- Aug 27, 2008
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That. Also, where the hell is that 17 percent number coming from?
It is, I believe, the U-6 unemployment figure. It measures those who have dropped out of the workforce and those who are underemployed.
It was 8%-10% before the crisis, which would have made America's unemployment similar to Europe's official rate of unemployment. Of course, most of the people who quote the 17% now don't realize this.
Yeah, I know. I questioning their usage.
It's more accurate and closer to the way unemployment was calculated during the Great Depression, which shows that these two downturns are closer in relation than Washington would like to admit.