Aren’t we all just a little tired of this nonsense relating to the recently announced 7.8% unemployment rate? Oh, let me be clear, when I say nonsense, I am not talking about Jack Welch’s comment that “the numbers are a fabrication”. The U-3 numbers are at best inaccurate, but fabricated may be a bit of a stretch. I am talking about the nonsense of the use of the U-3 number at all.
Why on earth do we even look at the 7.8% number or the U-3 category? The U-3 number is the “official” unemployment rate. The number is so “official” that it completely adjusts and/or ignores an entire population of unemployed and underemployed citizens. Maybe we should call it the “official adjustable unemployment rate”.
Let’s stop kidding ourselves; the U-6 unemployment rate is an unchanged 14.7%! Why on earth would we not be counting all of those that are unemployed or underemployed? Whether unemployed citizens are or are not looking for work is completely irrelevant. They are indeed unemployed! End of story!
Even if you want to take a more conservative look at the BLS numbers and back out the number people who are “working part time for economic reasons”, the unemployment rate is still 9.3%!
So why are we putting so much energy into debating whether the rate is “real” or “fabricated” or whatever descriptor anyone would like to attach to this number? Don’t you think that we should be spending 100% of our time and energy realizing that even at 7.8%, there are far too many citizens without work in America?
Oh, and by the way, each month there are over three million jobs that are going unfulfilled in the United States. Yes, three million jobs! A July, 2012 article in Bloomberg News stated that these jobs are going unfulfilled due to a lack of skills in the American workforce.
Maybe a good start should be to focus on investing in workforce training and education programs that target the type of job skills that those three million positions require?
We need our leaders to join together and deliver sound policies that will help create solid long-term employment opportunities in our country. Let us together, stop the “party politics” and take control of our country’s future. Our first job is to elect leaders that have the ability to understand the value in both sides of an opinion and the courage to unite our nation and gain the support necessary to drive our economy forward.
“United we Stand, Divided we Fall”