Americans unemployed + those losing work hours = record 12.5 percent.
By on Dec 6th, 2008 at 2:45 pm
Americans unemployed + those losing work hours = record 12.5 percent.
Yesterday the Bureau of Labor Statistics reported that the nation’s economy lost 533,000 jobs last month, one of the worst jobs reports ever. With that, the unemployment rate rose to 6.7 percent. But the actual percentage of Americans who have lost hours and are out of work is much higher:
More significantly, the unemployment rate does not include those too discouraged to look for work any longer or those working fewer hours than they would like. Add those people to the roster of the unemployed, and the rate hit a record 12.5 percent in November, up 1.5 percentage points since September.
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Those employed only part time include Chimpy and he’s still working MORE hours than he’d like. Too bad he’s not fully umemployed.
December 6th, 2008 at 2:54 pmI’m underemployed, and getting more so.
I went in to work on Thanksgiving, re-arranging my family schedule for the entire day, hopeful of a good six hours of time and a half.
The first thing my boss said to me when I walked in that day was: “You’re going home early.”
Two hours. After I committed my entire holiday to him and his business. They couldn’t afford to pay me for another three hours.
We need some new labor laws in this country. The ones we have are basically this: Minimum wage, forty hour-work week (time and a half for anything over), and no discrimination. That’s about it.
They can schedule you for one hour a week, legally, if you’re part-time, and deny you unemployment. Slavery. Legal slavery.
December 6th, 2008 at 2:57 pmBut, but, but Rush Limbaugh said (just yesterday) that all of these layoffs were because Barack Obama is about to become President.
¶ AIO
December 6th, 2008 at 3:02 pmWhen I went to my second job that I need the income from to get by last night, all I heard for the first hour was who had been laid off and whose hours were being cut back. I felt terrible. I am the part timer no benes that just needs the extra dough type guy. Those other dudes really need their jobs. Wealth apportionment and the reasons for the disperate status quo really need to be reevaluated…
December 6th, 2008 at 3:17 pmNow that’s a more accurate picture. I bet it’s higher.
December 6th, 2008 at 3:46 pmFred says:
“Oh, wait a minute. The family name is my legacy to you. I got it from my father, and he got it from his father, and he traded a mule for it! And that mule went on to save Spring Break!”
December 6th, 2008 at 3:52 pmWhy didn’t you add ‘discourage workers’ – those out of work – past collecting unemployment and no longer even looking on a regular basis. the Figure for this group (I am one) is said to be twice the ‘official’ unemployment number. That would put us closer to 20% unemployed right now.
Kevin Phillips wrote an excellent article about this some 6 months ago
December 6th, 2008 at 4:04 pmalphainfinityomega Says:
But, but, but Rush Limbaugh said (just yesterday) that all of these layoffs were because Barack Obama is about to become President.
¶ AIO
That’s just a convenient way of saying Rush’s best friend forever isn’t doing his current job and hasn’t for quite some time now. So it’s time to blame the guy who is willing to do something, even when he doesn’t have any true power yet. Gotta polish those exit doorknobs, like how Rush makes love to his pyrite microphone.
That is the neoclown way!
December 6th, 2008 at 4:19 pm#6 Another Joe,,,,Excuse me but you are starting to resemble a troll in your odd Fred bashing…What’s with all the weirdness.?…Is it possible to move on to the topic’s of the thread.?….P.B. & J
December 6th, 2008 at 4:24 pmAdd those people to the roster of the unemployed, and the rate hit a record 12.5 percent in November, up 1.5 percentage points since September.
Add those underemployed people to the roster, and the statistic becomes meaningless as a gauge of unemployment.
But remove them, and it’s probably still at least 9-10%.
December 6th, 2008 at 4:24 pm“Add those people to the roster of the unemployed, and the rate hit a record 12.5 percent in November, up 1.5 percentage points since September.”
Here’s an even more depressing way to look at the unemployment numbers mentioned above: The true number of people who are unemployed has INCREASED by 13% in the last 2 months. This is another reason that we need a modern WPA.
Go Obama
December 6th, 2008 at 4:28 pmHere’s an investment that may actually do substantial good….certainly more than throwing $700 billion at the banks and Wall Street, or a like (or greater) amount at the Iraq war.
WASHINGTON — President-elect Barack Obama committed Saturday to the largest public works construction program since the creation of the interstate highway system a half-century ago as he seeks to put together a plan to resuscitate the reeling economy.
With unemployment on the rise and no end to the recession in sight, Mr. Obama began highlighting elements of the economic recovery program he is trying to fashion with Congressional leaders in hopes of being able to enact it shortly after being sworn in on Jan. 20.
http://www.nytimes.com/2008/12/07/us/politics/07radio.html?_r=1&hp
December 6th, 2008 at 4:42 pmHeckuva job, Dubya. Heckuva job. I’m sure your blighted and bigoted mother would look at these people and just like in the Astrodome say they are much better off this way.
December 6th, 2008 at 4:45 pmOf course it’s all Bill Clinton’s fault.
December 6th, 2008 at 4:51 pmI’m with Witch1, Another Joe. While I’m very sympathetic to your viewpoint (being quite far left and attracted to conspiracy theories myself), you’re going off the rails here. Stop attacking other posters, or I’ll start flagging every one of your posts that you decide to play games with.
December 6th, 2008 at 4:52 pmwitch – nope
December 6th, 2008 at 5:01 pmGotta love that grandpa simpson
December 6th, 2008 at 5:03 pmI’m w/ W1 and others – I think you’re great Another Joe but please leave a serious comment for an extremely serious issue on this thread and finish your duel with Fred on the pertinent thread.
December 6th, 2008 at 5:12 pmObama explains what the stimulus mega-bucks are going to be spent on.
I am not sure what to expect under new administration, but have a lot of respect that Obama is making these statements now.
We have had a crappy economy ever since .com bubble burst and have heard nothing but propaganda about it since.
At least Obama is directly talking to the public and acknowledges there is a problem. If you haven’t seen this, it’s a much watch video.
December 6th, 2008 at 5:17 pmDon’t know why all the snark about grandpa simpson…
December 6th, 2008 at 5:18 pmDaddy-O
So much for your boss spreading the Holiday cheer. I’m willing to bet your boss is stocking up on rank-and-file employee hours to fund his Christmas bonus.
Labor laws or lack thereof provoke an extremist response out of staunch right-wingers: “If the government tells me you can’t work more then 40 hrs a week, I’ll have you work only 10.”
We do need 21st Century labor laws to protect people not only from overwork but underwork in light of growing financial obligations. Too many honchos think too little about the impact of yanking the income rug out of others. Labor is not a right; it is a privilege. Can’t afford to pay your employees? Prove it.
December 6th, 2008 at 5:27 pmphred42 Says:
Kevin Phillips wrote an excellent article about this some 6 months ago
Kevin Phillips( who has consistantly hit the nail on the Head with regards to Income Disparity in America)will be live on c-span 2 Tomorrow (Sunday) at Noon Eastern and will be taking calls.
As to the topic at hand:
Robert Samuelson’s new book cites the Huge Spike in Inflation which sent Jimmy Carter back to Georgia and ushered in the “Reagan Revolution”. Inflation was at double digits…pundits discussed the “wage – price spiral”, and oil prices skyrocketed.
Paul Volker, working for Reagan, jacked up interest rates to an unafordable rate…and plunged the country into a very bad recession in the early 80’s. Incidentally, this is when Reagan fired the air traffic controllers, firing a shot across the bow of Unions in this country.
When the recession was over…magically…the rate of Inflation was back down to its historically Low Levels.
BUT..and this is my point…this was the beginning of Globalization.
Manufactured goods now carried a Made In China Label. Cargo Containers became the predominant freight carried by Rail and Truck. Our Manufacturing Base began its Slide …WalMart became the Leading Importer/Retailer…and good paying Middle Class JObs began their dissappearing act.
But Prices Remained Low..Inflation Remained Low…and the race to the Bottom was ON.
December 6th, 2008 at 5:42 pmGood points, badger – I also saw a paper by an economist in the 80s that saw all of this coming.
His point was that globalization was going to render huge chunks of the poor unable to be exploited for wealth because:
(1). Global corporations were not going to need hem as workers, hence there was no surplus value of labor to exploit.
(2). They were not going to have disposable income to participate in a consumer driven economy.
This means the “race to the bottom” accelerates exponentially.
December 6th, 2008 at 5:47 pmLaid Off Workers Occupy Chicago Factory!
‘We’re doing something we haven’t since the 1930s,’ labor organizer says. http://www.msnbc.msn.com/id/28084616
December 6th, 2008 at 6:34 pmRant On:
In the last month or so we have seen billion dollar bail outs for banks, insurance companies, Wall Street and now the Auto industry. We hear talk of employees taking paycuts, we hear talk of CEO’s taking paycuts, we see fingers being pointed at the unions, but through out all of this has anyone noticed one particular group who has watched over this mess hasn’t taken responsibility for their role in this economic clusterphuck…OUR ELECTED OFFICIALS!
We are all going to be asked to sacrifice for the good of our country. Perhaps it’s time for those in Washington DC to also start sacrificing for the good of the country and cut their bloated salaries in half until our country is back on the right track!
Rant Off.
December 6th, 2008 at 6:42 pmDamn, Uncle Fester, you are gonna really piss off fred and katy.
December 6th, 2008 at 7:08 pm“Yesterday the Bureau of Labor Statistics reported that the nation’s economy lost 533,000 jobs last month, one of the worst jobs reports ever.”
So, of course, the culture of corruption and corporate greed Republicans in Congress and the White House decide that, per their hatred of unions, that blue-collar Detroit autoworkers can go suck eggs (no bail-out money for you fellas) while these same corrupt Republicans throw tons of money, no questions asked, at white-collar workers and CEOs on Wall Street.
Fascist America has arrived, courtesy of the neo-fascist Republicans…may they all rot in hell.
December 6th, 2008 at 7:29 pmAngry laid-off workers occupy factory in Chicago
By RUPA SHENOY – 2 hours ago
CHICAGO (AP) — Workers who got three days’ notice their factory was shutting its doors have occupied the building and say they won’t go home without assurances they’ll get severance and vacation pay they say they are owed.
About 200 union workers occupied the Republic Windows and Doors plant in shifts Saturday while union leaders outside criticized a Wall Street bailout they say is leaving laborers behind.
Leah Fried, an organizer with the United Electrical Workers, said the Chicago-based vinyl window manufacturer failed to give 60 days’ notice required by law before shutting down.
[...]
http://www.google.com/hostednews/ap/article/ALeqM5ildwrFjwHYjvJPX2edZgBnNb8EEQD94TG7T8A
all 497 news articles »
December 6th, 2008 at 8:04 pmhttp://news.google.com/?ncl=1277917943&hl=en&topic=b
hey, uncle fester – we doubled up…
i’m late reading here…
and i think cutting the congress critters’ salaries it a great idea… not holding my breath though…
had to chuckle when the auto boss’ said they’d take a $1 salary…
hell if i had millions in the bank, i could do that too…
i’ll never understand…
December 6th, 2008 at 8:16 pmThere’s another side to this equation….
If you’re fortunate to have work, and with a company who’s product is in high demand still…
Mandatory Overtime has become the norm.
I am one of “those”. In a town of 2500 that lost 1800 jobs 2 years ago.
I’m grateful as all hell, but I’d rather have a life. The company would rather not pay benefits.
There should be a law against 500+ hours of OT too.
December 6th, 2008 at 9:37 pmDuring the Depression it was 25%, and it sure looks like we are well on our way to a serious Depression…thanks for voting for republicans America, you have screwed yourselves.
And as much as I like how Obama’s crew is looking, they will be very hard pressed to fix this mess…
…Road Warrior anyone?
December 6th, 2008 at 9:48 pmFor the link to the study cited in this article, see http://www.bls.gov/news.release/empsit.t12.htm
The 12.5 number represents a number much closer to being calculated the way it was in the 70’s and 20’s than the official 6.7 number.
December 6th, 2008 at 9:49 pmA rule of thumb of mine has always been to double government statistics to get at the real figure. Seems to work every time.
December 6th, 2008 at 10:06 pmdae,
December 6th, 2008 at 10:16 pmI only wish that I could apply that doubling to income!
Even so, unemployment number represent an insanely cheerful view of the situation … because they count a minimum-wage job THE SAME as a living wage job.
A family with ONE person working $40/hour is better off than a family with TWO people working $7/hour, but the unemployment statistics think the latter is better.
There’s lots of better ways to figure the numbers … but I suppose the real point is that 30 years of Reaganomics has proven it’s a failure. Time to put Americans to work at jobs that can’t be exported.
December 7th, 2008 at 3:20 pmJust like the cold war when everyone who didn’t agree with the U.S. was either a communist or a communist sympathizer. toki This poor crazy guy spent half a decade being tortured because a bunch of stupid politicians araç sorgulama were sure the NVA was in bed with the Russians (minimal help) and/or the Chinese (ancient enemy of the vietnamese). ssk sorgulama You would think he would have learned from others’ mistakes. Guess not. Republicans need an enemy. key ödemeleri This century it apparently will be all Muslims, health all of whom must be alQaeda operatives.
March 1st, 2009 at 1:34 pmThere’s lots of better ways to figure the numbers araç sorgulama
March 18th, 2009 at 5:17 am