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CBS 60 Minutes: Real Unemployment is 17%


For the past fifty years, presidents have been watering down the definition of “unemployed” to keep the official Federal unemployment statistic low.

From CBS…

CBS: “The national unemployment rate of 9.5% percent sounds incredibly high and of course, it is. But, it doesn’t nearly capture the depth of the trouble. It doesn’t count the people who’ve seen their hours cut to part-time, it doesn’t count the people who’ve quit looking for work. If you add all of that together, the unemployed and the underemployed, it’s not 9.5% percent, it’s 17% and here in California it’s 22%.”