The "official unemployment rate" is the biggest lie in U.S. history. It takes the long-term unemployed out of the calculation, so it continually moves lower, even as overall employment is at decade lows...
This will be the lie that defines the Obama Presidency - Corporate Shock Doctrine while he was peddling fiction...
What's wrong with this picture?
Unemployment (blue) and Employment (red) used to be inversely correlated, as logic would dictate. They cross over during recoveries, but they've never converged at the outer limit before. Now, they've converged at the lower bound. Somehow we're to believe that unemployment is at cycle lows while employment is also at cycle lows...