How nation’s true jobless rate is closer to 22%

John Crudele
NY Post
Thursday, January 14th, 2010

This’ll make you laugh.

Back in November 2003 an economist named Austan Goolsbee from the University of Chicago wrote an op-ed piece for The New York Times criticizing a Labor Department announcement about job growth the month before.

And he attacked the idea that the country had just experienced nothing more than a mild recession.

“Unfortunately, underreporting unemployment has served the interest of both political parties,” wrote Goolsbee. “The situation has grown so dire, though, that we can’t tell whether the job market is recovering.”

OK, I promised you a laugh. So here it comes.

Goolsbee no longer works at the University of Chicago. He now has a job at the White House as President Obama’s top economic adviser.

Full article here

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