When we project our household job-seekers rate and calculate the share of Americans who are unemployed and looking for work, we get a job-seeker rate of 24.1% for July
By Raghavan Mayur, Investors
Writing in the New York Times in November 2003, Austan Goolsbee, then a professor at the University of Chicago, flamboyantly accused the government of "cooking" the books regarding unemployment.
"The situation has grown so dire," he said, "that we can't even tell whether the job market is recovering. The time has come to correct the official unemployment statistics to account for those left out."
Professor Goolsbee is now a top economic advisor to President Obama. Would he admit that the official jobless of 9.5% grossly underestimates the pain of job losses in America and do something to correct the situation?
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