Peter Schiff; Unemployment is Closer to 20% than 10%
Posted on | October 28, 2009 | No Comments
With the unemployment benefits extension being headline news I can’t help but think back to earlier this summer when Peter Schiff expressed that unemployment is closer to 20% than 10%. The unemployment numbers that the government produces are misleading. The unemployment data that the government uses does not include entrepreneurs and independent contractors who are self employed or “contract” employed.
For all those considered entrepreneurs or independent contracts who have seen a huge hit in their income there is no data when it comes to unemployment. Prior to the recession these individuals were not “employed” so during the current unemployment spike they are not considered “unemployed.” Rather than being employed or unemployed they just have an income that is created by their “contact” work. During this extremely tough economic period they are not considered unemployed they are just making little or no money.
With this in mind, there are many more people who should be considered unemployed and this is why the data is misleading. The current unemployment benefits extension bill is the talk of Washington and it is likely that we are going to see it signed into law by the end of this week. Unfortunately, all of those entrepreneurs and independent contractors do not have the chance to receive these benefits.
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Author: Jesse Wojdylo
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