... and they caused high unemployment...not Barack Obama.
“There’sclass warfare all right. But it’s my class, the rich class, that’s makingwar...and we’re winning.” - WarrenBuffett, 2006
(Las Vegas, Nevada, 2012) The "99ers" might be down and out, butthey're not forgotten. The New York Times reportsthat "the widely quoted unemployment rate of 8.1percent reflects only the red portion in the chart below, the 12.5 millionpeople who did not work in April of 2012, but actively searched for work. Abroader unemployment rate, which includes the U-6 figures and includes allthe people in this chart, stands at 14.5%".
But I don't believe those numbers either. I believe it's much, muchworse. It could be as high as 20% if you counted all the "99ers".
Now add to that "14.5%" at least another 8 million more Americanswho've been out of work for at least 99 weeks or longer. To date they haveexhausted all their unemployment benefits without ever finding work again.
But they are no longer being counted, either in the media's reported U-3unemployment rate or in the Bureau of Labor Statistics' reported U-6 rate -- aseither "marginally attached" or "discouraged workers". Thesepeople are known as the "99ers", those that one time may have receivedthe maximum amount of 99 weeks in unemployment benefits in the higher ratedunemployed states.
To date at least eight million Americans have been swept under the statisticalrug. A portion took an early Social Security retirement with reduced benefits atage 62, and a portion applied for disability benefits.
The Bureau of Labor statistics has (or, so I've heard) only recently begankeeping track of these people (the 99ers), but they report much less than thereactually are. The BLS also claims that according to their CPS household survey,these people "gave up searching for work".
As a matter of fact, the BLS justreported (May 2012) that "the number of long-term unemployed (thosejobless for 27 weeks and over) was little changed at 5.1 million in April. Theseindividuals made up 41.3 percent of the unemployed. Over the year, the numberof long-term unemployed has fallen by 759,000."
Did you understand that last sentence? We didn't "fall", we were nolonger counted! And the number of people who are no longer being counted aredropped from their count every month. The media and the BLS co-mingles thesepeople into the "discouraged workers" category, and says they're nolonger looking for work.
Fromthe Bureau of Labor Statistics: "The 'mean' duration estimate issomewhat biased because the greatest number of weeks of unemployment that couldbe recorded in the CPS was capped at 2 years through 2010. In the aftermath ofthe particularly severe recent recession, 9 percent of the unemployed werejobless for 99 weeks or longer in 2010."
I've been unemployed since October 2008 when the mass layoffs were occurring andran out of unemployment benefits in June of 2010. I've been out of work 31/2years, so I know I'm not counted. People like me now rely on a free room from agracious person and use food stamps to survive.
My number (8 million) is fully explained in my post with links to my sources: 8Million Unemployed Not Counted by Labor Dept
Mitt Romney Lowered Median Incomes & Caused Unemployment
Mitt Romney has been citing an interestingeconomic statistic lately about the economy under Barack Obama: He says, “Welllet’s look at what happened. What you’re not going to hear is, that duringhis term median income in America has dropped by $3,000.”
In the fourth quarter of 2008 the median household income was about$55,380 "per household" (or $27,690 each in a two-income household).As of the last quarter of 2011 the median household income was $52,377(or $26,188 each in a two-income household). (a decline of $3,002 per householdor $1,501 per person in a two-income household).
But if we added in those 8 million people I mentioned who no longer have anyincome at all, and who rely solely on food stamps and another's generosity, wecan see why the median household income has dropped since right after theGreat Recession (brought on by the banks and Republican economic policies).
But Mitt Romney isn't really too concerned about our "householdincomes". As a matter-of-fact, he could give a damn. He made $200 millionlaying off people and/or cutting their wages and benefits -- and taking theirpensions through skuzzy bankruptcy deals.
Mitt Romney and his merry band of corporateraiders* had personally lowered households incomes, but PresidentObama never has. The "successful investments" that Romney &Co.likes to brag about (i.e. Staples) just created a whole slew oflow-paying jobs, and not enough to live on.
Yet, if Mitt Romney were ever elected, you can bet ($10,000) that he and theRepublicans will make "average median household incomes" even lowerthan what they are today >>> andhere's but just one reason why.
* An "investor" who buys a large number of shares in a corporation whose assets appear to be undervalued. The large share purchase would give the corporate raider significant voting rights, which could then be used to push changes in the company’s leadership and management. This would increase share value and thus generate a massive return for the corporate raider.
My related posts on Mitt Romney:
- Can I call Mitt Romney's pal Edward Conard an @sshole?
- Woman Fired from Bain for Bad Credit Score
- How many jobs did Mitt Romney create last year?
- Mitt Romney's Offshore Bank Accounts
- Obama Tax Plan vs. Mitt Romney's
- Mitt Romney: Lobbyists, Special Tax Rates & Tax Evasion
- Mitt and Ann Romney are Full of Horse Manure!
- Ann Romney Needs to get a REAL Job!
- Mitt Romney Comes Clean
- Mitt Romney, the Forbes Fortune 400, and Taxes
- How Mitt Romney & the 1% Evades Taxes
- Mitt Romney - Mister 15% and Platinum Parachutes
- Efficiency expert Mitt Romney: "You're expendable."
- Mitt Romney Knows Envy Better than Anyone
- Mitt Romney Connected to $8.5 billion Ponzi Scheme
- For Mitt Romney, the Joke's on Us
- Mitt Romney was the real-life Gordon Gekko
My related posts on Jobs, Wages and Unemployment:
- Take Your Low-Paying Job and Shove it!
- 15 Million Americans Jobless Over 2 years
- Where did 15 million jobless Americans go?
- Two Income Households, 'Mean' and 'Median' Income Statistics
- Lowest Income Earners Always Get Screwed the Most
- Wages: Yesterday, Today, and Tomorrow
- What "we" Earn & what "they" Earn
- Republicans, Wages, Unions, and the Deep South
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