Business Insider has the article Unemployment is low only because ‘involuntary’ part-time work is high.
Misleading unemployment numbers may be prompting the Fed and the Bank of England to make a huge error.
It is not that misleading unemployment numbers are prompting the Fed to make a huge error. The point is that the Fed and Trump are purposely using misleading numbers to justify transferring more wealth to the wealthy.
The value of this article is that it explains how Trump is lying with statistics better than I could just be using qualitative explanations.
“Headline” unemployment is only at a record low because of a 42% increase in the number of people who are in “involuntary” part-time work.
To back up my statement about the use of misleading numbers, I give you yhis quote.
“During early 2018, involuntary part-time work was running nearly a percentage point higher than its level the last time the unemployment rate was 4.1%, in August 2000,” according to Rob Valletta, a vice president in the Economic Research Department of the Federal Reserve Bank of San Francisco. “This represents about 1.4 million additional individuals who are stuck in part-time jobs. These numbers imply that the level of IPT work is about 40% higher than would normally be expected at this point in the economic expansion.”
The Fed is fully aware of what the problem is. They just aren’t bothering to make it clear to the public. The oligarchs’ news media has no incentive to inform its readers with this information.