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View Diary: The "Fiscal Cliff" and the Coming Retirement Crisis of the Middle Class (90 comments)

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  •  U3 versus U6 unemployment (3+ / 0-)
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    Lucy2009, Mr Robert, Noor B

    Each month, when the media duly report the official unemployment number, what they are reporting is actually U3 unemployment.  That is currently at 7.7%.

    But there's another number, which is U6, that reports unemployment (including "discouraged workers") plus underemployment (people working part time who want to work full time).  That number is around 14%.

    In my opinion, looking at both of these numbers together provides the best overview of the unemployment situation.  And while it's rather unscientific, if I were looking for a single number to provide a sense of the pain of unemployment in our country, I might just take the average of these two, which would give a rate of around 11%.

    Political Compass: -6.75, -3.08

    by TexasTom on Thu Jan 03, 2013 at 07:04:24 PM PST

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    •  Makes sense. The other thing is there are (7+ / 0-)

      a tremendous amount of people who are working low wage and/or minimum wage jobs, and/or 2-3 of these jobs just to try and make ends meet. Yet those same jobs don't provide retirement pensions, medical benefits, etc.  So I don't know the number, but I suspect the percentage is quite high of folks who are "employed" but not doing anything that will ever bring them any real financial security/stability much less any sort of retirement or savings possibilities. So that needs to be taken into consideration as well when we talk about tinkering with Medicare and SS.  

      It hurts out there for A LOT of people. My hubby has a very small business selling art work. His public are middle class for the most part, with some working and upper classes thrown in. He is doing the same shows with the same products now as 6 years ago but making about 50% less money. The body count at these Home and Garden shows has simply dropped enormously, and the folks who do still attend don't have the discretionary income they used to have. We feel it first hand what is going on with the middle class and it's real, and it's very deleterious for individuals and small business owners like ourselves.

      Ugghhh..... so much that could be done that could be so beneficial to the many, but the 1% and their puppets in D.C. won't let that sort of legislation thru. Very frustrating.  

      Corporations before people.... it's the American way!

      by Lucy2009 on Thu Jan 03, 2013 at 11:03:03 PM PST

      [ Parent ]

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