In a Debbie Downer of a story about California's jobless masses (yeah, we heard, the recession is over), CBS' 60 Minutes on Sunday dropped this bomb:
Twenty-two percent — more than one out of every five people — of working-age Californians are unemployed. We did a double take too. The narrative, via wizbang:
The national unemployment rate of about nine and a half percent sounds incredibly high and of course it is. But it doesn't nearly capture the depth of the trouble. It doesn't count the people who've seen their hours cut to part time. It doesn't count the people who have quit looking for work.
If you add all of that together, the unemployed and the underemployed, it's not nine and a half percent, it's 17 percent; and in California it's 22 percent.
To top that off, the college-educated classes have no reason to be smug: One in five of the jobless have degrees, according to 60 Minutes.
The Great Recession still feels like it's in full bloom. How many unemployed people do you know?