As a Member of the William & Mary community I pledge, on my Honor, not to lie, cheat, or steal in either my academic or personal life. I understand that such acts violate the Honor Code and undermine the community of trust of which we are all stewards.
Recited by every entering student, Wren Building, College of William and Mary, Instituted by Alumnus Thomas Jefferson in 1779
Vice President Joseph R Biden, in his endorsement speech of his boss in The Oval, lamented the condition of unemployment as that which harms human dignity.
Alan Greenspan’s take on the same is about erosion of skills over time, never mind that “it is not the economy, but the economic model stupid.” Economists’ inability to innovate in their science and its application renders those – at the Federal Reserve whose job it is to supply money to create jobs by legal mandate – eminently skilled in the old school, obsolete, for them to become the oxymoronic “employed unemployed”. Loss of dignity and institutional credibility is, therefore, a consequence of that incompetence.
United States Department of Labor’s Bureau of Labor Statistics is saying that the unemployment number has not changed since July, within statistical margin of error.
After President Obama’s re-nomination acceptance speech without a primary contender for his party’s nomination of him for reelection as president of the United States, “boy, go get an education, you’ll get a job” no longer sounds sincere in a country where education is as much a business as deep-seated as Bohemian Club and Bilderberg in how the country is run, turning into a feeder program for collusion in public service, no matter the state of the educated in their adherence to the honor system, from Harvard to the local community college, the first “student (self)-policed honor system was instituted in 1779 at The College of William & Mary at the behest of Virginia’s then-Governor Thomas Jefferson (Wikipedia).”
A close look at the unemployment report shows full employment (around 4% unemployment as during the Clinton-Bush years) for those with college degrees, defined as all degrees up to a PHD, reflecting the president’s sentiment on the value of education.
The reality speaks differently because education is a signal not an entitlement to a job for a lifetime. Without performance, president or pauper, Harvard or Timbuktu-educated, business owners understand they cannot carry workers without revenues which can be assignable to the workers. With the U-6 (Table A 15) or “dignity or skill-erosion” unemployment rate in the range 14-15%, “full” employment of the educated at an unemployment rate of 4% sounds irrational.
Technically, unemployment ought to be computed, in the age of advanced information technology, akin to the census with the one month lag as it is now. All US persons must be surveyed under law, through both the Household and Establishment surveys.
Jobs created “minus” Jobs lost = 0 =>Unemployment rate stays the same
Jobs created “minus” Jobs lost >0 => Unemployment rate rises
Jobs created “minus” Jobs lost <0 => Unemployment rate falls
The unemployment rate measured by including all people who are able-bodied and employable adults over the age of 18 (a) looking for paying (not unpaid volunteer) work but who cannot find a full-time or part-time job (b) who stopped looking for paying (not unpaid volunteer) work for any reason but need paying (not unpaid volunteer) work (c) are on other forms of government assistance outside of unemployment insurance during or after it has lapsed and need paying (not unpaid volunteer) (d) holdouts who are only looking for a certain type of paying (not unpaid volunteer) such as typically people with college degrees and do not want to be underemployed (e) the underemployed who are paid less because their capabilities are not being fully utilized by the labor market, (f) unemployed because of legal reasons such as former criminals discriminated by the labor and financial markets (g) socially or politically persecuted despite the law, and (h) underground undocumented workers either due to immigration status or other reasons.
I have tabulated the various components of unemployment below:
United States of America – run by a Nobel Peace Laureate president who sells American weaponry directly through the US government and private arms dealers to achieve his objective of doubling exports by 2017 – is not keeping its numbers correctly.