What is the REAL Unemployment Rate?
The government quotes the U-3 figure for unemployment in the United States, but this is a very misleading number. The U-3 does not take into account people who have fallen off of the unemployment insurance band wagon (and even with extensions many people no longer are eligible for unemployment insurance if they’ve been out of work long enough).
The U-3 also ignores people who have looked so long with no success that they have stopped looking for work out of sheer frustration. It also ignores people who have taken freelance work or temp work or minimum wage work just to have some money coming in.
There are so many people I know who used to have six figure jobs in sales, marketing, PR, award winning journalists, researchers for the like of the Gartner Group, Senior Vice Presidents at AT&T, and more who are now either forced into retirement they can’t afford or in low paying jobs. At the same time I know foreigners from various third world countries who are living in America on Green Cards of H1B visas who are doing jobs Americans would LOVE to do. The employers are paying the foreigners less than they would pay Americans — and yet the wages are higher than what these Americans are forced to take (if they can even FIND work). Employers keep lobbying the Congress (don’t get me started with what I think of our government!) to keep hiring foreigners claiming they can’t find qualified Americans. . .
This is just so much BS. There are many qualified Americans and those who don’t have a 100% match on qualifications can easily be trained on new skills rather than hiring foreigners either imported to America or outsourced to other countries.
Part of the problem definitely lies with the government who taxes businesses making it cost effective for them to hire foreigners or ship our jobs overseas. The government is hurting efforts to get America working again, not helping.
The REAL unemployment rate is nearly one out of four Americans out of work. Yes, one out of four, or if you want to be optimistic, one out of five Americans can’t find work. The seasonally-adjusted SGS Alternate Unemployment Rate shows between 20-25% unemployed (see the chart).
Elections are coming soon. Who you vote for is up to you and I’m not going to recommend any party or candidate over another — I do ask that you do a little research and discover just who your candidate has taken money from, and if they are currently in office just what have they voted for? The cost of H1B visas have been raised by Congress, but “big deal.”
US Senator, Mr Chuck Grassley, tried to pass a bill restricting abuse of H-1B and L1 visas, but it was killed on the Senate floor. It was blocked by Democrats he said. Don’t blame the Dems. The Offshoring Act (designed to block jobs from being outsourced over seas) was blocked by Republicans. Bad news for Americans looking for jobs — but no doubt the Dems and Republicans in question got fat fees from the foreign countries wanting American money and jobs.
I’m sick and tired of seeing our economy flounder. As Ross Perot said years ago, “that sucking sound you hear are your jobs going over seas.” Good old Ross was right!