If We Measure Unemployment The Way We Did In The 1930s, Today’s Unemployment Would Be Worse Than Any Single Year During The Great Depression.
Over the years, how we define “unemployment” has been massaged and restricted in such a way that the term does not mean what most people think that it means—that is, people who would like to work who are out of work.
For instance, the long term unemployed are not counted in today’s unemployment statistics. Nor are the underemployed or those who have chosen to go on disability.
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