Even if it were a legit number, the 8.3% February unemployment rate, released today by the Labor Department, would be simply terrible—and unacceptable. It would still extend the longest streak of 8%-plus unemployment since the Great Depression. The U.S. economy hasn’t been below 8% unemployment since Obama took office in January 2009. And back in May 2007, unemployment was just 4.4%.
But, unfortunately, the true measure of U.S. unemployment is much, much worse.
1. If the size of the U.S. labor force as a share of the total population was the same as it was when Barack Obama took office—65.7% then vs. 63.9% today—the U-3 unemployment rate would be 10.8%.