The official, headline numbers show that the unemployment rate has fallen below 6%. While that is not exactly a fairy tale, it is far from the whole story.
The definition of being unemployed has changed over the years. If you want a job but have given up hope of finding one, you no longer are counted as unemployed. Likewise, if you’re working part time but you want a full time job, you aren’t counted in the headline U-3 number. Then there are all those who flip burgers, when they would like a higher paying job like they used to have.
Here’s a chart from John Williams, at ShadowStats.com.
U-6 is a broader measure of unemployment, and the ShadowStats Alternative adds back all of those previously removed for the total. At 23%, we still are at Great Depression levels.
Another way to look at it is through the Participation Rate.
With about 156 Million Americans in the Civilian Labor Force, this chart shows that, since the top of the Economy in 2000, there are 4% fewer people working or looking for a job. That’s about 6 Million people who have given up hope of finding a job!
There are two parts to the US Economy. There is the private, productive sector, and then there’s government. Only the socialists claim that the government produces much of real, lasting value. So, if we want more jobs of value, they must be created by the private, productive sector.
To have the private, productive sector grow, we need to shrink government. Lower taxes, less spending, less regulation. As a first step, let’s get rid of a huge, recent job killer.
Action Item: Repeal ObamaCare (the Affordable Care Act). Don’t fix it. Don’t replace it. It’s a socialist job killer. Repeal it!
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