The Real Unemployment Rate Is Nearly 15%
Would you be shocked to learn that the unemployment rate the mainstream media reports does not actually reflect the true unemployment rate in the U.S.?
The reported unemployment rate is 8.2%.
This is the percentage of people who are out of work but are still pounding the pavement looking for a job in the PAST 4 WEEKS !!.
Have a look at this graph, courtesy of the Bureau of Labor Statistics:
Now here’s the really bad news: The LFPR is now at its lowest level since 1983, at 63.8%, just off its low of 63.6%. It has fallen by 1.9% points (down from 2.1%) — the largest drop under any president and the largest drop in any period since the Bureau of Labor Statistics started keeping track.
Thus, the real unemployment rate isn’t anywhere close to 8.2% because the reported number doesn’t account for all those folks who have given up and left the workforce. The real number? Are you ready? It’s 14.8%.
Oh. My. Gosh. Wait — is this right? Yes. Here’s how the math works: