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and Again and Again

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Saturday, November 05, 2011

52% of the Unemployed ARE NO LONGER COUNTED AS BEING SO

Not by the way BLS keeps stats, anyway.

Despite it being an AP report through MSNBC (Obama's Network!) we'll start out by taking this report at face value.

If only 48% of the unemployed are receiving U.C. Benefit checks, that means, of course, 52% are not.

Now, recall that Friday's unemployment number was 9.0% ("that's not great but it does show some glimmer of hope for the future").

Recall also that the "official" unemployment number as calculated by the BS BLS includes ONLY THOSE STILL COLLECTING BENEFITS

THEN

doing the backwards math I learnt in Real Estate school

the true unemployment number is a WHOPPING 18.75%!

And that does NOT include the underemployed, those working at a job far below their level but not collecting benefits anymore.

So, we'll leave them out of this for now, though not out of or thoughts by any means.

So, if the COUNTED number of unemployed is 14,000,000

THEN

using the same backwards Real Estate math

the TRUE number of totally unemployed in this country is

29,166,167!

30 million Americans who cannot find work
.

Now add in all those underemployed whose numbers we do not know.

And consider these numbers may not include those who were "fired" and unable to ever collect U.C., or college students and high school grads trying to find that first job.

And consider, if this is what AP/MSNBC/Obamaco is admitting to, then the situation is likely far more grave.

The levels may approach or exceed 30%.

During the worst of The Great Depression in America the unemployment level was 33%.

Again and Again I've said the plight of the 99ers is a dire threat to the stability of our society. They will be marginalized and uncounted, unheard. And as their numbers rise, the admin will report unemployment is improving.

It's all bullshit.

That someone actually admitted it in print means there will probably be at lest one more to add to the ranks of unemployed tomorrow.

And it should come as no surprise this was released on a Saturday night so it can be forgotten by Monday morning.

NOV 2012 WILL BE TOO LATE FOR TOO MANY

MSNBC:

Most of the unemployed no longer receive benefits
Nearly one-third of America's 14 million unemployed have had no job for year or more
By CHRISTOPHER S. RUGABERThe jobs crisis has left so many people out of work for so long that most of America's unemployed are no longer receiving unemployment benefits.

Early last year, 75 percent were receiving checks. The figure is now 48 percent — a shift that points to a growing crisis of long-term unemployment. Nearly one-third of America's 14 million unemployed have had no job for a year or more.

Congress is expected to decide by year's end whether to continue providing emergency unemployment benefits for up to 99 weeks in the hardest-hit states. If the emergency benefits expire, the proportion of the unemployed receiving aid would fall further.

The ranks of the poor would also rise. The Census Bureau says unemployment benefits kept 3.2 million people from slipping into poverty last year. It defines poverty as annual income below $22,314 for a family of four.

Yet for a growing share of the unemployed, a vote in Congress to extend the benefits to 99 weeks is irrelevant. They've had no job for more than 99 weeks. They're no longer eligible for benefits.

Their options include food stamps or other social programs. Nearly 46 million people received food stamps in August, a record total. That figure could grow as more people lose unemployment benefits.

So could the government's disability rolls. Applications for the disability insurance program have jumped about 50 percent since 2007.

"There's going to be increased hardship," said Wayne Vroman, an economist at the Urban Institute.

The number of unemployed has been roughly stable this year. Yet the number receiving benefits has plunged 30 percent.

Government unemployment benefits weren't designed to sustain people for long stretches without work. They usually don't have to. In the recoveries from the previous three recessions, the longest average duration of unemployment was 21 weeks, in July 1983.

By contrast, in the wake of the Great Recession, the figure reached 41 weeks in September. That's the longest on records dating to 1948. The figure is now 39 weeks.

"It was a good safety net for a shorter recession," said Carl Van Horn, an economist at Rutgers University. It assumes "the economy will experience short interruptions and then go back to normal."

Weekly unemployment checks average about $300 nationwide. If the extended benefits aren't renewed, growth could slow by up to a half-percentage point next year, economists say.

The Congressional Budget Office has estimated that each $1 spent on unemployment benefits generates up to $1.90 in economic growth. The CBO has found that the program is the most effective government policy for increasing growth among 11 options it's analyzed.

Jon Polis lives in East Greenwich, R.I., one of the 20 states where 99 weeks of benefits are available. He used them all up after losing his job as a warehouse worker in 2008. His benefits paid for groceries, car maintenance and health insurance.

Now, Polis, 55, receives disability insurance payments, food stamps and lives in government-subsidized housing. He's been unable to find work because employers in his field want computer skills he doesn't have.

"Employers are crying that they can't find qualified help," he said. But the ones he interviewed with "weren't willing to train anybody."

From late 2007, when the recession began, to early 2010, the number of people receiving unemployment benefits rose more than four-fold, to 11.5 million.

Using up benefits
But the economy has remained so weak that an analysis of long-term unemployment data suggests that about 2 million people have used up 99 weeks of checks and still can't find work.

Contributing to the smaller share of the unemployed who are receiving benefits: Some of them are college graduates or others seeking jobs for the first time. They aren't eligible. Only those who have lost a job through no fault of their own qualify.

The proportion of the unemployed receiving benefits usually falls below 50 percent during an economic recovery. Many have either quit jobs or are new to the job market and don't qualify.

Today, the proportion is falling for a very different reason: Jobs remain scarce. So more of the unemployed are exhausting their benefits.

Federal Reserve Chairman Ben Bernanke has noted that the long-term unemployed increasingly find it hard to find work as their skills and professional networks erode. In a speech last month, Bernanke called long-term unemployment a "national crisis" that should be a top priority for Congress.

Lawmakers will have to decide whether to continue the extended benefits by the end of this year. If the program ends, nearly 2.2 million people will be cut off by February.

Congress has extended the program nine times. But it might balk at the $45 billion cost. It will be the first time the Republican-led House will vote on the issue.

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C'mon -- show your solidarity with us unwashed uncounted unemployed heathen and turn this up LOUD












FUCK YER HOPE N CHANGE.










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2 Comments:

Anonymous Anonymous said...

gosh I hate reading your blog. I only stop by once a week or so because it makes me sad :-(

I wish I could help you guys (and alllllll the other 30 million who need it)

at some point there's nowhere to go but up... hoping things turn around soon :-(

#1

Wednesday, November 09, 2011 6:21:00 pm  
Blogger Christine said...

I am one of those underemployed. Thank you for mentioning us MR. :)

Thursday, November 10, 2011 2:46:00 am  

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