So if you have not looked for work in four weeks, the BLS does not count you as unemployed. If you've been listed discouraged for over a year, you're among millions of Americans who don't count either. John Williams at shadowstats.com put it this way: "The Clinton administration dismissed to the non-reporting netherworld about five million discouraged workers who had been so categorized for more than a year." Williams, when including these long-term discouraged, arrives at his SGS Alternate US unemployment percentage of 22.1%. Please note that, already, 35.6% (appr. 5.8 million) of today's unemployed (the ones that ARE counted) fall in the long-term category. To summarize, the mostly widely quoted official US government employment numbers, the (non-farm) Payroll Survey, routinely ignores between 70-80% of unemployed Americans. The less quoted Household Survey fails to count "only" about 50% of the jobless. The rest reside in the netherworld. The reality is that close to 1 million Americans still become unemployed every month a trend that shows no sign of slowing down. If we take the 153.9 million number for the total workforce, and John Williams' 22.1% for the unemployment rate, we find that 34 million Americans are currently unemployed. http://www.shadowstats.com/article/employment http://theautomaticearth.blogspot.com/
So... what is to be done about them? As we go forward, we will find there will not be a job for everybody... "minimum wage type" or otherwise. We have too many people, not enough jobs. (The downside of "productivity" in the US and "globalization" elsewhere...) Will the government have a perpetual dole program for all the long-term unemployed?... a further [permanent?] drag on the private enconomy?
but! the stock market is climbing to new highs! where is the money coming from to keep the markets going up? should I buy food or shares in GOOG?
Money-pump. All phoney-baloney. At some point, all will come crashing down. OK to trade if you're nimble.... just don't get brain-lock about your longs.
We are due for a massive correction. At some point, market will adjust, realizing that 6 months from now, things will be worse than they are today. Ever hear of irrational exhuberance ?
+1 *** There is a total disconnect between Wall Street and Main Street. Frankly Scarlett, I don't give a damn! Hey ... can you blame them? It's the U.S. government that is allowing Main Street to be sold down the river, so Wall Street is going to get away with as much as they possibly can ... who wouldn't (go ahead, raise your hand).
Got your causes and your effects crossed up there chief. The party of Gold started out in the 60s to capture the narrative and government. It started with the sponsoring of the McLaughin Group on PBS. GE finally got it's candidate in when St Ronald was elected, and his SEC no longer considered leveraged buyouts to be for pension funds only. Then Rehnquist was appointed to the Supreme Court and the Court Ruled that Money equaled Free Speech. After that takeover of the Government by the Wall Street crowd was all over but the shouting. But Wall Streeters have Differences philosophy so we see some changes around the edges but no one that really challanges them. Except for Ross Perot. But even Perot could not protect everyone that THEY came after.
As written of elsewhere on ET, Bill Clinton changed how UI figures are reported to the public. They no longer hold credibility. Not only do they not include people who gave up looking for work, they also now do not include people who failed to qualify for UI benefits because they quit or got fired from even one recent job. In addition, people whose UI benefits have run out are not counted. Like trying to figure out total money supply without M3, the public is left in the dark by govt regarding accurate UI numbers... by design. Realistically, we're at close to 21% right now in real unemployment.