Last week we published an article titled Gallup Head Says Unemployment Rate is “A Big Lie” in it we said that, the big news is that Jim Clifton the CEO of Gallup said that unemployment is really closer to 9%. Here’s what he said:
There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.
Today the editors of Elliott Wave International look at the implications of that statement and how it relates to inflation and deflation. ~Tim McMahon, editor
The “Big Lie” About the U.S. Jobs Picture
Some 30 million people are either out of work or severely underemployed
By Elliott Wave International
Editor’s note: You’ll find the text version of the story below the video.
The financial media has recently featured stories with an upbeat outlook for the U.S. economy.
For example: The economy is on track for “the fastest growth in a decade” (Associated Press), and “Experts expect jobs aplenty in ’15” (USA Today).
This upbeat tone is related to December’s U.S. jobless rate of 5.6%, its lowest since June 2008.