Federal Reserve Official: U.S. Unemployment Rate Really at 16%

I knew that those 9.4% and other less 10% total unemployment rates were a big phat lie! There is no way that few people are unemployed in this country. Those numbers fail to include persons who are no longer looking for work, but are nevertheless unemployed. These people are the ones who are so sick of rejection when looking for work that they have given simply given up on finding gainful employment. When you include those people, the real unemployment number is closer to 16% of the population.

The real US unemployment rate is 16 percent if persons who have dropped out of the labor pool and those working less than they would like are counted, a Federal Reserve official said Wednesday.

"If one considers the people who would like a job but have stopped looking -- so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.

Source: Breitbart