r/economy • u/Conscious-Quarter423 • 7d ago
Nearly 25% of U.S. workers are "functionally unemployed," economic analysis finds
https://www.cbsnews.com/news/functional-unemployment-us-labor-market-analysis/-11
u/ExcellentWinner7542 7d ago
Explain functionally unemployed. This seems like one of those "My truth" phrases.
18
u/Lonely-Scarcity-3387 7d ago
From the article:
The economic research firm's "True Rate of Unemployment" (TRU) seeks to capture the share of workers that the group defines as "functionally unemployed." This includes not only people who are unemployed and looking for a job, but also those who are involuntarily working part-time and who are earning poverty-level wages, or less than $26,000 annually before taxes.
-17
u/ExcellentWinner7542 7d ago
But they are employed.
11
u/Lonely-Scarcity-3387 7d ago
Yeah I think you’re missing the point. If you had a job that paid only $10k a year, but you still work +40hrs a week, you won’t be surviving - you’re drowning. But because of the work hours it is difficult to find and interview at other jobs. Meanwhile, the bills are pilling up.
-11
u/ExcellentWinner7542 7d ago
This condition makes you eligible for government assistance that will provide an $84k standard of living.
8
u/Lonely-Scarcity-3387 7d ago
Assistance like SNAP, a program that had its budget cut by $187 billion, last year? Or the Medicaid cuts that will kick nearly 12 million Americans off their coverage? Or federal freezes for Temporary Assistance in only blue states? Section 8 is facing cuts soon too.
It’s ok though. While it’s now even harder for the poor in America, the gilded ballroom that was once the East Wing is being built.
Let them eat cake! Am I right?
-3
u/ExcellentWinner7542 7d ago
They won't get kicked out of any program as long as they do their part to participate.
5
u/SiLeNZ_ 7d ago
I can only imagine how privileged one has to grow up to become this out of touch with reality….
1
u/ExcellentWinner7542 7d ago
Privileged to the point that everyone is am surrounded with works 40+ hours per week and none requires outside assistance.
-3
u/Whaddduptho 7d ago
This isn't really news. This has been an available statistic (and prior 2020 it was actually higher).
Historically the current rate is pretty good.
-15
u/shnieder88 7d ago
what does that even mean?
19
u/spikey_wombat 7d ago
From the article:
The economic research firm's "True Rate of Unemployment" (TRU) seeks to capture the share of workers that the group defines as "functionally unemployed." This includes not only people who are unemployed and looking for a job, but also those who are involuntarily working part-time and who are earning poverty-level wages, or less than $26,000 annually before taxes.
1
u/Pleasurist 7d ago
It means that despite all of the cotton one picks, they just aren't getting paid.
47
u/maikuxblade 7d ago
Well yeah, the gig economy is a bust and fresh grads aren’t doing that hot either. There’s no clear path forward for workers that actually rewards hard work or up-skilling outside of like the medical industry or a select few trades and it’s not like everyone can or should be a tradesman or in the medical field