- Jul 21, 2009
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That wold be a stupid point, U3 isn't misleading because it is precisely defined on the BLS web site. Morons like you are misled by it because you are an uneducated blowhard who only has a puddle deep understanding of anything in life.The point is, the UE 3 is misleading and not a true indication of the strength of the economy.
There are many indicators of the strength of an economy, and yes U3 is one of them albeit a lagging one by itself it isn't a good barometer.
Ahh so that U3 percentage indicator that has been going down is no good, but hey you'll trot out an absolute amount of number of people on food stamps and declare that the true measure of an economy. What labor force participation rate (a measure that has been down since the 90s) magically transforms it into a good economy? 63%? 65?If 43 million people are on food stamps and the labor participation rate is only 62% then the economy sucks.
No wonder you're stuck playing around with a screwdriver in the rain, don't quite your job that only requires a few dozen synapses to fire per hour.
The UE 3 is just an oversimplification of employment. It doesn't tell us the whole story. In terms of economics it is just used to give us a general impression of the job market. Offering Social Security Disability to millions of people who don't deserve it distorted the true jobs market as did extending unemployment benefits to 99weeks in hopes of developing an entitlement mentality in the workforce. It's like hooking millions of people on free heroin. They get hooked.