What is the REAL Unemployment Rate? (w/ Richard Wolff)

Lies, dam lies and statistics - and the numbers of unemployment in the US are buried there somewhere.

It is crystal clear that the published numbers are set by the government at the lowest number, where the opposition push much higher numbers. Who is right? Anyone?

Richard Wolff joined Thom to explain why the numbers we see can’t be trusted.

Professor Richard Wolff is an Economist / Co-founder, Democracy At Work / Author of numerous books - his latest is “The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself”

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[jaysmith]

I’m so sick of the politics game. For once in my lifetime I’d just like to see a government that exists to benefit the citizens and the world economically, socially and environmentally. As I’ve always seen them, the people in power exist only to remain in power and to make money for themselves and their wealthy donors/corporations who keep them in power

[christyjohnson]

Unemployment rate increased rapidly during this global pandemic because of the negative impacts the virus had on so many organizations

[philipwilkins]

Playing games with the numbers has been some way to long!
The American people deserve the truth and we can’t get it from our government

[wethepeople]

Every republican president has given a recession but this takes the cake 🎂

When will Americans learn ?

[kevinmackfurniture]

Professor Wolff makes me grateful for people of his intelligence and moral compass. He also scares the hell out of me for the future of this country.

[NotShowingOff]

The problem here is that in the 1930s ppl didn’t have to be employed to make money. There was a larger informal economy and the dollar went far. Today, in order to make any type of living you have to be employed, because unemployment runs out and housing has to be paid for

[Idrathernot]

So many homeless that never are counted. The unimportant rate is a highly manipulated number used by politicians.

[Jcewazhere]

I got a new job back in late August. Should be a cause for celebration, especially in this economy, right? Well, not so much. Now I make just enough to kick me off of state medicaid, but nowhere near enough to pay for private insurance. It'll be 6 months to a year before I can move up to full time and get benefits through my employer, and even then they'll suck compared to the state medicaid.
When I was on my mom's gold plan with Cigna through her work we'd spend at least 20 hours a month arguing for them to cover some treatment or testing. The copays and deductibles were ridiculous. And they dropped two of my doctors without giving notice.

Why do we accept Cigna's death panels telling us which doctors we can see?
Why do we accept Aetna's C-Suite profiting off of cheating hospitals?
Why do we accept BC&BS' claims deniers telling people what is "medically necessary"? That should be the doctor's job.

A public option will get more people covered, but it comes with serious drawbacks. We need true Medicare for All.

[jeffreyoliver]

Politicians would count the people dealing drugs as employed if they could.

[PeeedaPan]

I'm on board with Richard Wolff's plan

[maryziel]

That always happens they never tell the truth about unemployed numbers.

[nvrgngback]

Living wage. That’s cute. I can snap my fingers and get a temp assignment doing data entry. It would fit my lifestyle just fine if I accepted living in my car.

[resonartmedia]

Forget discussing unemployment... start discussing how it’s possible to claim you can survive on a “living wage”

[paulmoore]

In Michigan there are help wanted signs EVERYWHERE! I commented on it to others. Some employers are buying ad time on the local radio stations. The story I keep hearing is that no one can afford the loss of income they would suffer from taking a job. My daughter wanted to find a job for an eighteen year old relative who wanted to be an electrician's apprentice. She called two contractors and both of them called back the next morning.

[jfnarmour]

It’s hard to bring back worker or hire new employees when you are capped at 50% capacity and have social distancing mandates in place.

[wayneshilcock]

Given this serious nature of the real economies situation, given the pandemic and now knowing Wall St hasn't crashed yet. This i believe is the end of the empire called the US, which is not that united anymore.

[victorzedwings]

*I think there is mistaken terminology.*
Because there are:
1. *Production system.* - That produces goods.
2. *Economic system.* - That deduplicates expenses, increases efficiency.
3. *Financial system.* - That provides finely rewards according to efforts.

[Mescalitospoke]

Thom buddy i feel like you're an old friend. I listened to your podcast every day for 3 years on air America. Your debates with conservatives and your knowledge of the underpinning philosophies helped form so many of my views. Im just a working stiff who didn't get to go to college and yet I can talk circles around poli sci majors because of that time

I even met you in Seattle when you were on tour for Screwed

I've gotten more radical as I've gotten older, you have my buddy Richard Wolff on, it looks like you have too.

Just wanna say thanks and cheers amigo. Things have gotten so bad that I'm switching to accelerationism, it seems like that's the best tactic now

[markjohnson]

In the Great Depression of the 30s, 4.3 million Americans were displaced, 5% of the population. In 1945, at the end of WW 2, Europe had 11 million displaced people, roughly 2% of the 5oo million population. In 2021 America will have 30 million displaced people, roughly 9% of the 350 million population, just to give you some perspective.

[joeanthony]

Any average American can see unemployment is higher than it's been in over 10 years- just look around! Many people are mostly home (some of them able to work from home, some not), working part-time, out-of-work, running around shopping for basic necessities at all hours, or homeless. The real unemployment rate is easily 20% or more.