The Unemployment Rate, Another Way to Look at It

Ho Ho Ho – and a Merry Christmas to all at Harpo Studios in Chicago. That wonderful humanitarian, Oprah Winfrey, who can cry on cue, is giving her entire Chicago staff, all 183 people, the old heave-ho just before the holidays, as she and her fortune relocate to Los Angeles. What a Saint!

This prompted me to reflect on their chances of finding gainful employment in this Obama economy. The chances are not good, unless you believe the governments numbers.The current unemployment rate the Obamites are touting is about 5.5%. Of course we know this is bunk. A few months ago Donald Trump claimed the real number was between 18 & 20%. In some sectors, like black unemployment, it is indeed at least that high. The U6 figure is purported to be around 11%, so let’s split the difference and call it 15%.

Rather than explain these figures in the usual dry format with which they are usually, I dragged back out and updated the old Abbott and Costello “Who’s on First” routine. It may still be the funniest stand-up routine ever. However, it’s been modified somewhat to explain how the government reports the unemployment rate. read more