Today, the federal government released statistics showing that the unemployment rate rose to 10.2%– more than expected. Unfortunately for the United States, that number, while grim for many, doesn’t remotely reflect the true unemployment. The jump past 10% was attributed to changes in teen unemployment and the self-employed. Although many economists were surprised by the leap, it shouldn’t have come to a shock to anyone who really understands the unemployment figures. Anyone that delves into the Bureau of Labors Statistics (BLS) statistics, the organization that calculates official unemployment, would know that the true unemployment rate likely lies somewhere between 17% and 22%.
Both families and individuals need to make smart decisions about their spending as the government and the press paints a picture of a recovering economy. The government has a vested interest in consumers opening up their pocketbooks to get the economy going again. However, if such spending is … Read More