Just a reminder: The real unemployment rate is 17%
The national unemployment rate of about nine and a half percent sounds incredibly high and of course it is. But it doesn’t nearly capture the depth of the trouble. It doesn’t count the people who’ve seen their hours cut to part time. It doesn’t count the people who have quit looking for work.
If you add all of that together, the unemployed and the underemployed, it’s not nine and a half percent, it’s 17 percent; and in California it’s 22 percent.
And what makes it so much worse is that, nationwide, one third of the unemployed have been out of work more than a year. That hasn’t happened since the Depression…
Like the Francones, four and a half million Americans have taken hardship withdrawals from their 401(k)s. With savings gone, unemployment checks exhausted, many are coming to charities including the CALL Primrose Center, a pantry of free food.
Blowback
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October surprise.
JammieWearingFool on October 25, 2010 at 8:06 AM
Basically 1/5 of our country is unemployed. Keep voting Democrat!
Rode Werk on October 25, 2010 at 8:09 AM
I haven’t watched 60 Minutes in years, but I caught that story after the football game last night. Heartbreaking. One woman who had been a $70,000 a year office manager was dumpster diving for recyclables to sell to make $25 every two days. Another was living in the attic of a friend of a friend after being out of work for two years. A former IT engineer said he just took a job at Target making $9.50 an hour and was glad to get it.
I’m not quite there yet, but I can see it from my house.
rockmom on October 25, 2010 at 8:09 AM
This is from 60 Minutes?! Wow.
JohnTant on October 25, 2010 at 8:12 AM
I was more than a little surprised to see this one 60 Minutes. And I was surprised to see the current plight of the people who used to make $70,000+ taken seriously.
myrenovations on October 25, 2010 at 8:15 AM
The next sentance, omitted by HA, reads ‘Of course Obama inherited this situation from the Bush White House’
Limerick on October 25, 2010 at 8:18 AM
We were watching it, too, and I told major dad, “The White House has got to be going berserk right about now…”
tree hugging sister on October 25, 2010 at 8:23 AM
And I kept waiting for the liberal, reach back and “gotcha”…and it never came.
Good on ‘em.
tree hugging sister on October 25, 2010 at 8:24 AM
Have to say this was well played by 60 minutes. Realistic coverage on the state of unemployment without ever mentioning the president’s name. The implied was thick and heavy.
sherry on October 25, 2010 at 8:26 AM
If they elect Brown and Boxer, things are going to get a whole lot worse in California.
Blake on October 25, 2010 at 8:30 AM
Did they say what the real unemployment rate was at the end of 2008?
OldEnglish on October 25, 2010 at 8:31 AM
If we don’t have another tech, asset, commodity or credit bubble, the only hope for sustained growth are Reagan level tax cuts and good regs for certainty, neither of which will happen. Let’s hope that China’s real estate bubble doesn’t burst.
TimTebowSavesAmerica on October 25, 2010 at 8:33 AM
It must be higher because those stats don’t include self employed people who have no work, or the small business owner who has no business. It is probably closer to 27%
keep the change on October 25, 2010 at 8:51 AM
If that bubble does burst, we are all well and truly phuqued.
Wanderlust on October 25, 2010 at 8:52 AM
Gah! You made me look!
stvnscott on October 25, 2010 at 9:11 AM
I wonder if anyone in Washington actually watched this show last night. I said to Mr. Rockmom afterward, “you know we spent a trillion dollars or more on bank bailouts and a stimulus bill, and not one penny of it did anything to help these people in California.” Those folks are not going to get jobs building more bridges to nowhere, and more “infrastructute” or “green jobs” a la Tom Friedman aren’t going to help them either.
There’s a serious disconnect between the old 1970s East Coast theories of unemployment and economic stimulation, and what is actually happening in 2010. We have millions of smart, middle-aged, college-educated professionals living in the suburbs and snmaller towns with mortgages and car payments and kids about to go to college who are unemployed with no prospects. And nobody in Washington seems to understand, or care. And they wonder why these people are going to vote Republican next week!
rockmom on October 25, 2010 at 9:13 AM
And here in California “Senator” Boxer is against anything that will create jobs. She is actually attacking Fiorina for wanting to have offshore drilling.
http://www.bluecollarphilosophy.com/2010/10/boxer-again-sides-against-jobs-for.html
As someone who works in the oil industry, I know those would be very good paying jobs. The Democrats want people dependent on government and killing good paying jobs is one way to do it. Did you know that a record 144 companies have left California this year? And somehow Boxer opposes Proposition 23.
http://www.bluecollarphilosophy.com/2010/10/californias-will-hurt-themselves-by.html
How many more will leave if Boxer is reelected? Man is it hard to be a Conservative here in California.
Blue Collar Todd on October 25, 2010 at 9:15 AM
Slurpee sales have picked up.
fossten on October 25, 2010 at 9:17 AM
What dirty teabagger hacked 60 Minutes and reported this? Holder will get the DOJ on it immediately!
tims472 on October 25, 2010 at 9:19 AM
I just scrolled down looking for suckers. So thanks!
gh on October 25, 2010 at 9:28 AM
There’s drilling in CA? All the oil workers can get jobs in Red State America, if they would move. We’d welcome them.
The people you mentioned might not be happy with a GOP solution as well. Even if we adoped a supply side solution, it’d take a couple of years for the economy to heal, ala Reagan and W. It might be longer now because of the debt and the employment backlog.
TimTebowSavesAmerica on October 25, 2010 at 9:30 AM
Getting the narrative ready in time for the Republican takeover.
The Mega Independent on October 25, 2010 at 9:38 AM
Good point.
Blake on October 25, 2010 at 9:42 AM
This is reminiscent of the ’30′s but the people are dressed better and the people are highly educated. It is sad to see. Our family was in dire straits back 1930-41. Let’s get everybody back to work and fire these crooked politicians in Washington and every where else……now!
Herb on October 25, 2010 at 9:49 AM
Heckuva job, Barry!
WisCon on October 25, 2010 at 9:56 AM
My profession is primarily comprised of self-employed folks and small business owners. A year ago at a seminar, we were told the “real” unemployment rate in our sector was…drum roll…17%. My guess is that by now that is in the low 20s.
Del Dolemonte on October 25, 2010 at 9:59 AM
So what happens when the businesses start dropping health insurance and the insurance industry starts laying off workers? All those account managers, clerks, office workers go to work for the government?
Skandia Recluse on October 25, 2010 at 10:18 AM
Why would 60 minutes do such a good story, when it runs a bit counter to the “recovery summer” meme? My guess, sokmebody’s preparing to push for a major extension of unemployment benefits and additional stimulus.
hawksruleva on October 25, 2010 at 10:21 AM