Not to scare you, but the situation is actually worse than it seems. Over the years, the government has changed the way it counts the unemployed. An example of this is the criticized Birth-Death Model which was added in 2000. The model is designed to account for the birth and death of businesses and the resultant lag in survey data. Unfortunately, the model doesn’t work that well during economic contractions (like we have now) and consistently overstates the number of jobs being created each month.
John Williams of Shadow Government Statistics specializes in removing these questionable tweaks to the government’s statistical data to better align current numbers with the methodology used to gather historical data. After reviewing the data, Williams believes that “the June jobs loss likely exceeded 700,000.” David Rosenberg of Gluskin Sheff notes that the fall in the number of hours worked in June (to a record low of 33 per week) is equivalent to a loss of more than 800,000 jobs. There
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1 Comments in Response to Panic: Unemployment rate already at 20%!!!
Number manipulation is a game well played by every form of government.
You may remember the many other years when inflation for wages was less then two percent and homes, insurance, gas and education was over twelve. But what is surprising is not the number changes but how dumb people are. After all even two thousand years ago the ruling group knew if you gave a party and gave the people free money and food the mob would let you steal as much as you wanted.