Letter: Jobs report masks our economic pain
My letter pertains to the Associated Press story published in the Post Independent on July 4 with this headline: “Jobs report: U. S. recovery accelerating.” The subheadline read: “Employers added 288,000 jobs in June, unemployment fell to 6.1 percent.” I will take issue with these headlines stating that economic recovery is accelerating. Month after month, I see opinionated stories by the mainstream media that the economy is recovering and is almost 100 percent healthy.
The monthly job report stories should go on the editorial/opinion pages of our nation’s newspapers and not in the main news section. Wall Street, the Fed and the current administration use their influence to fluff up the job numbers and the economy in the press at every opportunity. It is good to see the increase in jobs, but there is a lot of fuzziness in these employment numbers. A large percentage of these jobs added each month are part-time. Many of the job numbers are only estimations. These added job numbers are very misleading.
What are the real unemployment numbers in America? The Bureau of Labor Statistics reported that the unemployment rate is 6.1 percent, or 9.5 million unemployed people. According to economy watchdogs, the real unemployment rate is always about double of the government-stated numbers.
Kimberly Amadeo, About.com. US Economy, one of these watchdogs, illustrated a specific formula in a recent posting that shows 19.046 million Americans are unemployed and the unemployment rate is actually 12.1 percent. I believe that the unemployment numbers are much higher than this. There are thousands or even millions of Americans who gave up finding a job during the past three or four years.
There is no economic recovery on Main Street America with the minimum wage stuck at $7.25 and thousands of only part-time jobs available. Ample good-paying full-time jobs may never return to this economy.
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