According to political economist Jack Rasmus, the US Labor Department statistics of a 13.3% unemployment rate are grossly underestimated. In the first place, the categorization of unemployment only counts full-time workers; there are 50-60 million unemployed part-time workers that are not counted. If they were counted the rate would be about 21%. In addition, there are those who are unemployed and stopped looking for work. Others are stuck in the unemployment benefits pipeline who are not counted. Overall, Rasmus estimated the real unemployment rate is about 27-28%. This is higher than the Great Depression of the 1930’s.
Listen to interview with Dr. Jack Rasmus