The Real Jobless Rate Is 42 Percent? Donald Trump Has a Point, Sort Of
Donald Trump seems quite certain that the real unemployment rate is higher than the 4.9 percent that the Bureau of Labor Statistics has reported it to be. A lot higher.
“Don’t believe these phony numbers when you hear 4.9 and 5 percent unemployment,” Mr. Trump said at his victory speech after the New Hampshire primary Tuesday night. “The number’s probably 28, 29, as high as 35. In fact, I even heard recently 42 percent.”
Mr. Trump might be bombastic, but he’s not entirely wrong! And the ways in which he is wrong are actually useful for anyone who wants to understand how to make sense of economic data.