AFP reported August 26 that the real unemployment rate in the United States is 16 percent when individuals who have left the labor pool and individuals working less than they want are included in the count, according to an official of the Federal Reserve.
The story quotes Atlanta Fed chief Dennis Lockhart as saying, "If one considers the people who would like a job but have stopped looking -- so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent."
The categories cited by Lockhart are not part of the Department of Labor's monthly unemployment rate calculation.
Lockhart also offered his forecast: "My forecast for a slow recovery implies a protracted period of high unemployment. Further fiscal stimulus has been mentioned, but the full effects of the first stimulus package are not yet clear, and the concern over adding to the federal deficit and the resulting national debt is warranted."
Remember, Barry is taking responsibility for this mess, he just doesn't want to hear from the people who helped create this mess. Mind you, Democrats have been running Congress for almost 3 years now.