Hidden Unemployment

So, what has really changed? Yes, the official unemployment rate is just below five
percent. At the height of the financial crisis in 2008, it rose to 10% but steadily declined.
Still, something is missing, because Trump won by tapping into a pervasive sense
of economic depression. The only conclusion must be that Obama has not met his
target.
Middle America Feels Left Out
Many Americans still feel left out. In fact, they feel abandoned by the traditional political
leadership. If you are looking for proof that the real unemployment rate is much higher
than they’re telling us, look to the White House. Who is sitting in the Oval Office?
Trump’s win is the proof.
But it’s not Obama’s fault. He was merely the latest president to confront an
unemployment or underemployment problem that started in the 1990s. It was at the
height of the Bill Clinton bull market that the American middle class stopped being able
to save. Consumption has grown, but it has been fueled by credit cards and mortgages,
often of the sub-prime variety.
Then there was the 2008 financial crisis. It was prompted, nobody should forget, by a
gradual rise in interest rates to curb the real estate bubble. That made it harder for
people to pay back their debts. Savings were wiped out.
Since the so-called recovery, American families have had to rely only on salaries and
payroll benefits. But even these were greatly scaled down.
Page 55 of 149