The labor-force participation rate has been dropping like a rock over the last couple of years--which has mitigated the "top-line" unemployment rate; the U-6, on the other hand, measures the discouraged workers who have dropped out of looking for work.
JPMorgan calculates a U-6 equivalent at around 11.5%.
Well, then, some argue, that's because old people are simply pulling the ripcord!
Nope.
Another JPMorgan calculation says that old folks are responsible for only HALF the disparity.
Once again, government "fudging" (or "fudge packing", as in the case of Barney Frank) the numbers.
ReplyDeleteAnd, of course, completely ignoring Brill's AEI testimony and continuing to fight for the "kindergarten" politics of "throw more money at the problem and it will go away".
I have no idea why Brill and the AEI even bothered except for "going on a record" that never is used as evidence or holds any government "slime" accountable anyways.
I know many long-term unemployed who continue to "keep their chin(s) up".
This is a VERY serious problem...ESPECIALLY for the 50+ "crowd".
And, as I blogged at The BRAIN Act: Not So Bright , the REALITY of "street-level" job hunting for long-term unemployed is...:
"...your uninterested friends and family in your network will [NOT] help you find work.[/SARCASM]
Networking with all your useless former co-workers who couldn't care less about helping you will net you another position (of complete despair and desperation).
Get a good education and everything will be alright in an environment of complete Wall Street corruption, main street fraud, and government horror. It doesn't matter that trillions of your retirement dollars have vaporized into thin air since the mid 90s nor does it matter that the value of what little investments you have left hasn't appreciated one thin red dime in the last ~12 years...".
THAT IS THE REALITY.
Take it from one "in the know".
Nobody gives a shit.
Maybe they shouldn't.
It's not their problem until it affects them.
Just don't come to THIS blogger for help when "the tables turn".
Peruse other Saint Revolution Dad29 blog comments here.