Yesterday, I wrote at length about income inequality in America. Then this morning, a major story in the news is that according to an analysis by AP, unemployment among the poorest fifth of the country is much higher than unemployment among the households that make over $150,000 per year.
When I heard a breathless CBS News reporter tell us this "shocking" news on the radio, the immediate response that came to mind is to quote Homer Simpson, "D'oh". Are they kidding? How does the media think those households got to income over $150,000? Surely, they don't think it came from unemployment compensation. So the 3% unemployment figure for this group is totally understandable; it covers those between jobs. And what of the 21% unemployment figure for the lowest fifth of the population? Again, there is a reason that they have such low income; they don't have jobs! The truth is that these numbers show the reality of our unemployment figures. When the government talks about unemployment, it does not count people who have given up looking for work. When the AP talks about unemployment, however, it counts those who would like a job but who are no longer looking. That is why the number is so staggeringly high. The truth is that the Obama economy is a disaster for those on the low end of the economy. Five years into Obama's term of office, things have not improved much at all for the people at the bottom. For all his talk about helping people, Obama has really only helped the rich.
When I heard a breathless CBS News reporter tell us this "shocking" news on the radio, the immediate response that came to mind is to quote Homer Simpson, "D'oh". Are they kidding? How does the media think those households got to income over $150,000? Surely, they don't think it came from unemployment compensation. So the 3% unemployment figure for this group is totally understandable; it covers those between jobs. And what of the 21% unemployment figure for the lowest fifth of the population? Again, there is a reason that they have such low income; they don't have jobs! The truth is that these numbers show the reality of our unemployment figures. When the government talks about unemployment, it does not count people who have given up looking for work. When the AP talks about unemployment, however, it counts those who would like a job but who are no longer looking. That is why the number is so staggeringly high. The truth is that the Obama economy is a disaster for those on the low end of the economy. Five years into Obama's term of office, things have not improved much at all for the people at the bottom. For all his talk about helping people, Obama has really only helped the rich.
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