After months of hearing that we are in a “jobless recovery,” 60 Minutes decided to report what everyone has been saying for quite some time: The real unemployment numbers are even worse than most people think. When one counts people who have had their hours cut to part-time work, or those who have given up looking for a job, real unemployment is at 17 percent (22 percent in California). See the video below.
What is astonishing about this is that the stimulus was supposed to have kept unemployment below 8%. I think it missed the mark.