Zero jobs were created in the month of August. June’s and July’s job creation numbers were adjusted downward 58,000. Yet the unemployment rate remains the same at 9.1% as math and logic no longer figure in the equation. In 2009 for the months of June, July, and August, new jobless claims were running at about 500,000 per week for a total of 6 million. Now we will be really, really, really generous and say that a third of those found new employment, equating to 2 million, leaving 4 million who became 99ers in the last three months and were removed from the equation put forth in this most recent jobs report.
That is 4 million more unemployed Americans not being counted as unemployed because their unemployment benefits ran out. The actual rate of unemployment in our country now has to be pushing 36%. Now at 9.1% they are calling the situation a job crisis and say we may be entering a double dip recession. In reality at 36% we are in the deepest depression our country has ever experienced.
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