The Big Lie: 5.6% Unemployment

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Once again, if someone is too lazy to look for work, why should we care whether we count them as unemployed.
If they’re “too lazy” to look for work, that means THEY DO NOT want to work. Under no conditions does this count as unemployed.

Now, what about those who DO want to work but can’t find jobs? They’re “too old” or “overqualified” or were out of work too long. The overwhelming vast majority of discouraged workers fall into this category.
 
Then there’s this:

financialsense.com/contributors/lance-roberts/unemployment-u3-u6
You can clearly see that something has gone awry between the pre- and post-1994 calculations. The reasoning by the BLS gives you the answer: "(P)rior to 1994 persons were not asked whether they had searched for work recently. **If they gave one of the five ‘discouraged worker’ reasons for not looking for work in the past 4 weeks, they were assumed **to have ‘given up’ the search for work, although they weren’t asked when they had last looked. As a result of the greater specificity introduced in 1994, the number of discouraged workers was cut approximately in half, from about 1.1 million in 1993 to 500,000 in 1994.”
So basically people who have been out of work too long because the economy is depressed and nobody’s hiring, and on top of that, employers discriminate against those who are out of work, especially if too long, game over, they’re not “unemployed” according to the government.
As you can see there is a large difference once adjustments are made. While the official U-3 rate of unemployment is 7.8% the less discussed alternate U-6 rate remains at 14.7%. While both of those rates have shown steady declines since the peak of last recession - the adjusted number of unemployed individuals has continued to rise and now approaches 22%.
And remember, you WILL hear about the “talent shortage” and employers screaming they need more H1B and L1 visas to be issued, and amnesty for illegal aliens…
 
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