With True Unemployment Rate Over 26%, Senate Forcing SCOTUS Pick Through
Q3 2020 hedge fund letters, conferences and more
The True Unemployment Rate Is Over 26%
WASHINGTON, D.C. – As Amy Coney Barrett’s Senate confirmation hearings begin this week, new reporting from Axios reveals that the country’s true unemployment rate - defined as those who do not have a full-time job that pays a living wage - is 26.1% for all Americans and a staggering 59.2% for Black Americans.
Despite the ongoing recession and public health crisis that have resulted in thousands of small business closures and over 215,000 U.S. deaths, Trump’s Senate allies are continuing to push through Supreme Court nominee Amy Coney Barrett. As Senate Republicans rush through her nomination process, Barrett’s full record remains unavailable to the public, including all her public documents from her tenure at Notre Dame.
“In one of the worst recessions this country has ever seen, Trump and his Senate allies choose to advance their radical judicial agenda over families facing food insecurity and unemployment,” said Kyle Herrig, president of Accountable.US. “Rather than rushing through a justice who has ruled with corporations over people 76% of the time, lawmakers’ number one priority should be working on relief for small businesses on the brink of shuttering and for families struggling to make ends meet.”
AXIOS: Exclusive: America's true unemployment rate
By Felix Salmon, 10/13/2020
A person who is looking for a full-time job that pays a living wage — but who can't find one — is unemployed. If you accept that definition, the true unemployment rate in the U.S. is a stunning 26.1%, according to an important new dataset shared exclusively with "Axios on HBO."
Why it matters: The official unemployment rate is artificially depressed by excluding people who might be earning only a few dollars a week. It also excludes anybody who has stopped looking for work or is discouraged by a lack of jobs or by the demands of child care during the coronavirus crisis.
Read the full article here.
Accountable.US is a nonpartisan watchdog group that exposes corruption across all levels of government.
