According to the University of Michigan’s latest Index of Consumer Sentiment, a record number of Americans have negative views of the economy. This is yet more evidence that the American people are dissatisfied with their economic condition. Some commentators have claimed to be perplexed by the people’s negative views of the economy since government statistics show that most Americans have good jobs that pay them good salaries.
One problem with this defense of the economy is that government statistics are manipulated to understate the true rates of inflation and unemployment. Trip Powers, writing on Substack, looks at the situation using a more accurate definition of unemployment than what is used by the government. By, for example, including those who have given up looking for work and those working part-time because they cannot find a full-time job, the unemployment rate is over ten percent. An unemployment rate that high indicates a significant economic downturn.
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