Dont believe those phone numbers when you hear 4.9 and 5 percent unemployment. The numbers probably 28,
Question:
“Don’t believe those phone numbers when you hear 4.9 and 5 percent unemployment. The number’s probably 28, 29, as high as 35. In fact, I even heard recently 42 percent.”
Donald Trump, 2/9/16, in a victory speech after winning the New Hampshire primary
“There are all sorts of ways the government plays with statistics. For example, have you noticed lately the unemployment rate has gone down? You would think ‘Oh, this is a good thing. My government is telling me the unemployment rate is down.’ The government doesn’t count people that are chronically, long-term unemployed. So the number is smoke and mirrors. The number is a lie.”
Sean Hannity, Fox News, 2014
“The five-per-cent unemployment figure is one of the biggest hoaxes in American modern politics.”
Donald Trump, 8/7/16, speech to the Detroit Economic Club
The U.S. unemployment rate is a foundational economic indicator, widely cited by the media, economists, and politicians as a barometer on how the economy is performing. The rate is the product of more than a century of evolution and Democrats, Republicans, socialists, libertarians, union officials, and corporate C.E.O.s had largely agreed upon its calculation. But since the last Presidential election, this statistic has come into question as shown in the above sample quotes. Do these assertions have any merit?
How is the current U.S. unemployment rate calculated?
What are some of the shortcomings of the unemployment rate? Do you think it does a good job of measuring the unemployment situation in the United States
Review the claims made by President Trump and the news media regarding the unemployment rate. Do you feel these claims have any merit? If so, why? If not, why not.
As part of your paper, cite at least two sources you are using for your answers and opinion. Follow the following example as a guide for formatting these citations.
In formulating your responses, first read a background article at CNN Business entitled “America is too focused on the unemployment rate. Here's what we need to be looking at” by Gad Levanon, Chief North American economist at The Conference Board, a 501 non-profit business membership and research group organization.
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick