Jan 10, 2011
The government says the unemployment rate went down in December to 9.4% from 9.8% in November. The media trumpeted the drop as the largest in a dozen years. And Austan Goolsbee, Obama’s chief economist, said, “I thought today’s numbers were pretty encouraging. We clearly see a trajectory of improvement.”
If unemployment were really going down, there would be more people working. But in fact, December saw the lowest proportion of the adult population employed since before the recession began
No, real unemployment is not going down. And that’s obvious to every worker, who only has to look around to see their own family and friends who are out of work and cannot find work.