America’s TRUE unemployment rate vs the OFFICIAL unemployment rate

This is eye opening:

A person who is looking for a full-time job that pays a living wage — but who can’t find one — is unemployed. If you accept that definition, the true unemployment rate in the U.S. is a stunning 26.1%, according to an important new dataset shared exclusively with “Axios on HBO.”

Why it matters: The official unemployment rate is artificially depressed by excluding people who might be earning only a few dollars a week. It also excludes anybody who has stopped looking for work or is discouraged by a lack of jobs or by the demands of child care during the coronavirus crisis.

If you measure the unemployed as anybody over 16 years old who isn’t earning a living wage, the rate rises even further, to 54.6%. For Black Americans, it’s 59.2%.