Shadow Stats – Unemployment is 20%
June 9, 2009Shadow Stats is reporting that the Unemployment rate in the United States is at 20% if measured like it was in the 1930′s. Meaning for an apples to apples comparison, we are in the year 1933, with 1934 being the worst year at 25%.
Many people view the Shadow Stats economists as more “real” than the fudged government numbers that drop counting the unemployed as unemployed when their benefits run out. Shadow Stats also counts the former Banker that was forced into a minimum wage part time job at McDonald’s as unemployed, whereas the government accounting states he is employed now.
Even though his salary went from $10,000 a month to $500 a month and is facing foreclosure.
The fact is that the unemployment rate is at about 20%, already at great depression levels circa 1933 and with a completely valid potential to reach the depression level of unemployment.
To be honest, the worst of the great depression came at that time, and from that point moving forward we entered into an economic recovery, but even during the recovery unemployment was still staggering.
So you have put this in perspective, if unemployment was 50% one month and the next month it’s at 49%, you are in some sort of recovery… but try telling that to the 49% of the people looking for a job.
Now you know how the government views a recovery..