Yesterday, the labor department released the monthly unemployment numbers. While it claims that 192,000 new jobs were created and the unemployment rate remained steady at 6.7%, the truth is real unemployment is currently at 12.7%.
Don’t believe me?
I can hear you!
You’re out there saying; “Oh you crazy right-winger.”
Don’t take my word for it then, listen to Vermont Senator Bernie Sanders, I’m sure we can agree he is not a right winger:
The official unemployment rate for March was 6.7 percent, unchanged from February, but real unemployment ticked up to 12.7 percent, the Bureau of Labor Statistics announced on Friday. That number counts workers forced to settle for part-time jobs and those unemployed for so long that they have given up looking for work.
If you think those numbers are bad, unemployment for 18-29 year olds are even worse:
The effective (U-6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 15.5 percent (NSA). The (U-3) unemployment rate for 18-29 year olds is 8.9 percent (NSA).
The declining labor force participation rate has created an additional 1.916 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.
But raising the minimum wage to $10.10 is going to help them.
That was sarcasm.
Is it any wonder the American middle class has shrunk by nearly 20% since 2008. This study by Pew research shows:
At the risk of beating a point to death, I end with this video by Texas Senator John Cornyn:
This November let’s bring about the change America really needs