If We Measure Unemployment the Way We Did in the 1930s, Today’s Unemployment Would Be Worse Than Any Single Year During the Great Depression.
Over the years, how we define “unemployment” has been massaged and restricted in such a way that the term does not mean what most people think that it means—that is, people who would like to work who are out of work.
For instance, the long term unemployed are not counted in today’s unemployment statistics. Nor are the underemployed or those who have chosen to go on disability.
*There is debate as to whether those who fall off unemployment rolls (due to their benefits running out) are counted as unemployed or not. Regardless of this point, however, the statistic we are told represents the current state of joblessness in this country (the “unemployment rate), simply does not tell the whole story. Some would say it doesn’t even attempt to tell the correct story (and there is a distinction.)
“We could witness a crash of a magnitude never before seen” (Soon)