Using the Bureau of Labor Statistics' own numbers, 8.4 million Americans that were unemployed are no longer being counted in the "reported" unemployment rate. They say it's 8.6%, when it's closer to a whopping 17.8%.
Over two years ago in October 2009 the national unemployment rate was at 10.2% with 15.7 million Americans out of work. So we can safely assume that, even if every single person received the maximum of 99 weeks in unemployment benefits, they would have all expired two months ago (and 15.7 million jobs have not been created in the last 26 months.).
Today the Bureau of Labor Statistics reports that 13.3 million people are unemployed (a difference of 2.4 million - - - were 2.4 million NET jobs created during the time period?)
The Bureau of Labor Statistics also reports today that 7 million people are CURRENTLY receiving unemployment benefits.
So out of 13.3 million reported unemployed today, 7 million of those collect unemployment benefits (a difference of 6.3 million).
So the Bureau of Labor Statistics is saying that 6.3 million unemployed Americans ARE NOT collecting benefits. But we had 15.7 million who we know for sure have already exhausted all benefits (if they ever qualified), not 6.3 million. So the Bureau of Labor Statistics is not counting at least 8.4 million people in their 13.3 million figure. That would make 21.7 million total (or 14% unemployment).
Over two years ago in October 2009 the national unemployment rate was at 10.2% with 15.7 million Americans out of work. How many found jobs and/or got laid off again? How many more were since laid off?
Now add another 6 million people who graduated from school during that same period of time over the last two years who weren't even counted then as part of the labor force yet. That would make 27.7 million total unemployed, or 17.8%. So the REAL unemployment rate is even higher than what MSNBC just reported today. They said the REAL unemployment rate is 15.6%
During the Great Depression in 1931 the unemployment rate was only 15.9%, and back then we had a much smaller population! At 17.8% in 2011, it's much worse today.
According to this article, even if the unemployment rate ever does significantly drop, it would be mostly for low-paying jobs, because more and more jobs will continue to go overseas for cheaper labor. Read: Workers of the Western World
One hedge fund manager had said at a recent dinner speech in New York, “The low-skilled American worker is the most overpaid worker in the world.”
I guess low-paying jobs and/or high unemployment is here to stay.