currently looking for work, but have indicated that they want and are available for a job, and have looked for a job sometime in the past 12 months.

2. People who would like full-time work, but need to take part-time jobs due to “economic” reasons.

Marginally attached workers also include “discouraged workers”, who are people that have become completely disillusioned about their prospects for finding a job, and have all but given up the search.

If you feel as though the economic situation is much worse than what the “official” unemployment numbers would seem to indicate, you are right – the government isn’t telling you the whole story.

According to the government’s official unemployment numbers, a person who has given up on finding a job (but wants one and has looked for one recently) is not considered to be unemployed. ..”

U-3. the official unemployment rate
U-4. Adding also “discouraged” workers
U-5. Adding also other “marginally attached”
U-6. Adding also “part time for economic reasons” — they want, but can’t find, a full time job
U-6 + Want Job Now. Adding also those government considers “Not in labor force, but Persons who currently want a job.” While there’s a certain tortured logic to the BLS definition, I find it stunning that people who say they want a job now, but don’t have one, aren’t considered part of the labor force.
U-6 + Want Job Now + Needed to Keep Up w/Pop Growth. Adding also the number of jobs that would be needed to keep up with population growth.

A list of the official definitions and a complete explanation of the equations used to calculate the different values and percentages are included below. …”

http://www.exponentialimprovement.com/cms/unemploy.shtml

The Full Picture: Broader Unemployment Hits 15.6%

By Sudeep Reddy

“…But the Labor Department’s most comprehensive gauge of unemployment surpassed even its early 1980s levels. The government’s broader measure, known as the “U-6″ for its data classification, hit 15.6% in March — a big leap from 14.8% in February.

The comprehensive measure of labor underutilization accounts for people who have stopped looking for work or who can’t find full-time jobs. The March figure is the highest since the Labor Department started this particular data series in 1994. It’s also above a discontinued and even broader measure that hit 15% in late 1982, when the official unemployment rate was 10.8%. (That data series goes back to the 1970s.)

The 8.5% unemployment rate is calculated based on people who are without jobs, who are available to work and who have actively sought work in the prior four weeks. The “actively looking for work” definition is fairly broad, including people who contacted an employer, employment agency, job center or friends; sent out resumes or filled out applications; or answered or placed ads, among other things.

The U-6 figure includes everyone in the official rate plus “marginally attached workers” — those who are neither working nor looking for work, but say they want a job and have looked for work recently; and people who are employed part-time for economic reasons, meaning they want full-time work but took a part-time schedule instead because that’s all they could find. …”

http://blogs.wsj.com/economics/2009/04/03/the-full-picture-broader-unemployment-hits-156/

Real” Unemployment Rate in March was 15.6%

“…The “official” unemployment number is the U-3, which came in at 8.5% in March.

The U-6 unemployment number

http://www.davemanuel.com/2009/04/03/the-u-6-unemployment-rate-in-march-was-156/

Monthy Review April 2009

“…It is now universally recognized that the U.S. economy is experiencing a deep downturn unlike anything seen since the 1930s. Hence, the question continually arises: How close is this to a depression? One way of answering is to look at the unemployment rate. The Great Depression hit bottom in 1933 when unemployment peaked at 25 percent. Today the United States is losing jobs at the rate of 600,000 a month. But the official unemployment rate currently stands at 8.1 percent (seasonally adjusted, February 2009). This is the highest rate of official unemployment in a quarter-century, but hardly what is considered a depression-level rate, which is usually thought of as well into the double-digits.However, it is increasingly apparent that the official unemployment rate is much too conservative in its measure of labor underutilization, causing some of the better economic analysts to place their emphasis on the most inclusive unemployment rate provided by the Bureau of Labor Statistics (BLS), known as the U-6 measure, as opposed to U-3 (the official unemployment rate). U-6 is comprised of three components: (1) The “officially unemployed,” or U-3, those who are jobless and have looked for work in the past four weeks. Plus (2) “marginally attached workers,” or jobless individuals who desire employment and have looked in the past year but are not presently looking. (This includes as subcategories: [a] “discouraged workers” who consider the job market effectively closed to them; and [b] all other marginally attached workers, who often point to structural reasons for not pursuing employment, such as lack of childcare or transportation.) Plus (3) those “part time workers” who are part time for economic reasons and desire full-time employment. (John E. Bregger and Steven Haugen, “BLS Introduces a New Range of Alternative Unemployment Measures,” Monthly Labor Review 118, no. 10 [1995].) The U-6 unemployment rate is currently at 16 percent (non-seasonally adjusted, February 2009).

http://monthlyreview.org/nfte090401.php

Unemployment Rate Jumps to 8.5 Percent in March

The Bureau of Labor Statistics reported that 663,000 jobs were cut in March

By Amanda Ruggeri

Posted April 3, 2009

Less than a day after President Barack Obama secured an agreement with the G-20 leaders that he hopes will reverse the worldwide recession, more bad economic news came for the United States: The unemployment rate rose to 8.5 percent in March, from 8.1 percent in February.

The unemployment rate is now the highest that it has been since late 1983, according to the report released by the Bureau of Labor Statistics this morning. With 663,000 jobs cut in March, the 15th consecutive month to see jobs shed, the total number of jobs lost during the recession has reached 5.1 million.

The numbers would have been even worse if part-time and discouraged workers had been included, but they are not part of official unemployment rates. If those groups had been factored in, the unemployment rate in March would have been 15.6 percent—the highest since record keeping began in 1994. Discouraged workers are those who want work but have not looked for a job in the past four weeks, believing no jobs are available to them. …”

http://www.usnews.com/articles/news/national/2009/04/03/unemployment-rate-jumps-to-85-percent-in-march.html

Unemployment Rate Actually Near 14%

Economist John Williams on Real Unemployment Rate

John Williams ShadowStats.com “Go long Scotch!”

John Williams Of Shadow Stats Interview January 23,2009 PART ONE OF FIVE

Thomas Woods – Big Business

Who Killed The Constitution (1 of 5) Tom Woods

Who Killed The Constitution (2 of 5) Tom Woods

Who Killed The Constitution (3 of 5) Tom Woods

Who Killed The Constitution (4 of 5) Tom Woods

Who Killed The Constitution (5 of 5) Tom Woods

Tom Woods at the Revolution March 7/12/08

Share it: The Tea Party Google map

By Michelle Malkin

FreedomWorks has put together a terrific map with info on all the Tax Day Tea Party events. Spread the word and click to find all the location/time/date info you need. Go to the Tax Day Tea Party website for all the latest. Pretty amazing, don’t you think:

http://michellemalkin.com/2009/04/01/share-it-the-tea-party-google-map/

Tea Party update: Revolution is brewing

By Michelle Malkin

“…Eric Odom reports that there are now 115 cities signed up for the April 15 nationwide Tax Day Tea Party protest. Wow. If you haven’t signed up, want to start your own, and are looking to meet up and organize with other tax revolters, go to Tax Day Tea Party’s website here.

Here’s a quick how-to guide.

dontgo has opened up a Tax Day Tea Party store. Buy some swag, share with friends, spread the word.

Stay tuned to the Fresh Tea blog, where you can meet organizers from across the country. Check in with TCOT Report and Smart Girl Politics for more grass-roots organizing.

(On a parallel track, fellow Fox News colleague Glenn Beck has spearheaded “We Surround Them” parties scheduled across the country today. I’m hearing from lots of first-time activists who have found overlapping networks. The same principles that unite the “We Surround Them” effort also are in sync with the tax revolters. Synergy is good. We need every body and mind in motion we can get.)

In the meantime, other local Tea Party events keep rolling on.

Reader Stan e-mails photos from Columbia, MO’s protest today: …”

http://michellemalkin.com/2009/03/12/tea-party-update-revolution-is-brewing/

Tea Party progress report

By Michelle Malkin

Just 15 days until the Tax Day Tea Party protest! 300 cities and counting.

Your places for all the latest planning developments, as always:

Check out the full list of TDTP sponsors and supporting organizations here.

Get some Tax Day Tea Party gear here. (Just ordered the iTeaParty t-shirt.)

And track #teaparty tweeters here.

http://michellemalkin.com/2009/03/30/tea-party-progress-report/

No duh! White House “worried about bailout backlash”

By Michelle Malkin

“…With a few notable exceptions, the national media has ignored the tax revolt movement against the porkulus package, omni-pork spending bill, and bottomless bailouts that began in Seattle on President’s Day; continued in Denver on the day of the Generational Theft Act signing; spread to Mesa AZ during President Obama’s massive mortgage entitlement push; spurred protest in Overland Park KS; and evolved into the Tea Party movement across the country.

But local politicians and local newspapers/TV are definitely on notice. Thousands of folks converging in places like St. Louis (1,500), Greenville (2,000), Fullerton (est. 15,000), and Cincinnati (5,000) are getting harder to ignore.

And now, it seems, word is getting around in Washington. The White House, the NYTimes (which has mocked the tax revolters) tells us, is worried about a populist backlash against bailout-mania. Naw. Really? You don’t say: …”

http://michellemalkin.com/2009/03/16/no-duh-white-house-worried-about-bailout-backlash/

http://www.bls.gov/opub/ils/pdf/opbils67.pdf

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World Wide Economic Disaster 2009

Riots around the World

Global Economic Collapse ! World Wide Riots !!!!!

1968 Riots in Washington D.C.

1968 DC Riots

Riots of 1968 Pt 1

Race Riots of 1968 Pt 2

Employment Report Preview

Peter Schiff 4/3/09 Video Blog on Unemployment

Unemployment Rate Highest Since 1983

Real Unemployment Figures Double Those Reported By Labor Department

Congress Is Allowing More Greencards And Visas As Unemployment Soars.

Tom Woods on Glenn Beck Meltdown

Monetary Lessons from America’s Past

Thomas Woods – Interventionist Economics

Over 200 top economist against the Obama plan

Glenn Beck Shorts 03-31-09 Tax Day Tea Parties April 15th

TEXAS “Tax Day” TEA PARTY Events – CAPITALIST MARCH ON WASHINGTON

Together We Can Save the Nation

Make a Point on Tax Day 2009

LOL

It’s not AIG. It’s the GOV…

Background Articles and Videos

Unemployment: Official, Effective, Real by Bob Powell, 9/12/06

The Full Picture: Broader Unemployment Hits 15.6%

By Sudeep Reddy

Real” Unemployment Rate in March was 15.6%

Monthy Review April 2009

Unemployment Rate Jumps to 8.5 Percent in March

The Bureau of Labor Statistics reported that 663,000 jobs were cut in March

Unemployment Rate Actually Near 14%

Economist John Williams on Real Unemployment Rate

John Williams ShadowStats.com “Go long Scotch!”

John Williams Of Shadow Stats Interview January 23,2009 PART ONE OF FIVE

Thomas Woods – Big Business

Who Killed The Constitution (1 of 5) Tom Woods

Who Killed The Constitution (2 of 5) Tom Woods

Who Killed The Constitution (3 of 5) Tom Woods

Who Killed The Constitution (4 of 5) Tom Woods

Who Killed The Constitution (5 of 5) Tom Woods

Tom Woods at the Revolution March 7/12/08

Share it: The Tea Party Google map

By Michelle Malkin

Tea Party update: Revolution is brewing

By Michelle Malkin

Tea Party progress report

By Michelle Malkin

No duh! White House “worried about bailout backlash”

By Michelle Malkin

Related Posts On Pronk Palisades

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Unemployment: Official, Effective, Real
by Bob Powell, 9/12/06