The Really Good Depression Continues
I am finally updating the unemployment figures from the U.S. Bureau of Labor Statistics. Here are links for previous Economic Situation reports from the Bureau.
For those reading this for the first time, you may ask why. I'll tell you:
The answer is the metrics are very different. Comparing our current unemployment rate to the Great Depression is deliberately and completely dishonest. Currently, unemployment figures are the U3, which does not count those who are discouraged and those who are part-time, but want full time work. Estimates for the Great Depression counted as unemployed:
Sadly, most people just ignored this during the Bush years. Even sadder, many conservatives (including the de facto leader of the G.O.P., Rush Limbaugh) are hopping all over this mismeasure to create more hatred towards Obama. It makes me sick that neo-cons (e.g., nearly all Republicans) are do blind with the worst president in history and then have unconditional hatred from Obama.
But on with the statistics. Remember, the current crisis was brought to you by the Republicans and the unquenchable thirst to de-regulate everything and leave people at the mercy of the most unethical, immoral, and greedy people the human species has to offer (i.e., the constituents of the Republicans).
While I do not hesitate to say that conservatives, neo-cons, and T.E.A. Party people make up an anti-intellectual movement that is the greatest threat to the survival of the United States and our liberties, I am non-partisan when it comes to unemployment. You cannot compare the estimate 25% of the Great Depression with the current U3 rate. It is a bad and misleading comparison that should be stopped. To any of these conservatives reading this, remember, it was Ronald Reagan who decided that we should leave the "part-time for economic reasons" and "marginally attached workers" out of unemployment counts.
AN ACCURATE MEASURE OF UNEMPLOYMENT DURING THE GREAT DEPRESSION IS 9% TO 16%. Keeping this rate in mind compare the unemployment during the Great Depression with what we've seen over the years.
Why do I only go back to 2009? My first post on this was in February 2009. That is when I first got around ti sitting down and didn't touch the rate again for several months. I filled in that gap, but January was missing, so I filled that in, as well.
I'm behind several months, so here is everything summed up as a table (with some back data). Population numbers are millions of people.
Reagan/Conservative View
Real Unemployment
Month Year
Workforce
Unemployed
U3 Rate
Workforce
Unemployed
U6 Rate
Jan 2009
152.6
15.3
7.6%
154.7
21.5
13.9%
Feb 2009
154.3
12.5
8.1%
155.0
21.8
14.1%
Mar 2009
155.3
13.7
8.9%
157.4
24.3
15.4%
Apr 2009
153.9
13.7
8.9%
156.0
24.7
15.8%
May 2009
154.3
14.5
9.4%
156.5
25.8
16.5%
Jun 2009
154.7
14.7
9.5%
156.9
25.9
16.5%
Jul 2009
154.3
14.5
9.4%
155.1
24.1
15.5%
Aug 2009
153.6
14.9
9.7%
155.9
26.3
16.9%
Sep 2009
154.1
15.1
9.8%
156.3
26.5
17.0%
Oct 2009
153.9
15.7
10.2%
156.3
27.4
17.5%
Nov 2009
154.0
15.4
10.0%
156.3
26.9
17.2%
Dec 2009
153.0
15.3
10.0%
155.5
27.0
17.4%
Jan 2010
152.6
14.8
9.7%
155.1
25.6
16.5%
Feb 2010
153.6
14.9
9.7%
156.1
26.2
16.8%
Mar 2010
154.6
15.0
9.7%
156.9
26.4
16.8%
Apr 2010
154.6
15.3
9.9%
156.7
26.6
17.0%
May 2010
154.6
15.0
9.5%
156.8
26.0
16.6%
Jun 2010
153.7
14.6
9.5%
156.3
25.8
16.5%
Jul 2010
153.7
14.6
9.5%
156.3
25.7
16.4%
Aug 2010
155.2
14.9
9.6%
157.6
26.2
16.6%
Sep 2010
154.2
14.8
9.6%
156.7
26.8
17.1%
Oct 2010
154.2
14.8
9.6%
156.8
26.6
17.0%
Nov 2010
154.1
15.1
9.8%
156.6
26.6
17.0%
Dec 2010
154.3
14.5
9.4%
156.9
26
16.6%
Jan 2011
154.4
13.9
9.0%
157.3
25.1
16.0%
GREAT DEPRESSION UNEMPLOYMENT RATE
Popular View
More Comparable
25%
9% to 16%
[ADDENDUM] I've sampled back and it looks like the Depression Era unemployment rate began solidly in the Bush administration.
[ADDENDUM]: One difficulty with pre-2009 is they do not report "part-time for economic reasons" in quite the same way. I'll have to look at the raw number and figure out what changed and how to account for it.
[ADDENDUM]: What they hey? Part time for economic reasons in January 2008:
For those reading this for the first time, you may ask why. I'll tell you:
- With the current economic depression, everyone compares it to the Great Depression: "Unemployment is high, but it's nothing like the Great Depression."
- Due to my training, I felt it necessary to ask: Is the means by which unemployment is now measured different from how it was measured during the Great Depression?
The answer is the metrics are very different. Comparing our current unemployment rate to the Great Depression is deliberately and completely dishonest. Currently, unemployment figures are the U3, which does not count those who are discouraged and those who are part-time, but want full time work. Estimates for the Great Depression counted as unemployed:
- part-time workers (whether or not they want a full-time job)
- people working in government work programs
- anyone not working, whether or not they are looking for work
Sadly, most people just ignored this during the Bush years. Even sadder, many conservatives (including the de facto leader of the G.O.P., Rush Limbaugh) are hopping all over this mismeasure to create more hatred towards Obama. It makes me sick that neo-cons (e.g., nearly all Republicans) are do blind with the worst president in history and then have unconditional hatred from Obama.
But on with the statistics. Remember, the current crisis was brought to you by the Republicans and the unquenchable thirst to de-regulate everything and leave people at the mercy of the most unethical, immoral, and greedy people the human species has to offer (i.e., the constituents of the Republicans).
While I do not hesitate to say that conservatives, neo-cons, and T.E.A. Party people make up an anti-intellectual movement that is the greatest threat to the survival of the United States and our liberties, I am non-partisan when it comes to unemployment. You cannot compare the estimate 25% of the Great Depression with the current U3 rate. It is a bad and misleading comparison that should be stopped. To any of these conservatives reading this, remember, it was Ronald Reagan who decided that we should leave the "part-time for economic reasons" and "marginally attached workers" out of unemployment counts.
AN ACCURATE MEASURE OF UNEMPLOYMENT DURING THE GREAT DEPRESSION IS 9% TO 16%. Keeping this rate in mind compare the unemployment during the Great Depression with what we've seen over the years.
Why do I only go back to 2009? My first post on this was in February 2009. That is when I first got around ti sitting down and didn't touch the rate again for several months. I filled in that gap, but January was missing, so I filled that in, as well.
I'm behind several months, so here is everything summed up as a table (with some back data). Population numbers are millions of people.
Reagan/Conservative View
Real Unemployment
Month Year
Workforce
Unemployed
U3 Rate
Workforce
Unemployed
U6 Rate
Jan 2009
152.6
15.3
7.6%
154.7
21.5
13.9%
Feb 2009
154.3
12.5
8.1%
155.0
21.8
14.1%
Mar 2009
155.3
13.7
8.9%
157.4
24.3
15.4%
Apr 2009
153.9
13.7
8.9%
156.0
24.7
15.8%
May 2009
154.3
14.5
9.4%
156.5
25.8
16.5%
Jun 2009
154.7
14.7
9.5%
156.9
25.9
16.5%
Jul 2009
154.3
14.5
9.4%
155.1
24.1
15.5%
Aug 2009
153.6
14.9
9.7%
155.9
26.3
16.9%
Sep 2009
154.1
15.1
9.8%
156.3
26.5
17.0%
Oct 2009
153.9
15.7
10.2%
156.3
27.4
17.5%
Nov 2009
154.0
15.4
10.0%
156.3
26.9
17.2%
Dec 2009
153.0
15.3
10.0%
155.5
27.0
17.4%
Jan 2010
152.6
14.8
9.7%
155.1
25.6
16.5%
Feb 2010
153.6
14.9
9.7%
156.1
26.2
16.8%
Mar 2010
154.6
15.0
9.7%
156.9
26.4
16.8%
Apr 2010
154.6
15.3
9.9%
156.7
26.6
17.0%
May 2010
154.6
15.0
9.5%
156.8
26.0
16.6%
Jun 2010
153.7
14.6
9.5%
156.3
25.8
16.5%
Jul 2010
153.7
14.6
9.5%
156.3
25.7
16.4%
Aug 2010
155.2
14.9
9.6%
157.6
26.2
16.6%
Sep 2010
154.2
14.8
9.6%
156.7
26.8
17.1%
Oct 2010
154.2
14.8
9.6%
156.8
26.6
17.0%
Nov 2010
154.1
15.1
9.8%
156.6
26.6
17.0%
Dec 2010
154.3
14.5
9.4%
156.9
26
16.6%
Jan 2011
154.4
13.9
9.0%
157.3
25.1
16.0%
GREAT DEPRESSION UNEMPLOYMENT RATE
Popular View
More Comparable
25%
9% to 16%
[ADDENDUM] I've sampled back and it looks like the Depression Era unemployment rate began solidly in the Bush administration.
[ADDENDUM]: One difficulty with pre-2009 is they do not report "part-time for economic reasons" in quite the same way. I'll have to look at the raw number and figure out what changed and how to account for it.
[ADDENDUM]: What they hey? Part time for economic reasons in January 2008:
- January 2008 report: 4769 (seasonally adjusted)
- January 2009 report: 4738 (seasonally adjusted)
- For both, the unadjusted count was 5340