Open Left

Apples to oranges

Ronald Reagan changed the definition of unemployed in 1986 to exclude "discouraged workers."  The U-6 unemployment rate which includes everybody (and is probably too high) is up a full point in the last month to 16.8%.

The comparisons to the old-style rates shown in 1981-82 (indeed, in all years prior to 1986) is bogus.  This is the worst unemployment since 1939.  Only the rates of 1932-35 were significantly worse (boy were they worse, peaking at 24.9%).

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by: David Kowalski @ Thu Jul 02, 2009 at 10:33:03 AM CDT