Saturday, June 4, 2011
The real unemployment nunbers...
The commonly-accepted unemployment figures for the Great Depression are overstated.
Specifically, government workers were counted as unemployed by Stanley Lebergott (the BLS economist who put together the most widely used numbers) ... even though gainfully employed and receiving a pay check.
If we're trying to compare current unemployment figures with the Great Depression, the calculations of economists such as Michael Darby are more accurate.
Here is a comparison of Lebergott and Darby's unemployment figures...
Read the rest here: