The economy is great. All the numbers say so, right? So it must be true. GDP is up, way up. Despite all the unemployed people you know, the official unemployment rate is under 6%, so what’s the problem?
So then, how can the numbers be that good and yet, up close, things look so bleak? How come all the State governments are cutting and scraping and scrounging to make ends meet? How come we still on a semi-monthly basis get these heartbreaking stories of family working as hard as they can and still struggling? Or worse, pounding the pavement and still can’t find work more than part time and barely exceeding minimum wage? At what point is there enough anecdotal evidence that we start trying to find data?
The official unemployment numbers undercount millions of people who want jobs. The 4.9 million people who took part-time jobs to put food on the table until something full time (maybe even *gasp* with benefits!) don’t count. the 9.6 million people who call themselves “self-employed” regardless of whether or not they are actually making a living don’t count. The 1.9 million people (up 20% from last year) who have been out of work so long they aren’t looking real hard anymore — “discouraged workers” — don’t count. People who decided to go back to school, update their skills, and live off loans or other student financial aid don’t count. People who have signed on with a “temp” agency, picking up temporary work and possible “working interviews” don’t count. People who have managed to get themselves declared “disabled” regardless of their ability to work don’t count.
It’s a lot less work to just say that you only count if you lost a full time job, are not employed in any way, and are seeking a new full time job. Two out of three isn’t good enough.
Oh yeah, and it seems that jobs aren’t getting any easier to come by. Nevertheless, we have political candidates who are convinced that somehow jobs can be created by tax incentives and home ownership. Sorry, people being able to afford houses is the result of a good economy, not the cause.
Best New Year’s wishes from the ShortWoman. Have a very nice New Years Eve, and be vigilant but don’t panic! Unless of course you see someone carrying an almanac.