Real Unemployment Rate is Reaching Great Depression Levels (24.9%)

15 comments

1. Looking at their long-term chart, it’s well below legacy averages and also below some prints just last year. That doesn’t go back to 1929, however, so I can’t draw that comparison. Weird headline looking at the data.

   https://www.lisep.org/tru

2. What we need now is more immigrants

3. Man. I’m bearish but this is dumb as hell. Let’s make up statistics and call them unemployment rate.

4. No it isn’t. 

5. Shitty measure. I don’t care what is is, but if it’s in line with everything else, then it’s not some secret surprise measure that’s really showing what’s going on. Dumb

6. I’m guessing this includes underemployed and people who have given up on looking for full time work. I know some of the recent positive reports ended up being negative on full time employment and all the increases were from part time.

7. > “LISEP’s measure encompasses not only unemployed workers, but also people who are looking for work but can’t find full-time employment, **as well as those stuck in poverty-wage jobs**. By tracking functionally unemployed workers, the measure seeks to capture labor market nuances that other economic indicators miss, such as Americans who are left behind during periods of economic expansion.”

   This touches on the issue of gig work and whether it qualifies as a “real” or quality job—particularly one that provides a living wage. While the U.S. often counts these as employment, it’s debatable whether many of these jobs meet the standard of economic stability.

   Many gig jobs are taken on as second jobs just to make ends meet, which reflects deeper issues in the labor market.

   Relying solely on the unemployment rate doesn’t provide a full picture of the economy’s health or the actual purchasing power of US citizens. Measures like LISEP’s help highlight those who are technically employed but still struggling.

8. One thing that everyone seems to forget is that government officials were included in the unemployment data back during The Great depression.

9. What an awful chart lol

10. You can’t just make up some new way to measure unemployment and compare it to another way of measuring unemployment. The researchers may have valid points to make (albeit their name hints at an agenda) but you gotta compare apples to apples.

11. Seriously, the economy has been jacked up for a while and everyone at the bottom and in the middle have felt it. Dems tried to sell Bidenomics and people weren’t buying that things were okay. Now, Trump is trying to tell us that he’s moving us in the right direction and people aren’t buying that either.

    This is what happens when the top 1% own the overwhelming majority of the economy. They’ve created a closed loop economy that continues feeding them the majority of the gains while 99% of people are left out of most gains.

12. Nobody works today. I go out and it seems like everybody is “retired” at 40 or “off today”

13. No it isn’t. Do you see breadlines? Hoovervilles? No? Hm

14. Oh fuck off. Lmao

15. It’s the best number they’ve recorded other than during the Biden administration.

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