Calculating Unemployment Without Any Kool Aid
I learned this morning that if every single person in the United States of America lost their job today and then declared that they were not looking for work, our official unemployment rate would be zero percent! I kid you not. Michigan Congressman Thad McCotter shared that little kernel with me as he was explaining the Real Unemployment Calculation Act.
That bill would require those who assemble unemployment numbers to accurately and honestly calculate the number of people who are unemployed and then report the same without any filter. No more rose-colored glasses, no more Kool Aid – just cold hard numbers. Remember that anyone who says they are not looking for work is no longer considered to be unemployed. Oh no, they don’t have a job, but technically they are no longer unemployed. Think as well about those who are working fewer hours for less money. They are not unemployed and there is no category for the so-called underemployed.
The Real Unemployment Calculation Act smacks of honesty and commonsense, which means sadly it is probably dead on arrival.
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