The true unemployment rate is far greater than 5% if you consider those people who are considered "outside of the labor force" such as those who:
-have lost their jobs and have become discouraged over time from actively looking for work
-are self-employed or wish to become self-employed
-have retired before the official retirement age but would still like to work (involuntary early retirees)
Also, anyone whose unemployment benefits have expired before finding work are not included in unemployment statistics.
Those interested in learning more about creating an economy based on sustainability might be interested in reading Small Is Beautiful: Economics As If People Mattered, by E.F. Schumacher.
San Francisco, CA
Jan 13 2008 - 1:32am