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You Just Think You’re Unemployed

May 18, 2012 by  

Where have all the workers gone? If you don’t have a job, but you’re no longer looking for work, guess what? You’re not counted among the unemployed.  The Washington Post reports that if the same percentage of adults were in the workforce now as when Barack Obama took office, the unemployment rate would be 11.1 percent. While if you go back to when George W. Bush was sworn in, the unemployment rate would be 13.1 percent. I guess this means that if everyone stopped looking for work, Obama could claim the unemployment rate was 0.

They’re back — sort of. After hibernating most of the winter, when it was too cold to sleep in most Northern parks, the Occupy Wall Street crowd chose May 1 to announce that they were back in business. But hardly anyone paid any attention to their call for “people to refrain from shopping, walk out of class, take the day off of work and other creative forms of resistance disrupting the status quo” on the traditional communist holiday (International Workers’ Day). What say we all ignore them? That would certainly get their goat.

Too broke to declare bankruptcy? Here’s a story that had me scratching my head. CNNMoney claims that hundreds of thousands of Americans who would like to declare bankruptcy can’t afford to do so. That’s because it can cost $1,500 or more to file for Chapter 7 bankruptcy protection. The same study estimates that 200,000 people used their tax refunds this year to pay to file for bankruptcy.

Harvard’s absurd “minority” professor. Elizabeth Warren, the Harvard Law School professor who is running for the Senate against Republican incumbent Scott Brown in Massachusetts, seems to be a little red-faced these days, if you’ll pardon the expression. It seems her claims to be part Native American are a little shaky. There’s no actual proof that her great-great-great-grandmother was a Cherokee, just “family lore.” Harvard still claims she is an example of their “minority” hiring, however.

–Chip Wood

Chip Wood

is the geopolitical editor of He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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  • Pete0097

    ALL of the people that have given up looking for a job and are no longer collecting unemployment should file for it anyway come September 1. That way there would be an accurate count and bho couldn’t spin his way out.

    • Jim

      I tried to keep filing after my unemployment benefits ran out to be counted among the unemployed. North Carolina’s system will not allow a person to keep filing after benefits have been exhausted. This, plus the fact that the numbers we hear are only for first time applicants, has the true numbers completely askew. Based on the long term unemployed, overly qualified people around me I’d guess the number is more like 15%. Of those working but making 33% or more LESS than they were making January 1, 2008 is around 30%.

  • Louis Lemieux

    Unemployment is a lot lower than we can imagine. All those working and getting paid under the table are not counted!

  • GALT

    Nothing happening today Chip? ( as in did you have a point? )

    The costs of filing bankruptcy are: Purchasing the forms at a legal supply store and the filing fees, etc……… let’s take a look.

    Q Filing Fee of $245. If the fee is to be paid in installments or the debtor requests a waiver of the fee, the debtor must be an individual
    and must file a signed application for court approval. Official Form 3A or 3B and Fed.R.Bankr.P. 1006(b), (c)

    Q Administrative fee of $46 and trustee surcharge of $15. If the debtor is an individual and the court grants the debtor’s request, these
    fees are payable in installments or may be waived.

    So what is the cost of filing……………$ 0.

    What YOU are talking about…….is using a “lawyer”, one certified in “admiralty and maritime law” and “accepted by the bar.” ( para legal is cheaper…….and would probably do the work anyway )

    Cheapest way…….buy the forms and follow instructions. ( time not being an issue?)

    So the next time it is your turn to contribute something here, instead of scratching your head…….try doing a little research and provide some “useful” information……unless there is a “policy” that prohibits actually doing this here?

    BTW……just this point alone, would have given you a segue to a more interesting topic
    about having to rely on so called “experts”……….oops, wait…..that IS the business you’re
    in, isn’t it?

    • AnneOnymous

      Your post say’s it all galt, however.. Doing it yourself is very complicated, very involved, and for those reasons most do not have a clue as to the process. I tried this years ago and got so bogged down with the bureaucratic red tape that I eventually called in a mouth piece. It cost me a little more but gave me a period of the filing to the actual discharge to pay up (which the lawyer can delay even up to 90 days while the process is still protecting) For those who have the time and enjoy working hands on, the ‘do it yourself’ is excellent but for those who haven’t the time (and it does demand time) and don’t mind the occasional intimidation, looking around for a reasonable bankruptcy attorney and paying a charge saves much personal involvement and a lot of brain matter.

      • GALT

        Time is money…….but I was kinda looking at this, whereby money was a problem….after all
        the premise of this little soundbite jibe was that people couldn’t afford to file……and even the lawyer fees are deductible from the outcome ( see link below ) not to mention that in addition to all the legal delays…….there is the Rule One extension ( in that the lawyer hasn’t been paid yet….and judges tend to protect this arrangement )……..of course, Chapter 7 bankruptcy isn’t what it used to be……debt appears to be immortal, just like corporations……which invites moral hazard…..because sound lending is no longer an issue…….and the debt can be sold……ya gotta love it.

  • RW113

    Why do you think even the Ds support letting benefits expire before the elections? Once you run out of benefits, you no longer register as looking for work or collecting benefits – so you are no longer counted either. What would counting all that wanted a job, but run out of benefits make the unemployment rate – are we above 25% yet?

    • demsagainst obama

      “…are we above 25% yet?”

      No but we are close (22%-23%)

  • copakeman

    elizibeths warrens great-great-great-somrthing was involved in killing indians (native Americans). that means she is teling the truth about having indian blood. stop picking on her, she is a typical liberal (tells lies).

  • fastfood

    Heard from a trustee that barely 1% of self-filers succeed. While I figure it is true that if so many self or media proclaimed “experts” really knew what they were talking about, the world would probably not be in such turmoil, it may be best to turn to an expert on this one.

    • GALT

      Not a whole lot to this process…….you simply list all your assets and all your creditors and your sources of income, if any……….the rest is simply math ( which is done by the court )
      and the consideration of any argument your creditors have to make, if any. ( also done by the court )

      Now I do get your point, since there are people that pay H.R. block money to complete
      EZ 1040′s and 1040 A ‘s and even 1040′s that have basically no info on them except a
      higher than average income level………

      Still, the process above is not complicated…….and is pretty much formula driven, so that a lawyer has very little influence over the out come……..nor does he do anything accept file the papers……since you will have to do all the leg work anyway and provide the information to him……..why not provide it directly to the court?

      • GALT

        Here is the link for what is required.

        Not rocket science…….at least not in my opinion.

      • demsagainst obama

        Miss T (gal t)if it were as easy as you claim there would be no or very very few bankruptcy lawyers.

      • fastfood

        Yeah, I get that.

        I too wonder how brick and mortar tax preparers manage to keep their doors open considering how easy and inexpensive online tax prep is. Even preparing Corporate tax filings online kept several hundred dollars in in my pocket, too bad UNCLE SAM got more than a fair cut of it:-(

  • AnneOnymous

    Fact of the matter is this has always been a political basketball.. All presidents have gained and lost according to unemployment filings. I’m not saying our current president is a victim of circumstance (simply because the stats are against him) I’m saying that congress and the hill have always played with these numbers in order to gain votes.. It is not a secluded gimmick.

  • Marvin E. Fox

    There is a category I believe is being overlooked in the jobs lost debacle. The small business people who are going into bankrupt courts to save what they can are certainly losing their businesses, but they are not going immediately into the unemployment offices to pick up their checks. They stay out of that category as long as they can and try to change to a different business. I wish success to them all, in my family and yours. I believe Obama and his accompanying socialist administration has almost completly lost the small business vote. This country would have done better if it had voted for Rube Goldberg; at least his stuff worked, well, some of it did. Obama’s don’t!
    Marvin E. Fox


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