Is the real unemployment figure about 28%?
Jul 16, 2010
Here's one financial expert who was surprised to find the unemployment rate to be about 28%, instead of the government's figure of 9.5%.
The government figures only include those who are actually getting unemployment benefits. Last month the figure dropped from 9.7 to 9.5%, because unemployment benefits were cut off for a lot of people who still could not find work. These people were re-classified from "unemployed" to "discouraged."
The class of "discouraged" workers are actually more important than the "unemployed," because they have little or no income at all. But the government doesn't like to admit high unemployment, because it makes them look bad. So they have learned to reclassify people out of the "unemployed" group to keep the figures as low as possible.
Both major political parties play the same game in order to deceive the public.