Ron Paul says unemployment numbers don't tell the whole truth
Republican presidential candidate Ron Paul said the latest unemployment numbers don't tell the whole story. In an interview with CNN's Piers Morgan Friday night, Paul also said the .2 percentage drop in unemployment is "not all that glamorous."
Paul said there is an under-reported element to the latest jobs numbers released Friday that showed the lowest unemployment rate in three years - and that is that millions more are disengaged from the job market.
"More important if you admit the truth," Paul said about the latest unemployment numbers. "We quit counting people."
The number of unemployed people declined to 12.8 million people in January, according to the Labor Department, but that number only includes people actively looking for work.
Nearly as many people are experiencing the dire consequences of the sluggish economy and that statistic has not seen much improvement. Eleven million people either gave up looking for work or are underemployed, and that's why Paul calls the jobs numbers "not glamorous."
Paul points to the 1.1 million people who have completely stopped looking for a job because they think no jobs are available (and those are the ones who have been employed at some point previously). The Labor Department calls those people "discouraged" and that number is unchanged from a year ago.
Another 1.7 million people haven't looked for work in the past four weeks and 8.2 million people are underemployed, meaning they are working part time or reduced hours.
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