Friday, January 09th, 2009 | Author:

According to a government report released today, unemployment is at 7.2 %, the highest rate in 16 years.

For all of 2008, the economy lost a net total of 2.6 million jobs. That was the most since 1945, when nearly 2.8 million jobs were lost.

But that’s just what they admit to. If you crunch the numbers the same way they used to be crunched before Reagan and Clinton, as John Williams has done at ShadowStats.com, unemployment is really over 16%. But the government prefers to bury reality by manipulating the way these figures are calculated.

Williams also adjusts government figures for inflation, GDP, money supply, and other key figures. His site is worth a look.

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Category: economics
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