One of Obama's billionaire buddies says unemployment is really 20%! (unemployment rate, interview, stats)
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Real-estate mogul and New York Daily News owner Mortimer Zuckerman explains how the real unemployment rate is actually well above the official level of 9.1%, which only measures people who have applied for a job within the previous four weeks. In fact, he says, unemployment has even surged beyond the Department of Labor's "U-6" number of 16.5% that has received increasing attention lately because it includes people who have given up looking for work within the past year, plus people who have been cut back from full-time employees to part-timers.
Mr. Zuckerman says that when you also consider the labor-force participation rate and the so-called "birth-death series" that measures business starts and failures, the real U.S. unemployment rate is now 20%. His voice rising with equal parts anger and sadness, he exclaims, "That's not America!"
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