All the Economic Cheerleading Isn’t Fooling Americans
While economists got out their pom-poms last week to celebrate the news that official unemployment is only 9.7 percent (while skillfully ignoring the increase
Jul 31, 2020129.4K Shares5.3M Views
While economists got out their pom-poms last weekto celebrate the news that official unemployment is only 9.7 percent (while skillfully ignoring the increase in underemployment and the 40 percent of the unemployed who have been that way for six months or more), Americans weren’t buying their routine. A new Rasmussen pollshows that despite official optimism, 34 percent of Americans think unemployment will be worse in a year. While 29 percent of those polled think that unemployment will go down, another 29 percent think that unemployment will remain more or less the same — which it what economists think, too, when they are not cheering on the markets.
Those with experience job hunting don’t care if official statistics say that job openings were up 7.6 percent in January: 53 percent of the unemployed think the job market is worse than last year, and they’re right. The Labor Department saysthat there are 5.5 unemployed people competing for every opening, up from 1.7 at the the beginning of the recession. Some 15 percent of unemployed people say it’s better now and 29 percent think it’s similar.
Republicans and independents are more likely to be bearish about the economy, and more likely to know someone who lost a job and gave up looking in frustration. Of course, 45 percent of Americans still believe that it’s possible for someone who wants a job to find a job despite all evidence to the contrary — and Rasmussen doesn’t break that stat down by party affiliation.
Dexter Cooke
Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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