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Alternative Visions – Jobs Collapse & Underestimation by Government Statistics

Today’s show addresses and debunks the current jobs statistics just released today by the US Labor Dept. The official announced 14.7% unemployment rate and 23m jobs lost (20m in April) are dissected to reveal the true scope of those without work. Why the 14.7% only represents full time workers’ job loss and excludes millions more part time, temp, contract, gig jobs now 60m out of a 164m labor force. Rasmus explains even Govt stats show 22.4% unemployment rate when part time, ‘missing labor force and other categories are included. Rasmus further explains why the 22.4% is under-reporting as well, when the 8m who have dropped out of the labor force are included. How we get 33.5m having filed for unemployment benefits but report only 23m jobless. Why govt stats exclude many sheltering at home, without jobs, as not unemployed. Why the economy’s ordered ‘reopening’ will lower the official 14.7% unemployed, but only temporarily and why jobless numbers will rise again as a second infection wave hits the economy, and economic conditions developing, converge by year end. Rasmus explains it will take 5-7 yrs to just recover lost jobs, under best of conditions. Why the economic recovery will be ‘W Shape’, not V-Shape, and follow Rasmus’ past predictions of the trajectory of an ‘Epic’ Recession. (check out the blog, jackrasmus.com, this weekend for Dr. Rasmus’s explanation of a ‘W-Shape’ recovery, and his previous rejection of ‘V-Shape’.)

 

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