'True' unemployment rate already at 20%?

Well, I think we ALL know by now that TPTB fudge the numbers routinely, and pull numbers out of their hats (putting it mildly), but I wonder if the following article here is more in line with where we are REALLY at?

John Williams of Shadow Government Statistics specializes in removing these questionable tweaks to the government's statistical data to better align current numbers with the methodology used to gather historical data. After reviewing the data, Williams believes that "the June jobs loss likely exceeded 700,000." David Rosenberg of Gluskin Sheff notes that the fall in the number of hours worked in June (to a record low of 33 per week) is equivalent to a loss of more than 800,000 jobs.

Taking into account some of the numbers the gov routinely omits from their rose-colored lenses:

By adding these folks back in, William's SGS-Alternate Unemployment Measure rose to a jaw-dropping 20.6%. Separately, the Center for Labor Market Studies in Boston puts U.S. unemployment at 18.2%. Any way you cut the numbers, the situation is very bad. According to David Rosenberg, one-in-three among the unemployed have been looking for a job for more than six months and still can't find one.

article:

blogs.moneycentral.msn.com...

Thoughts?

Doesn't the fed get the unemployment rate from how many people are actually drawing unemployment?

There are many people who are unemployed and do not get benefits, benefits run out, self employed and have a large down-turn in business, etc.

From what I hear when talking to people this sounds pretty accurate.

[edit on 7-7-2009 by lucentenigma]