CEOs are doing great, but…..
The economy’s doing great! Stocks are up! Unemployment’s way down! So why are two heads of household working full time and still qualifying for food stamps? Why do none of these gig economy gigs offer any benefits? Why are seniors skipping their meds on some days because they can’t make ends meet? Why are Walmart employees living in their cars? And why are people with college degrees saddled with a lifetime of debt in order to get better jobs yet working at fast food joints?
This is an interesting article, but one thing it leaves out. Unemployment went down a bit under Obama. It really went down under Trump. But they have sneakily changed the way they tabulate the number of unemployed to make us think that everytihng is just peachy. (It is for the CEOs making record profits and bonuses who buy our government.) They stopped counting those who have unsuccessfully been able to find work for a while. Wasn’t that easy? So yeah, unemployment will obviously go down when you stop counting the unemployed.
“The announced 3.9% unemployment rate is, as news reports mentioned, a low since 2000. But percentages are expressions of ratios: how much of one thing compares to another. The unemployment rate is the ratio of the number of unemployed people and the total workforce, which is the sum of the employed and unemployed.
Like any ratio, there a number of ways to change the value:
Move people out of the unemployed category into the employed while keeping the total workforce stable.
Increase the total number of employed workers faster than the number of unemployed ones.
Add more people into the employed category without changing anyone’s actual status.
Stop counting some in the unemployed category, making them “disappear.”
A change in definitions or an arbitrary categorization of people can shift the unemployment numbers as easily as putting more people who had been unemployed to work.
As some have pointed out about this round of monthly job numbers from the Bureau of Labor Statistics, a big factor for April was a loss of people counted as workers. When they are no longer counted, unemployment drops.
The table called Employment status of the civilian population by sex and age provides relevant data.
The number of jobs increased by 164,000 in April. But the number of unemployed dropped by 239,000 between March and April.
That is why the employment-population ratio — the percentage of all people of working age (16 and up, including people who have stopped looking for work) that are employed — dropped from 60.4% to 60.3%. More people disappeared from the labor rolls.”
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