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Unemployment in the UK is Now So Low It's in Danger of Exposing the Lie Used To Create the Numbers (businessinsider.com)

Unemployment in Britain is now just 4.5 percent. There are only 1.49 million unemployed people in the UK, versus 32 million people with jobs. This is almost unheard of. Unemployment was most recently this low in December 1973, when the UK set an unrepeated record of just 3.4 percent. From a report: The problem with this record is that the statistical definition of "unemployment" relies on a fiction that economists tell themselves about the nature of work. As the rate gets lower and lower, it tests that lie. Because -- as anyone who has studied basic economics knows -- the official definition of unemployment disguises the true rate. In reality, about 21.5 percent of all working-age people (defined as ages 16 to 64) are without jobs, or 8.83 million people, according to the Office for National Statistics. That's more than four times the official number. For decades, economists have agreed on an artificial definition of what unemployment means. Their argument is that people who are taking time off, or have given up looking for work, or work at home to look after their family, don't count as part of the workforce.

4 of 364 comments (clear)

  1. It's all Brexit's fault!! by CajunArson · · Score: 3, Funny

    Before Brexit the UK never had these problems at all.

    They need the EU to take over so that unemployment numbers are never in danger of getting anywhere close to zero.

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    AntiFA: An abbreviation for Anti First Amendment.
  2. Re:And what's wrong with such reasonable assumptio by Anonymous Coward · · Score: 2, Funny

    It was always a lie, one that was convenient to those in power.

    In unrelated news, this month's chocolate ration has increased from fifteen to twelve grams.

  3. Economics is a religion by Anonymous Coward · · Score: 2, Funny

    It's not a science

  4. Re:And what's wrong with such reasonable assumptio by 93+Escort+Wagon · · Score: 3, Funny

    Because the poster has some weird ideology they're trying to push on us.

    This has something to do with Bitcoin, doesn't it?

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    #DeleteChrome