U-6 which is the real unemployment rate soared to 17.1%:
When you dig into the BLS report the numbers are ugly. The biggest spike in jobs was seen in the retail/services sector. The most losses were seen in government jobs as the country struggles with massive budget shortfalls.
So essentially we gained jobs that pay hourly wages with no benefits at the expense of well paying jobs in the government sector. Needless to say, this is not the answer for getting out of this mess.
The report also showed that 1,047,000 became "discouraged" meaning that they have basically given up looking for work.
The headlines will tell you that the employment rate stayed the same at 9.6%. The "fine print" however tells a whole different story.
A little comedy is always needed in times such as these where we are watching our country fall apart.
I found myself laughing out loud at times during this clip as Jon brilliantly explains how badly we are being gangraped by the banks and our government.
Kudos to The Daily Show for finding a way to make us laugh during such hard times:
|The Daily Show With Jon Stewart||Mon - Thurs 11p / 10c|