“REAL” UNEMPLOYMENT NUMBER REMAINS STUBBORNLY HIGH

“REAL” UNEMPLOYMENT NUMBER REMAINS STUBBORNLY HIGH
By Patrick Ingegno
What we hear and see in the main-stream media, on our TV’s, in our Newspapers and posted on the internet, is that the “unemployment rate” has continued to decline and we, the people, should be hopeful that an economic rebound is “just around the corner.  Would it surprise you to find out that the REAL unemployment figure, known as “the U6 rate”,” hasn’t posted a significant change since 2009?  The U6 unemployment figure includes everyone in the US workforce who is unemployed and “marginally attached workers” who are neither working nor looking for work, but say that they want a job and have looked for work recently.  In addition, the U6 figure includes people who are working part-time because they cannot find full time work.  The current U6 rate, for February 2013, is a 14.3% of the US work force and is less than 1% lower that it was in 2009.  If you were to factor in the 4 million people who have filed for and been granted social security disability since 2008 the rate of US unemployment would be approximately 20% of the work force.  The economic picture is not as rosy as the media would lead you to believe.
Then lets add in those who lost their jobs, maybe changed careers, and started over with a much lower salary; we all know a few brave souls who have walked this path and, maybe, went from being a banker to working at Home Depot or from a stockbroker to a store keeper.  Further, what about all of those “self-employed consultants” that you see on LinkedIn?  Are they really “self-employed” or desperately trying to find a job after months, or maybe years, of unemployment and settled for a lesser standard of living because they cannot find a job in their field?  I just don’t know, but the unemployment rate of 7.6% that you see in the media does not reflect the actual state of the US economy.
Think about it for a second and try this little exercise; for the next hour take a hard look at every household or office item that you pick up; look at it closely and see where it was made.  “Made in China.” “Honcho in Mexico.” “Made in Japan, the Philippines, Korea, and Viet Nam…”  Did you see even one item “Made in the USA?”  I doubt it. 
Remember when we were a self sufficient country?  When we only imported French wine and oil (so to speak?)  Why do you think that one out of every five people in the work force can’t find a job?  Think about it; I think you know the answer.
Patrick Ingegno can be reached at inner-circle@optimum.net or www.innercircledebtsolutions.com