Just as an FYI Carter left office with an unemployment rate of 7.7% and the current rate is 6.5%
Do you actually read for content?
As another FYI for Carter when he took office until he was kicked out 4 years later the Consumer Price Index rose 37.95% from 56.90 to 72.60
Just for comparison let's look at Bush's WHOLE Presidency to date. We a 28.30% increase in the CPI from 172.20 to 216.097
Two things on that. First, the inflation that Carter had during his administration first tickled above 6% in June of 1973 and had 15 months of double digit inflation prior to Carter taking office. The beginning of that trainwreck started in 1973, not during the Carter Administration.
Second, what is mentioned above regarding the current unemployment rates. There are several classes of unemployed.
Only the FIRST group is counted in the Unemployment Rate
- Unemployed workers who have filed for unemployment benefits and are actively collecting them.
- Unemployed workers who have filed for unemployment benefits in the past and are no longer collecting them because their benefits expired.
- Unemployed workers, such as self employed workers who have less than full time employment but are unable to collect benefits
- Unemployed workers who are laid off/early retire/fired and simply leave the job market
- People who do not work for whatever reason [housewives, disabled, jailed, drugged, lazy]
. In the past, through previous recessions 26 weeks of unemployment was usually enough to take care of people looking for work. In the past 10 years, with manufacturing jobs leaving the country, offshoring of everything from call centers to software development, 26 weeks is no longer considered long enough during recession. The group that "roll off" the unemployment roles are still unemployed but no longer count as unemployed by the Federal or State governments. They are "off the books".
The change in the way unemployment was calculated was modified in 1983 and again in 2003. BOTH changes statistically made the number look better than the actuals were. Right now we also use a survey of 60,000 households as a guide. The three pronged approach, counting unemployment rolls, surveying X households and surveying 400,000 companies is how the "official" number is derived. The household survey usually shows a "better" number than the companies survey. Guess which one the government uses, although it is likely to be much less accurate.
The current estimate, based on the current population of adults 18-65 suggests that the true unemployment rate is closer to 10.5%, depending on which of about six analysts is calculating the number. They are all within .2 of each other so think 10.3-10.7% or 14 Million. These numbers DON'T take into account the "housewives, disabled, jailed, drugged, lazy" part of the calculus.
As more people roll off the 26 week unemployment, the shadow number increases while at the time the real number is also increasing right now.
Kentucky, which normally has a high but steady unemployment rate jumped from 5.4 to 6.8 October to October as more and more manufacturing jobs just leave.