And You Thought 9.4% Unemployment Was Bad!

That's way lower than what it really is, according to the Atlanta Federal Reserve head honcho (emphasis mine):

"If one considers the people who would like a job but have stopped looking -- so-called discouraged workers -- and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent, said Atlanta Fed chief Dennis Lockhart.

Ace of Spades explains:

When employment is high, the unemployment rate overstates unemployment, as previously unemployed non- or semi-workers are lured into the labor pool. When employment is low -- as it is now -- the unemployment rate understates unemployment. Not only are no situational-type workers joining the workforce -- they stay well clear of it -- but many workers either give up looking after a while or are "employed," but only part-time.

On a related note, the CBO is now predicting another 2.3 million lost jobs in 2010.

How's that recovery coming along again, Mr. President?

Oh, that's right. Thanks for clarifying.

There's my two cents.