The President of the Atlanta Fed:
The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.
"If one considers the people who would like a job but have stopped looking -- so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.
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Well, to be fair, this is how they calculated unemployment for all the presidents recently.
However, 16% is a wee bit high and somehow the media doesn't report it. I wonder why?
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