Don’t Let the Reported Unemployment Rate Figures Fool You
Arianna Huffington cited the following March 2011 unemployment data in a recent article in the Huffington Post.
“…even though the economy added 244,000 jobs, the unemployment rate rose from 8.8 percent to 9 percent. Even worse, the unemployment rate for African-Americans jumped to 16.1 percent. And for those over the age of 55, the average length of time spent looking for a job is now over a year.”
Let’s look at how serious this really is.
There was a .2 percent increase in unemployment. While that’s what is stated on paper. Unemployment rates are even higher because they are many people who have gotten discouraged and just stopped looking for work. Realistically, it’s much higher. And there are many more people underemployed even though they have jobs. Thus, people who used to earn $50,000 or more per year are probably working $10.00 – $12.00 jobs just to pay their bills and feed their families.
The unemployment rate for American-Americans is 16.1 percent. If I had to guess, it is at least 30 percent. Again, so many people have given up. And, it seems to be some sort of conspiracy. How is it that so many black people are not working? Why are thy not being hired? We really need to think about that. Here’s a kicker for you. The Englewood and Roseland communities rank #2 in the highest unemployment rates after Detroit. Chicago is NOT a poor city, but the residents are not being looked after. That is not a good look for Chi-Town.
And it takes a over year for people age 55 and over to find a job. Do you know what that means? This is age discrimination at its best. In my opinion, these are some of most reliable workers. Their work ethic was pretty good. This is the last generation that actually went to work and were productive.
But wait…there’s more.
“Our elected leaders aren’t any better — less focused on the job crisis than on arguing about how to best divvy up harsh cuts to the social safety net and programs that benefit the middle class. Meanwhile, profits for the Fortune 500 jumped by 81 percent in 2010, to $318 billion.” All you have to do is look at the ever-growing gas prices and the ever-growing profits of the largest oil companies.
How do you feel after reading these figures? Do you agree or disagree?
Image: Flickr
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