Monday, November 23, 2009

Forgotten Workers

What is the real unemployment rate? According to the U-6 number, at least 17.5% of workers are either unemployed or underemployed. This is the highest level since the government first starting tracking this statistic in 1994 [read more ...]. The U-6 number is in large part the reason that unemployment benefits are being extended.

A significant portion of the workforce never seems to show up in any of the governments unemployment numbers. This group includes small business owners who's business has failed, independent contractors and self-employed workers. The members of this group share one thing: they do not get unemployment benefits. For that matter, as far as I have been able to determine, there is no government assistance plan available.

It is time that the government start thinking about the welfare of all workers and not just those that receive unemployment benefits. Massive government spending programs drain the available pools of money that could otherwise be used for investment and private business expansion.

A good start would be to cut taxes across the board, encourage rather than penalize those willing to invest in the private sector and radically slash government spending on bailouts and handouts.

A snowball has a better chance in hell then we have of seeing any of these measures enacted. Instead, the accumulation of record levels of government debt and gigantic spending programs will continue to drain away the funds that otherwise could have been used for job creation.

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