President Barack Obama gave a major economic policy speech last week. We’ve heard it all before, and before. Here’s what he didn’t say, and probably won’t ever say: Businesses will not begin new, significant hiring this year or in 2014.
Real unemployment will get worse and, the 7.6% unemployment rate from the BLS is bogus, manipulated math. The real unemployment rate is more like 17.2%.
The closely followed, single BLS unemployment metric, now 7.6%, fails to reflect the actual state of things: Unemployment and underemployment is, according to Gallup, 17.2%. That means more than 20 million Americans are unemployed or grossly underemployed. And here’s a much more significant metric: only 44.7% of adults 18 years and older in the U.S. are in a full-time job, according to Gallup’s Payroll to Population (P2P) metric.
