Moral Outrage
Whew! God help us!

U.S. unemployment far worse than the 1930s

The employment situation in the United States is much worse than the dismal numbers from the jobless reports.

The economy is showing absolutely no sign of countering the nation’s staggering jobs deficit. With many of the unemployed beaten down by the worst jobs situation since the Great Depression, they just stopped looking for work. And given the Alice-in-Wonderland way in which we compile our official jobless statistics, they are no longer counted as unemployed.

Of the 14.6 million men and women officially counted as unemployed, nearly 45 percent have been out of work for six months or longer. Nearly a million and a half more have been out of work for more than 99 weeks and thus have exhausted the absolute maximum in unemployment benefits.

Says Charles McMillion, the president and chief economist of MBG Information Services in Washington,  an expert on employment: “When you combine the long-term unemployed with those who are dropping out and those who are working part-time because they can’t find anything else, it is just far beyond anything we’ve seen in the job market since the 1930s.”

With 14.6 million people officially jobless, and 5.9 million who have stopped looking but say they want a job, and 8.5 million who are working part time but would like to work full time, you end up with nearly 30 million Americans who cannot find the work they want and desperately need.

[New York Times]

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