American unemployment is even worse than that. First, many of those who have dropped off the unemployment rolls are not counted. Business owners whose businesses have closed are not counted. Those who have never had a job, or held a job for less than one quarter, are not counted.
So what’s the true number? It appears that one man in five is unemployed. Take 21 out of every 100 men and sixteen of every 100 women and it appears the true unemployment rate is at or above to 18 percent.
For contrast, unemployment in the last depression hit 22 percent in 1938.