According to government statistics and recent polling, the U.S. unemployment rate currently hovers at around 10%.
But economist John Williams includes both the short-term and long-term discouraged workers in his statistics, and estimates the current unemployment rate to be over 20%. Who's right? It doesn't matter; 20%+ is awful, but 10% is nothing to brag about.
Many pundits tell us this is "the new normal." If they're right, we'd better get started teaching our kids how to stretch a buck so that they can get through bouts of unemployment without going hungry.