1|The Unemployment Myth
Table of Contents:Chapter One: Don’t Believe the Lie..............………………………………………5                               LMy Perso...
The Unemployment MythDiscover What Politicians, Corporations, and theGovernment Don’t Want You To Know!The Startling Truth...
The well stated axiom, “To be forewarned is to be forearmed” applies here. The UnemploymentMyth will arm you with a keen k...
Chapter OneDON’T BELIEVE THE LIE!       Myth –noun ’mith                               1. a widely held but false belief  ...
It can be discouraging and demoralizing to have everything you’ve worked so hard to buildappear as though it’s crashing do...
The empowering principles, philosophies, and practices they taught can be incorporated intoyour life too, to fundamentally...
Times were challenging, as a young father and husband struggling to make a dream happenwith no money or direction, but I c...
Since I had dropped out of college to pursue this dream; I felt I had failed my family and saw myhopes of making it in my ...
More importantly, I was introduced to one leader in particular who became my mentor. Hisphilosophies about life and busine...
He scheduled the x-rays for the following day, and they revealed I didn’t have an ulcer; butsomething more serious.The dia...
I felt God was trying to tell me something about how I was living my life, but I wasn’t sure whatit was or that I was read...
My plan was to eventually takeover some of these companies by purchasing a controllinginterest in them.As I delved into th...
During the investigation, his firm was issued a “cease and desist” order.This action froze all of his firm’s assets, there...
Then one day, a former business associate from the insurance and investment marketingcompany called me and offered me the ...
The rest of the plan called for my other partner to leave his position as the manager of afinance company and come on boar...
This was not the “good” life I had imagined living!This was not at all how I had envisioned this venture turning out, but ...
I later started a real estate investment company to take advantage of the deals that werecoming my way, but as I focused m...
After we sold the company, I didn’t immediately relocate to Maryland.By this point I was heavily involved in investing in ...
The verse that turned everything around for me is:                                                     And you shall remem...
The steps of a good man are ordered by the Lord, and He delights in his way. Though he fall, he shallnot be utterly cast d...
Change creates Opportunity!While we can’t stop change from happening to us, we can chose how we respond to the changethat ...
Chapter TwoThe Problem–The relentless bombardment by the twenty four hour news channel’s reporting aboutunemployment, job ...
Ironically, while I was writing, the radio was playing and during the news segment I heard thenews reporter say:          ...
Man was created in the image of God, and charged––by God––with a duty, ‘to be fruitful andmultiply.’ This also means to; ‘...
Unemployment is a lie!This term “un-employment” is an oxymoron! It resides in the mind and vocabulary of man, notin the ki...
The concept of unemployment resides in the mind of the individual. It’s not based in reality,certainly not God’s reality a...
Chapter ThreeFrom Whence We Came!As we begin this new journey of discovery, I believe it is imperative that we start by ex...
Unfortunately, over the years we have been conditioned to think this way. It is what we weretaught by our parents, teacher...
Those days are gone!Regardless of what era you started working in; let me ask you something. When you wereworking that job...
However, we did see a slight dip in the unemployment rate during the real estate boom that bymost estimates began early 20...
You are probably like me, in that, whenever I am presented with statistics, polls, or surveys to    consider, I would like...
Just how does the government come up with those statistics anyway?Labor Force Statistics from the Current Population Surve...
later, before leaving the sample for good. This procedure results in approximately 75 percent of thesample remaining the s...
Databases, Tables & Calculators by SubjectLabor Force Statistics from the Current Population Surveyiii          Year      ...
by the narrow definition being used by the Bureau of Labor Statistics, a new more true andaccurate system of reporting tho...
U.S. Bureau of Labor StatisticsTable A-15. Alternative                                         measures                   ...
Another alarming statistic affecting many of those who are unemployed is the “Duration” ofunemployment!The following chart...
When you total the “Seasonally adjusted” numbers for September, 2011 starting with thoseunemployed 5 weeks or less to 27 w...
THE PLAYERSNow let’s take a look at who the players are, and the role each of them play in perpetuating themilieu of unemp...
And we are sick and tired of hearing your song                       Telling how you are gonna change right from wrong    ...
“Employment bottomed in December2009 at 129.588 million — twoyears after peaking at 137.951million. At this year’s pace, t...
NOTHING!Why not?Because many politicians are nothing but LAWYERS WHO ARE OWNED BY BIGBUSINESS!It was Thomas Jefferson who ...
Politicians are also too dependent upon the very corporations and their CEOs that fund theircampaigns to honestly tackle t...
With so many politicians raising and spending outrageous amounts of corporate money to getelected, do you honestly believe...
The CORPORATIONS–     ORPORATIONSCorporations hire for several reasons. One is so they can produce more of their products ...
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know
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The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know

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Discover What Politicians, Corporations and the Government Don't Want You to Know about the current umemployment situation in the United States. Learn the truth about unemployment and how you can prepare yourself for the economic, online and internet innovation bonanza coming in 2012

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The Unemployment Myth: Discover What Politicians, Corporations and the Government Don't Want You to Know

  1. 1. 1|The Unemployment Myth
  2. 2. Table of Contents:Chapter One: Don’t Believe the Lie..............………………………………………5 LMy Personal Introduction………………………………………………………………. Introduction……………………………………………………………….6Change Happens, it’s Inevitable Inevitable...…………………………………………………...10 10My People are Destroyed for Lack of Knowledge....…………………………22 Knowledge 2Chapter Two: The Problem. .………………………………………………………….24 4Chapter Three: From Whence We Came : Came..……………………………………...29 29 The Numbers Behind the Story........................................................33 Story..............................The Players.…………………………………………………………………………………...42 …………………………………………………………………………………...42 The Politicians………………………………………………………………………………4 Politicians………………………………………………………………………………41 The Corporations………………………………………………………………………… Corporations………………………………………………………………………….47 The Government..................................................... Government..............................................................................55Chapter Four: The Paradigm Has Shifted........................................................ 0 gm Shifted........................................................60Chapter Five: The New Wealth Phenomenon................ : Phenomenon................................................66 6 The Impact of Social Media..............................................................78 Media...........................................................In Conclusion................................................................................................................ 0 Conclusion..................................................................................................................80Endnotes...........................................................................................................................81Endnotes..................................................................................................................... 1This work is licensed under the Creative Commons Attribution 3.0 Unported License. To view a copy ofthis license, visit http://creativecommons.org/licenses/by/3.0/ or send a letter to Creative Commons,444 Castro Street, Suite 900, Mountain View, California, 94041, USA. The Unemployment Myth by Donnye D Collins Sr is licensed under a Creative Commons Attribution- Attribution NonCommercial-NoDerivs 3.0 Unported License. NonCommercial2|The U nem pl oyment Myth
  3. 3. The Unemployment MythDiscover What Politicians, Corporations, and theGovernment Don’t Want You To Know!The Startling Truth about Unemployment in America and how you canPOSITION YOURSELF for success by participating in the New WealthPhenomenon coming in 2012!Are you unemployed or know someone who is? Perhaps, you’re a victim of downsizing, layoffs,or a corporate bankruptcy? Millions of people are facing tough times due to the loss of a job orcareer. They are struggling to understand why they haven’t been able to find a job after a yearor two–maybe even three, of searching.Perhaps you currently have a job or career but aren’t happy with the progress you’ve madetowards the fulfillment of your heartfelt desire to make a difference with your life. You too willbenefit tremendously from the life changing message in The Unemployment Myth!Most people are unaware of the forces working against them that are prohibiting job creationin America. These job killing offenses are revealed in this COMPLIMENTARY eBook–TheUnemployment Myth.Hello, my name is Donnye D. Collins, to many I’m known as–The Bible Millionaire!My wife, Dr. Christine Handy-Collins and I are the founders of Above Only Living, LLC; where weare dedicated to educating, uplifting, and helping to guide you towards achieving your greatestaspirations and God given purpose.Over the past three years, we have witnessed how the current economic climate has wreakedhavoc in the lives of many hardworking, caring and loving people.Persistent unemployment has disrupted the lives of millions of Americans yet; politicians,corporations and the government still isn’t leveling with us about why the United Statescontinues to languish in the mire of unrelenting joblessness.The Unemployment Myth exposes the truth behind this scourge that’s plaguing our society andstealing our joy, peace and tranquility.3|The Unemployment Myth
  4. 4. The well stated axiom, “To be forewarned is to be forearmed” applies here. The UnemploymentMyth will arm you with a keen knowledge and understanding of why we may not see theunemployment picture in America change anytime soon.More importantly, it will show you what you can do to not only survive in this environment, butto thrive in it.Discover how the employment landscape has significantly changed forever, and the strategiesyou need to employ to successfully navigate its new terrain.Outstanding opportunities abound today; learn how to spot them so you too can capitalize onthe New Wealth Phenomenon coming in 2012!Never in our lifetime have we seen conditions as ripe as they are today for a seismic shift in theway we live, work, and interact! Old, outdated, preconceived notions of what we thoughtwasn’t possible before are being shattered!Discover the secrets to living your life on PURPOSE, and rekindle your fire and passion for livingthe American Dream!“God uses the EXTREME to show He is SUPREME!”God has opened the doors to a magnificent awakening. The unemployment challenge we facetoday is simply the catalyst that will usher in a new generation of leaders, innovators,collaborators, creators and thinkers who will blaze a remarkable trail in the 21st century!This COMPLIMENTARY download is yours FREE of charge. Download a copy for yourself andpass one along to someone you believe will benefit from this empowering message of hope.4|The Unemployment Myth
  5. 5. Chapter OneDON’T BELIEVE THE LIE! Myth –noun ’mith 1. a widely held but false belief 2. an imaginary person or thingThe preceding is how the Oxford English Dictionary defines a myth. Recently, the myth that hasdominated the twenty-four hour news cycles and is the major cause for the fear and anxiety inthe mind of millions of people is the myth of unemployment!I realize there are millions of people who have lost what has traditionally been called a job andthey consider themselves to be unemployed; however, not having a job and being unemployedare two totally different circumstances.Being jobless verses being unemployed is a matter of perception, there is a distinct dichotomybetween these two situations. While not having a job may be a reality for many; beingunemployed is a myth.For anyone who desires to live a rich, full and rewarding life; even in the current environmentof uncertainty that exist in the job market, The Unemployment Myth will dispel the notion ofunemployment and set you on the path to freedom and fulfillment.As the Apostle Paul encouraged the people of Philippi: Finally brethren, whatever things are true, whatever things are noble, whatever things are just, whatever things are lovely, whatever things are of good report, if there is any virtue and if there is anything praiseworthy—meditate on these things. (Philippians 4:8 NKJV)I encourage you to not only read this book, but meditate on it, digest it; and employ theprinciples of this message to transform your life.Every day we witness the paralyzing effect that this myth has on the psyche of the middle andworking class in our society. They live in fear, stressed, and worried about their future.Many seem to believe there is little they can do to change the circumstances in which they findthemselves.5|The Unemployment Myth
  6. 6. It can be discouraging and demoralizing to have everything you’ve worked so hard to buildappear as though it’s crashing down around you because of an employment situation goneawry; I know because I’ve been there.While it certainly isn’t a good feeling to not know where the mortgage, rent, car loan, tuition, orcredit card payment is going to come from, you can get through it.If you feel in your heart that this is not the life God intends for you to live, you’re right–it’s not!But there is hope! My Personal IntroductionHello,My name is Donnye D. Collins Sr. – “The Bible Millionaire.”Why, you might ask?To begin with, I am an avid student of what I believe is the greatest personal living and businesssuccess book ever written for mankind–the Bible!It contains the most profound, tried and true principles for living a wonderfully successful andprosperous life; even in the most difficult of times.King Solomon––a man to whom God granted exceptional wisdom––observed in his life aprofound truth:One generation passes away, and another generation comes;…That which has been is what will be,That which is done is what will be done, And there is nothing new under the sun. Is there anything ofwhich it may be said, “See, this is new?” It has already been in ancient times before us. (Ecclesiastes 1:4, 9-10 NKJV)King Solomon was right; “There is nothing new under the sun,” including the ‘unemployment’dilemma our country is in today.In Solomon’s day it was called a famine or drought; regardless of the time or the title, itchallenged the people to consider alternative ways of surviving.We can learn a lot from observing great biblical leaders of the past and the lessons they teach.These men and women took on challenges far greater than those we face today, andtriumphed.Their strategies for business success and great human achievement have helped me and otherssurvive through some very difficult times.6|The Unemployment Myth
  7. 7. The empowering principles, philosophies, and practices they taught can be incorporated intoyour life too, to fundamentally rewrite the narrative of your human story.By utilizing these powerful, time-tested principles, and strategies, you too can survive thechallenges of the day and bring monumental change into your life.I know firsthand, because I have also been fortunate to build and own several dynamicbusinesses using them. In the past ten years these businesses have produced over $12 million dollars in revenue.They have ranged from mortgage brokerage and real estate investment companies, tocorporate finance and acquisition firms.Along with establishing traditional brick and mortar businesses, I have actively been involvedwith Internet, affiliate, and network marketing enterprises as well.I have also written several books on Christian leadership and business success principlesutilizing the lessons and practices of biblical leaders. I am on a crusade!My mission with The Unemployment Myth is to expose the fallacy of unemployment that iswreaking havoc in the lives of so many caring, innocent, and hardworking people.This myth is being perpetuated by Satan to undermine the peace, tranquility, and functionalityof mankind.My journey to this place of enlightenment has not been without its trials and tribulations.However; in retrospect, I realize that many of the failures and setbacks I suffered along the waywere because of my ignorance and bad decisions. My journeyMy journey began early in life when I dropped out of college in my sophomore year, gotmarried, and set out to pursue a career in the music industry.Like many of you I had a dream early in life and was willing to do whatever it took to pursue it.After a year of marriage I found myself with a new baby, which meant a larger family tosupport, so I got a job working with a medical products distribution company while waiting formy music career to take off.7|The Unemployment Myth
  8. 8. Times were challenging, as a young father and husband struggling to make a dream happenwith no money or direction, but I continued to chase what I thought was going to be my ticketto riches, fame, and glory.After countless auditions, I finally got a gig (musicians vernacular for job) playing drums for aterrific local band that had some popularity in the area.Soon, we were recording and touring the country with some of the biggest artist in the industryat the time. I thought I was on my way! Unfortunately, dreams don’t always turn out the way we had hoped or planned.During a show at a naval base in the area a representative for the USO–an organization whichprovides services for our troops around the world–heard us perform. He liked our show andasked if we would be interested in performing at other bases around the world for them.Of course we said yes. After a meeting with his superiors, we were hired to provideentertainment for the servicemen and women at the bases located in the Mediterranean.I thought this would be a great opportunity for us to earn a steady paycheck, make someconnections around the world, and entertain the outstanding men and women in our armedforces, all on the USO’s dime and time.In preparation for the band to embark on this potentially career changing endeavor; we wereassigned a representative from the USO to oversee our readiness for the trip.One evening following an exhaustingly long rehearsal some of the band members got into aheated discussion over a minute issue concerning a song arrangement, however, the timing ofthis argument was not the best.The officer for the USO who was assigned to us visited our rehearsals before and witnessed thisbehavior but this episode troubled him more than the others.The tour would be starting in a couple of months, and he was responsible for our preparationand held the final approval on our readiness for deployment.His final assessment was that if the band could not get along in rehearsals at home in the U.S.,there was no way he could take a chance on us not getting along for the four to six month tourabroad for which we were hired.Needless to say, we were not assigned to do the tour.This devastated me!8|The Unemployment Myth
  9. 9. Since I had dropped out of college to pursue this dream; I felt I had failed my family and saw myhopes of making it in my music career being dashed.I quit the band shortly thereafter and wasn’t sure what I wanted to do next. Since I still had myjob at the medical distribution company, I resumed a full-time schedule there while I weighedmy options.As fate would have it, one day while on the job, a truck driver came in with a load of smallboxes that had overturned in his trailer.He needed someone to help him restack and unload them, fortunately, I stepped in to help. Aswe restacked the boxes, we talked about our families, business, and politics.During our conversation he mentioned something about making extra income by working parttime.Initially I wasn’t interested, but I did need the extra money since I hadn’t played in any showsafter leaving the band.Being polite and a little curious, I agreed to attend his company’s business meeting thatevening. What I heard at that meeting forever changed my thinking about money! It was an eye opening revelation.The meeting was about selling insurance and investments. Even though selling insurance andinvestments were not on my radar of career choices, I thought it might offer me theopportunity to get involved in business; which is what I had gone to college for.Then the speaker began talking about making the kind of money that was only a dream to meat the time. Although the money excited me, what made the biggest impact on me wasrealizing I had developed the wrong philosophy about making money. I began to see that my thoughts and perceptions about making money were very limited.I joined the company and in doing so, I began a journey of discovery about making money thatcontributed immensely to the financial success I enjoyed early in life.I was introduced to a concept of making money that, if applied, would ensure Iwould never have a problem earning money again!During my early months with the company I was fortunate to meet some of the most powerfulbusiness leaders in the industry.9|The Unemployment Myth
  10. 10. More importantly, I was introduced to one leader in particular who became my mentor. Hisphilosophies about life and business had a profound effect on me!Through this individual I learned the philosophy of priority living! I can’t say I grasped thisconcept at first, or that I even wanted to at the time, but there it was before me; a way tosuccessfully live financially, emotionally, and spiritually!He showed me that if I applied this philosophy for living to my life, I could truly have it all andenjoy it; but, I was in too big of a hurry to succeed my way to give it any real consideration!I experienced tremendous financial success early, so much so that after eight months I quit myjob at the medical distribution company to pursue my dream of becoming financiallyindependent!Soon, I began to earn the income I had only dreamed about, but little did I know my life wasabout to take a major turn! “Change is inevitable!”At the height of my success, I started having some excruciating pains in my stomach. I had noidea what was causing them, but I had never experienced anything like it before.I scheduled a visit to see my doctor to find out what was going causing the pain. After theexamination, he diagnosed me with having an ulcer.I thought, ulcer, isn’t that something “old” people get? I am too young to have an ulcer.Regardless, my doctor prescribed medication for me to take and sent me on my way.Unfortunately, the medication did not work, and the pain persisted, but I continued taking theregiment of pills he prescribed.After working nonstop for about six months, I decided to reward myself and take a muchneeded break. I went to New Orleans for a music festival held there every year.During my getaway, I felt a pain in my stomach like I hadn’t felt before.I felt something was terribly wrong, so I decided to cut my trip short and return to Tennessee.I schedule an emergency visit to see my doctor the following day.My regular doctor was unavailable, but his partner was treating the emergency patients whocalled or came into the office that particular weekend.During my visit I showed him where I was having the pain and that his partner had diagnosedme with an ulcer. He stated that the area in which I was hurting was not common for ulcers andsuggested I undergo a series of x-rays to determine what was causing the pain.10 | T h e U n e m p l o y m e n t M y t h
  11. 11. He scheduled the x-rays for the following day, and they revealed I didn’t have an ulcer; butsomething more serious.The diagnosis was an illness called Crohn’s Disease––a degenerative disease that affects thedigestive system! I had no idea what this was; nor did I know anyone who had it. All I knew wasthat the pain was unlike anything I could have imagined.The worst part was that there was no cure for it.The only medication that could keep the disease from flaring up and causing pain wasprednisone steroids, which; considering its side effects, seemed to cause more harm than good.Those painful episodes continued for over a year. During this time my marriage had becomestrained because of the constant traveling my business required when I wasn’t in the hospital.Needless to say, being in and out of hospitals, making doctor visits, and missing days from mykids and business, all while dealing with a troubled marriage was extremely frustrating.My priorities were all messed up and there was little I seemed to be able to do about it!Fortunately, after one of my doctor visits, my doctor revealed that the infected area that wascausing the pain was isolated in a section of my small intestines.I asked him if there was a surgical procedure that could remove the diseased part of myintestines, he said there was, however; he did not recommend it.His reasoning was that the procedure was not a cure for the disease, it just entailed removingthe infected area, and that it could resurface later somewhere else in my digestive system.Finally, I couldn’t take the pain and agony any longer, so I urged him to have the proceduredone.I reasoned that even though the surgery was not a cure, I felt I could get some relief when theinfected section of my intestines was removed.The surgery was a success, but unfortunately with all that had taken place with the demands ofthe business, the illness, and time spent away from my family; my marriage didn’t survive.I found myself divorced with two children to try and explain why mommy and daddy don’t livetogether anymore to; while at the same time make sense of it all myself. Change happeningagain!Following the divorce I became extremely depressed. Going forward, I wasn’t sure what I wasgoing to do.11 | T h e U n e m p l o y m e n t M y t h
  12. 12. I felt God was trying to tell me something about how I was living my life, but I wasn’t sure whatit was or that I was ready to hear Him at the time.I just felt sorry for myself and the situation I was in.After a few months I decided to end my pity party and pursue a career as a real estate investor.This was when real estate was starting to become a popular investment opportunity for themasses.Remember the infamous infomercials running at 3:00 AM with the grand promises of buyingreal estate with “no money down?” Well, I fell for it!Fortunately, because of the team I had built with the insurance and investment company I stillhad some income coming in which sustained me during my transition.I began a new journey as a real estate investor and set off on my quest of becoming the nextreal estate mogul!Real estate investing went well for a while. I was able to learn the business and purchased someproperties to rent.The only problem was: I was now a landlord who had to collect rent every month! This was not in my DNA makeup!I didn’t care for the property management and maintenance duties of being a landlord.Getting those maintenance calls in the middle of the night, coupled with the other headachesof being a landlord didn’t sit too well with me.After four years of being a landlord I was ready to exit the real estate investment business andpursue a field where I had the potential to make a lot more money–without the propertymanagement hassles.Since I had always had a fascination with investing in the stock market, and my major in collegewas corporate and business finance, I thought this would be a great opportunity for me topursue that field.Luckily, my rental income gave me the resources I needed to get started so I jumped in withboth feet.I started investing in little known undervalued companies whose stock was traded on the pennystock exchange, and whose products were yet to be discovered by the masses.12 | T h e U n e m p l o y m e n t M y t h
  13. 13. My plan was to eventually takeover some of these companies by purchasing a controllinginterest in them.As I delved into the business I was introduced to a gentleman whom I would later designate asthe lead investment banker for my corporate acquisitions venture.He was an ambitious man who left a major Wall Street firm to start his own investment bankingoperation a few years earlier.Soon after opening his firm, he began acquiring a substantial number of large municipal bondunderwritings from counties in California and the surrounding states and started making aname for himself and his firm in the investment banking industry.In my first deal with him, I sought to acquire and little known technology company in Coloradothat manufactured wireless credit card readers using cell technology. This was before cellphones were as popular and widespread as they are today.My intention was to acquire the company, build the market for the technology, and distribute itworldwide. After a couple of years, I planned to sell the company for a profit to finance my nextacquisition.I thought if this worked according to plan, I would be on my way! I would soon become rich beyond my wildest imagination!So, I partnered with my investment banking friend, and we set out to acquire the company.We devised a plan that would entail me buying one million shares of stock in the companywhile we valued and structured the deal.I bought the million shares at $0.035 cents per share or roughly $35,000 plus fees.Then, subsequently I would buy more shares over time to prove to other investors that I had aninterest in partnering with that I was serious player in the corporate acquisition game.I also wanted to acquire a sizable amount of stock in the company in the event anothercompany came along and bought out the company while we were conducting our due-diligence.If that happened, I could sell my shares to them and still make a handsome profit.Little did I know that a few weeks after making this purchase, my investment banker would behit with a securities investigation alleging that he had bribed some city and county officials withcash and other incentives in return for them awarding municipal bond projects to his firm.13 | T h e U n e m p l o y m e n t M y t h
  14. 14. During the investigation, his firm was issued a “cease and desist” order.This action froze all of his firm’s assets, thereby, prohibiting him from trading any securities;including MY stock! I was floored! My $35,000 was gone!To make matters worse, while the investigation ensued, another investment company beganbuying large blocks of stock in an effort to take over the company I was trying to acquire.They had deeper pockets than I did, so they could buy up all the outstanding stock in thecompany and take it over with no problem.In their initial move they bought 30% of the company’s outstanding stock. It appeared theirintention was to buy the rest shortly thereafter and take control of the company.Since this was a reputable investment firm; that move drove the company’s stock price from$0.035 cents per share to $1.23 per share almost overnight! This meant my investment of $35,000 was now worth $1,230,000! But, ‘I COULDN’T TOUCH A DIME OF IT!’ I WAS SICK!I was a MILLIONAIRE–at least on paper–but couldn’t touch a dime of the money because of theinvestigation looming over my investment banker’s firm!My money was tied up in his firm and there was nothing I could do about it. The investigationdragged on for months. Eventually, the charges made against his firm were dropped, but thedamage had already been done.Towards the end of the investigation, the firm that had considered taking over the technologycompany decided not to complete the buyout, and backed out of the deal.This caused the stock to plummet! By the time I was able to sell the shares I had accumulatedthey were worth less $700. I was so discouraged by the whole debacle that I sold what I hadand moved on.After this turn of events, I was faced with the decision of what I wanted to do with my life andcareer, again.With a failed marriage, a failed business, and the dissipation of over a million dollars; I didn’tknow where to start towards rebuilding.14 | T h e U n e m p l o y m e n t M y t h
  15. 15. Then one day, a former business associate from the insurance and investment marketingcompany called me and offered me the opportunity to work with him in his mortgage companythat he and a mutual friend of ours had started months earlier.This was when the mortgage industry was just starting to heat up and become hugely popular. Ineeded to get out of the depressed state I was in, so I accepted his offer.I began developing strong relationships with real estate agents, developers, and investors; as aresult my business quickly took off.After two and a half years of working for my friend’s company it became obvious that theywere comfortable with the money they were making and neither he nor his partner wanted totake the company to the next level.At the time I was bringing in over 30% of the revenue, and they seemed content with thearrangement, yet I felt I was entitled to a bigger piece of the pie I had created.I scheduled a meeting with them to discuss our relationship going forward. At the meeting Irequested a larger percentage of the business I was generating, only to be rebuffed anddismissed as being ungrateful and unappreciative of the opportunity they had given me!Following our meeting, and after much deliberation and reflection, I decided to leave and startmy own mortgage company.My plan entailed bringing on two partners for this venture. One was for the financial backingneeded in the state licensing process, and the other was to bring someone with experience onboard to assist with the hiring and training of the loan officers and staff.My role was to put up the money to rent and furnish the office space, hire loan officers, andestablish an operating reserve until we became profitable.The investor’s role was to invest the $40,000 it would take to get the license to operate amortgage brokerage company in the state of Tennessee.Unfortunately, that didn’t happen.After I found the office space, signed a three year lease agreement, and sank monies intofurnishing it; my financial backer reneged on our agreement at the last minute and backed outof the project.Now, here I was with an office full of furniture and a lease committing me for the next threeyears, a receptionist on the payroll, and no license to operate! Talk about stress!15 | T h e U n e m p l o y m e n t M y t h
  16. 16. The rest of the plan called for my other partner to leave his position as the manager of afinance company and come on board to help me with the hiring and training of our loanofficers.He would also be responsible for generating revenue by working with the realtors and theiragents that I had lined up to send their business to our company.That didn’t happen either! After he discovered his wife was pregnant with their first child, hedecided to stay with the finance company for the health benefits.At this point, I wanted to quit the whole thing, but; I was in it too deep. I was in a terrible situation with no clue how to resolve it!My girlfriend at the time had planned to work in the office to help me process the business wewould be generating; however, there was no business being generated because I had nolicense.As a result, I had to outsource my loans to other brokers and take a small fee for the business.After weeks of agonizing over my situation; I had no choice but to come up with the $40,000 forthe mortgage broker license and set out to make this venture work.Out of desperation and poor judgment, I decided to make my girlfriend my businesspartner…bad decision!My girlfriend was my girlfriend; not my “defacto” business partner. I should have kept the twoseparate and not put her in that situation.She was perfectly willing to help me make a go of the business, but she was not prepared todeal with the emotional, financial, and physical toll it took on a relationship being a businesspartner.After a year, we dissolved the business partnership and our relationship; it simply became toomuch for the two us to try and deal with day after day.Now here I was, out of pocket over $100,000 getting the company started, thousands of dollarsin debt, with loans ready to close but no one to handle them!I had customers, real estate agents, home builders, and mortgage lenders constantly calling medemanding to know what was going on with their loans!16 | T h e U n e m p l o y m e n t M y t h
  17. 17. This was not the “good” life I had imagined living!This was not at all how I had envisioned this venture turning out, but what could I do at thispoint? Where do I turn?Just as I was at my lowest point I got a call from the brother of the partner whose wife waspregnant. He was also the manager of a finance company. I had closed some loans for him thathis company could not do, so we had already established a relationship.I started talking to him about my situation. He mentioned he was getting tired of managing thefinance company, so we set a time to meet for lunch and talk.When we met, it was like a force had brought us together. He asked questions about thebusiness and said he would get back with me. He called me the next day and expressed aninterest in joining me in the mortgage business.Long story short, we brought in another business partner who was looking for a business toinvest in. We started our new mortgage company in the office I had set up earlier, and we wenton to have some amazing success. Our first eighteen months in business, we generated almost $2 million dollars in fees and commissions!Over the six years we were in business the company generated over $10 million in revenue,fees, and commissions.We could have done a lot more, but unfortunately, I prematurely took my eyes off of themortgage brokerage company and started investing in real estate again.This time, however; I simply bought houses to “flip”–– sell for an instant profit. Real estate wasstarting to heat up at a feverish pace and was fast becoming the hottest investment vehiclearound.Many of my friends and I were making millions in the real estate business. I knew all the majorplayers who made the industry work; from the investors to the lenders, real estate agents,account executives…etc. Making money in real estate seemed so easy. It was as if we were “printing” it!17 | T h e U n e m p l o y m e n t M y t h
  18. 18. I later started a real estate investment company to take advantage of the deals that werecoming my way, but as I focused more of my time and attention on my real estate investmentcompany our mortgage brokerage company began to suffer.Our company was closing loans and making money, but I wasn’t actively involved in growing itlike I was in the beginning.As I made money from buying and selling houses, I invested some of the profits into stocksagain in my effort to start and run a hedge fund–the investment vehicle of the super wealthy.As the money rolled in, I acquired more properties, unfortunately, more than I could prudentlyhandle at one time.The properties started to backlog because I wasn’t getting them fixed up and sold as fast as Ishould have; even with two crews working for me at the time, including my father, brother, andbrother-in-law.I was shelling out thousands of dollars paying cash for houses, payroll, building materials, laborcosts, legal fees and insurance.When a house was completed and I sold it, instead of taking some of the profits from the saleand reinvesting it into refurbishing the other houses I owned and properly overseeing myexpenses; I took the money and spent it on funding my lavish lifestyle. I thought the money would just continue to roll in.By mid-2006, my partners and I started to seriously discuss what we wanted to do with themortgage brokerage company. Our lease was ending soon and the company was debt free.A couple of years earlier, I met the woman who would later become my wife. She lived inMaryland and I lived in Tennessee.During those two years we maintained a long distance courtship; talk about running upfrequent flyer miles!My business partners were financially independent, and wanted to spend more time with theirfamilies, and I was ready to relocate to Maryland to be with my new wife.We decided this would be the best time for us to cash out and move on. Neither of themwanted to run the business without me, and I didn’t want to be involved with it long distance.Shortly thereafter, we sold the mortgage brokerage company and went our separate ways.Little did I know the bottom would fall out of the industry the following year!18 | T h e U n e m p l o y m e n t M y t h
  19. 19. After we sold the company, I didn’t immediately relocate to Maryland.By this point I was heavily involved in investing in the real estate and stocks. Due to moniesgoing out faster than it was coming in; I found myself depleting my savings and investmentaccounts just to keep up with the expenses of maintaining the properties and stock trading.In the fall of 2007 the real estate and financial markets plummeted! The value of my real estateand stock started drying up, and I found myself deeply in debt, again.I had spent a great deal of money purchasing stocks and real estate to rehab and sell for futureprofits but that train quickly derailed!I couldn’t imagine losing everything again, especially after having worked so hard to recoverfrom my past failures.I asked myself how I could have allowed this situation to happen to me again!My lowest point came when I lost the houses (including my personal residence), cars,furnishings––Everything! It was at my lowest point that I had my greatest moment of clarity!As I reflected on the events that had taken place in my life, I realized that up to that point, all Ithought about was “ME” and what “I” had done.I thought about how much money “I” had made, what “I” could buy, what “I” had achievedthrough “MY” abilities, “MY” efforts, “MY” skills, and “MY” talent! I ,I ,I Me, Me, Me, My, My, My!I hadn’t given much thought to the role God played in all of this. The more I thought about it,the more I realized I didn’t give Him much credit for any of my successes.It wasn’t that I didn’t know God, I attended church, prayed, and donated to charities andChristian organizations like many people I knew, but, none of that mattered, something wasmissing.In the days and weeks that passed following my fourth failure in business and losing everythingagain, I began to read my Bible more intently seeking some direction for my life and possibly anexplanation for all I had gone through.This is when I discovered the scripture that put all of what had happened in my life intoperspective. It explained some of what I had suffered and why there were many ups and downsand challenges in my quest for success.19 | T h e U n e m p l o y m e n t M y t h
  20. 20. The verse that turned everything around for me is: And you shall remember the Lord your God, for it is He who gives you the power to get wealth… (Deut 8:18 NKJV)POW! Like a bolt of lightning it hit me. Everything I had done up to that point was useless. Allthat I had earned was just temporary.This was why I kept making money only to lose it later. My problem wasn’t if I was going to be asuccess; my problem was how I went about achieving it.Although God was speaking to the children of Israel at the time; I felt as though He was talkingto me. He was telling them how they were going to be blessed magnificently but not to forgetthe source of their blessing, like I had done! True “wealth” comes from God!I’ve personally witnessed people who changed for the worse once they achieved a certain levelof success. I especially saw this with the “instant” millionaires the hot real estate marketcreated.I saw how my attitude changed as I began to increase, I thought I did it all myself. I thought Ihad created the opportunities that made me money. I actually thought I was that good. In reality, I wasn’t!God showed me it wasn’t because of me that I was able to achieve anything in my life. It wasbecause of His grace, favor, mercy and provisions, yet I gave Him little credit, acknowledgementor praise for any of my success.As He led me on a journey of discovery throughout the Bible studying the lives of leaders Hecalled upon to lead at certain times in history, I began to see that there was a higher purposefor my life; given all I had experienced.The more I studied His Word and the lives of Biblical leaders, the more I saw a pattern emerge.It became clear why it was necessary for me to experience all that I went through.The good, the bad, and the ugly were all a part of a process of preparation!I began to see that the events of my life had been orchestrated by God. They were designed tobring me to a place of faith, preparation, trust, and obedience.From the chance meeting with the truck driver; to joining the insurance and investmentcompany, the corporate finance venture, the mortgage and real estate businesses, it all beganto make sense.20 | T h e U n e m p l o y m e n t M y t h
  21. 21. The steps of a good man are ordered by the Lord, and He delights in his way. Though he fall, he shallnot be utterly cast down; For the Lord upholds him with His hand. (Psalm 37:23-24 NKJV)All that I had gone through were simply a result of my steps being ordered by the Lord.My knowledge about business and experiences in the financial industry, coupled with anunderstanding about spiritual leadership, was for me to help navigate His people through theseturbulent times.My people are destroyed for lack of knowledge. (Hosea 4: 6 NKJV)This is what compelled me to write this book and place it in your hands at this time. People are being destroyed because of a lack of knowledge!Marriages, families, relationships, businesses, and communities are being destroyed because ofthe lack of knowledge about this myth.It has caused people to lose hope, lack confidence, and suffer from anxiety, low self-esteem andlow self-worth. It is destroying their peace of mind and outlook for a better tomorrow.We are witnessing a myriad of psychological conditions on the rise because of its influence inpeople’s lives, conditions such as depression, anxiety, fear anger, isolation, and frustration.The enemy has persistently kept this lie going and there are many who don’t know where toturn for help.But, don’t lose hope! Satan does not have the final say in the matter!God promises us a way out of the circumstance we may find ourselves in as it relates to thecurrent employment picture in America.However, to win this fight we must come to grips with an undeniable and unrelenting truth,and that is: Change is the only thing that is certain in life.“Change is the law of life. And those who look only to the past or present are certain to miss the future.” John F. KennedyNot only is change certain in life, but it is also inevitable! Change is inevitable and necessary inorder to succeed in the changing world we live in.21 | T h e U n e m p l o y m e n t M y t h
  22. 22. Change creates Opportunity!While we can’t stop change from happening to us, we can chose how we respond to the changethat happens.When a seemingly devastating setback occurs such as the loss of a job, income, or business, wehave two choices. We can choose to react to it or we can choose to respond to it!When we react, we choose to allow our emotions and feelings to dictate our actions! When werespond, we choose to allow God’s promises to dictate our actions.To react is fear based but to respond is faith based!In climbing our way back to the top, it is imperative that we adopt a new perspective aboutsuccess and its responsibilities.We must believe that God is restoring, renewing, and rejuvenating our lives and relationshipwith Him.Now, let’s get started demolishing this myth once and for all.A wise man said once: “To be forewarned is to be forearmed!”Not only do I want to forewarn you concerning the destructive forces behind the myth, butmore importantly, I want to forearm you with time-tested biblical strategies and practices youcan use to address this growing misconception and win in all areas of your life.Get ready for a new way to live and experience all God has in store for you! “Let nobody fool you, all the loud noises we hear today are nothing but the death groans of the dying system. The old world order is passing away; the new order is coming into being. But whenever there is anything new there are new responsibilities. As we think of this coming new world we must think of the challenge that we confront and the new responsibilities that stand before us. We must prepare to live in a new world.” Martin Luther King, Jr.22 | T h e U n e m p l o y m e n t M y t h
  23. 23. Chapter TwoThe Problem–The relentless bombardment by the twenty four hour news channel’s reporting aboutunemployment, job loss, cutbacks, layoffs, downsizing, and bailouts is extremely deafening attimes.This is designed by our enemy––Satan––to instill fear and hopelessness in the hearts and mindsof the people.Unconsciously, many of them have bought into this unemployment myth and have accepted itas true.There is no denying the fact that the current economic climate is real and has affected thelivelihood of millions, however; their story doesn’t have to end there.You may know of someone who has been laid off or displaced in the current economicconditions that exist in the marketplace today, or you may be experiencing it personally.Several of those who were seeking a job have simply given up on their search, and many ofthose who have a job are living in fear of losing it. The term “unemployment” is the biggest myth affecting our society today!Unfortunately, not a day goes by that we don’t hear something about the “unemploymentrate” or the “jobless figure,” or whatever the government or the news media is calling it thesedays. Regardless of what they are calling it; it is all still a myth! There is no such thing as “unemployment!”I know this statement contradicts everything you’ve been hearing recently, or have been led tobelieve, but it’s true and I will prove it to you!I have to admit, I didn’t understand this at first. Like many of you, I was accustomed to buyinginto much of what was being presented in the news media about the unemployment situationin the U.S. without giving it much thought.Then one day, as I was studying my Bible doing research for another book I am writing, I wasstruck by a scripture that stood out. The scripture I’m making reference to is: So God created man in His own image; in the image of God He created him; male and femaleHe created them. Then God blessed them, and God said to them, “Be fruitful and multiply; fill the earthand subdue it; have dominion over the fish of the sea, over the birds of the air, and over every livingthing that moves on the earth.” (Genesis 1: 27-28 NKJV)23 | T h e U n e m p l o y m e n t M y t h
  24. 24. Ironically, while I was writing, the radio was playing and during the news segment I heard thenews reporter say: “Today’s unemployment rate topped 9.2 percent!”I wasn’t paying much attention to the specifics of what was being said, but as he continuedexplaining what made up those numbers, I heard the Holy Spirit say: “THAT’S A LIE”I thought what’s a lie? I heard the Holy Spirit say it again: “THAT’S A LIE, IT’S A MYTH!”I stopped writing and pondered what I was hearing.I heard the Holy Spirit go on to say: “It’s a MYTH! “Unemployment” is a trick of the enemy!“This lie has infiltrated man’s thinking as if it is the truth, it’s not the truth, there’s no such thingas mankind being unemployed!” The Holy Spirit went on to say; “It is God who employs man, not man!”“If God created man in His image, how can he be unemployed?”God created and charged us with a duty and that is, “To be fruitful and multiply, to fill the earthand subdue it.” In other words, ‘He charged us to make our mark on the earth’ while we arehere.If man was truly unemployed as the news broadcast proclaims, then that would mean: Man’s duty and charge on earth would have been fulfilled!If that was so; none of us would be here! Life as we know it would be over! The Holy Spirit wenton to say: “Man is not unemployed, he’s UNINFORMED!”The Holy Spirit explained that when you employ something, it means to use it for its intendedpurpose, when its purpose has ended and there is no longer a need for it, it is then disposed of.24 | T h e U n e m p l o y m e n t M y t h
  25. 25. Man was created in the image of God, and charged––by God––with a duty, ‘to be fruitful andmultiply.’ This also means to; ‘increase and prosper’ on the earth while we are here. Whenman’s time on the earth has ended, God will dispose of man’s role here.Has all of that happened yet? NO! Therefore, man is STILL EMPLOYED–by God–not by man!Take Adam–the first “Man” created by God! After God created him, did He expect Adam to sitaround and wait on someone else to tell him what to do? No! God put him to work!Then the Lord God took the man and put him in the garden of Eden to tend and keep it. (Genesis 2: 15 NKJV)God employed Adam in the Garden of Eden to tend to and keep it. Not only that, when Godcreated the animals, He employed Adam to name them!Out of the ground the Lord God formed every beast of the field and every bird of the air, and broughtthem to Adam to see what he would call them. And whatever Adam called each living creature, thatwas its name. (Genesis 2:19 NKJV)God had a purpose for Adam. Can you imagine naming all of the creatures we see every dayand those we don’t? This was a full-time job for Adam!God has a purpose for you and me as well. He created us in His image and equipped us with thenecessary skills, tools, temperament, and insight to do His will like He did with Adam.So, where did “unemployment” come from? Stay with me, we’ll cover that later.After that I heard the Holy Spirit say to me: “You have to tell them.”Again, I thought, what? He said it again, “You have to tell them.” I thought; tell who what? Hereplied, “About the myth, you have to tell them and explain to them that it is a lie and not tobuy into it.”I was taken aback for a moment. I wasn’t sure I heard Him correctly. What does He mean I haveto tell them?He said, “You have to tell them it is a lie. I am going to reveal it to you and expose this myth,and you have to tell the people. Not only will you tell them, but you have to show them a betterway to live!”As time passed, more was revealed to me by the Holy Spirit as promised, and it became clearthat what He said was true.25 | T h e U n e m p l o y m e n t M y t h
  26. 26. Unemployment is a lie!This term “un-employment” is an oxymoron! It resides in the mind and vocabulary of man, notin the kingdom of God!This term has to be eradicated from man’s language and thinking. It is poisonous propaganda. There is a better way to live!Over the days and weeks that followed, the Holy Spirit began giving me the details of writingThe Unemployment Myth. Get ready! Only now is this myth being exposed!The Unemployment Myth will cover a myriad of facts and information that will help you clearlysee how politicians, corporations, the government, and the media have been wrong andunwittingly misleading God’s people.The story you have been led to believe that is widely reported about unemployment will bechallenged, questioned, and exposed!What you thought you knew about earning an income and what is really happening are worldsapart. The Unemployment Myth will show you how to navigate this new paradigm andencourage you to: “Think Anew!”Do not be conformed to this world, but be transformed by the renewing of your mind that ye may provewhat is that good, and acceptable, and perfect, will of God. (Romans 12:2 NKJV)The Unemployment Myth will challenge you to go beyond your usual thinking about traditionaljobs, employment, work, and making a living and rethink past, outdated concepts and traditions.It was the noted physicist Albert Einstein who stated: “We can’t solve problems by using the same kind of thinking we used when we created them.”This is so true. The problems we face can’t be solved using the same level of thinking thatcreated them. For circumstances to change; our thinking must change.26 | T h e U n e m p l o y m e n t M y t h
  27. 27. The concept of unemployment resides in the mind of the individual. It’s not based in reality,certainly not God’s reality anyway.If you are presently consider yourself unemployed, under-employed, or don’t like the job youhave, The Unemployment Myth will provide you with the framework you need to begin takingyour life to another dimension.Barriers will be broken, habits shattered, and paradigms will shift as you internalize this newand dynamic way of thinking! You will not be intimidated by unemployment any longer! “Nothing can be more tragic than for man to live in these revolutionary times and fail to achieve the new attitudes and the new mental outlooks that the new situation demands.” Martin Luther King Jr.Are you ready! These are extraordinary and pivotal times we live in! Make the shift! Positionyourself and your family for wealth and success like never before. Start making the changenecessary to fulfill your God given purpose today!27 | T h e U n e m p l o y m e n t M y t h
  28. 28. Chapter ThreeFrom Whence We Came!As we begin this new journey of discovery, I believe it is imperative that we start by examininghow we arrived at this state of mind and what is perpetuating it.A while ago, I was on a cruise to the Caribbean. In the middle of the cruise a hurricane beganforming in the area, therefore; our ship was diverted, and we docked at a port city in Mexico.During the lay over, we took a taxi inland to a beautiful city called Merida.While there, I experienced a basic human exchange that had a very profound effect on me andchanged my perception about living in a free society.Many times when I travel to a city or country I hadn’t visited before, I tend to venture out intothe non-tourist areas and neighborhoods to get a feel for the authenticity of the city, thepeople, and its culture.I am always fascinated by why people do what they do for a living and what compels them tochoose a particular vocation.As I walked the cobbled streets of this magnificent city and observed the people, I was struck bythe culture and attitude of the few I met who spoke English. As I talked with them, what stoodout most to me was the attitude and comments they had about what they did to earn money.They were all busy doing something, either selling goods they created themselves, or providingsome type of service to the tourist who visited their city.It seemed many of them simply wanted to find work; they weren’t as concerned about finding ajob! This contrast in perspectives stayed with me.Coincidently, later that evening back on the ship as we sat for dinner, we were joined at ourtable by the Secretary of Labor for the government of Mexico. My conversation with him,confirmed what I was told by the people I met earlier.He stated that many people in his country look for work, not a job. Since regular jobs were notas plentiful there, people found work which allows them to maintain their household; and fromwhat I saw, there was a lot of “work” going on in the country.In the United States however, we tend to look at employment differently. Americans tend tohave a one dimensional perspective when it comes to earning an income.It is common for the majority of Americans to think having a job is the only way to earn anincome.28 | T h e U n e m p l o y m e n t M y t h
  29. 29. Unfortunately, over the years we have been conditioned to think this way. It is what we weretaught by our parents, teachers, colleges, and society since early childhood.Therefore, we consider having a job to be our primary means of making money.And, if we lost that job for one reason or another, we considered ourselves unemployed untilwe found the next one. Over the past sixty years or so, most Americans’ idea of earning an income is to go out and find a job, work 40+ hours per week and receive a slip of paper called a “paycheck” that when we exchanged it for cash, it gave us X number of dollars to spend on the things we wanted or needed to survive. It was easy to get a job then because basically all we had to do was apply for it. Usually we got it because the need for labor was great. If we didn’t like that job, getting another one was often as simple as applying for it as well. Thirty five or forty years ago, it was easy for Americans to find a job.It used to be if our dad, uncle, brother, aunt, or friend worked at a company that regularly hiredfor unskilled positions, they could put in a good word for us with the boss or supervisor, and wewould get a job sometimes on the spot! Not anymore!That was possible then because America manufactured goods like: cars, trucks, buildingmaterials, air conditioners, and industrial machinery….etc. America was a nation of producers.We made and manufactured just about everything here in America and exported thoseproducts around the world.In the Industrial Age, Jobs were plentiful!A job gave workers a piece of the industrial pie. Companies like Ford, General Motors, Chrysler,GE, Caterpillar, Proctor and Gamble, International Harvester, Firestone, and others made andsold a medley of goods and services at the height of the industrial era.Millions of workers were gainfully employed as a result of their existence, however; thatdynamic has changed dramatically today!29 | T h e U n e m p l o y m e n t M y t h
  30. 30. Those days are gone!Regardless of what era you started working in; let me ask you something. When you wereworking that job, were you doing so for the sake of having something to do to fill your timewith menial tasks, or, were you working to produce an income?Chances are you wanted the income more than you wanted the job, right?That income paid the mortgage or rent, the water, gas, and electric utilities, bought food andclothing for the family, as well as educated your children. For many, having an “income” was really the objective!Since having an income was your primary objective, does it matter what source that incomecomes from now?Perhaps it could come from having a job, then again it could come from having a business, orproviding a service, or maybe it could be in the form of a gift, inheritance or lottery winnings.As long as its legal, ethical, moral and continuous, it shouldn’t matter, should it?Exactly, income is income! Income can come from a job, a business, or revenue YOU create!Even though traditional jobs are disappearing, work, business, and income is being createdevery day from a variety of sources.If we want to succeed in this new economy, we can; but we must adopt a new attitude aboutearning income, and rethink our perception about employment in America.Events of the past ten years have demanded that we do so.The economy started shifting in early 2001–then came September 11th! After the September11th tragedy, everything changed overnight! After September 11, the U. S. job market was changed forever!The magnitude of that tragedy shook the very pillars of American business. Its impact on theU. S. job market has caused a steady rise in unemployment practically every year since.Companies in many sectors of business, trade and industry stopped hiring, wages froze and thattrend has continued until this day.30 | T h e U n e m p l o y m e n t M y t h
  31. 31. However, we did see a slight dip in the unemployment rate during the real estate boom that bymost estimates began early 2005 and lasted until December 2007, during which time homesales and prices exploded!Mortgage related activities such as home refinancing, home equity and commercial lendingincreased exponentially as well.This period of unbridled greed gave Americans a false sense of prosperity.The euphoria in the marketplace was driven by highly inflated real estate prices in anunregulated banking and mortgage backed securities environment.When coupled with the lack of oversight given to self-governing, self-serving financialinstitutions, inept Wall Street tycoons and securities traders; this was nothing but a recipe fordisaster!When the bubble burst, we saw the fortunes of millions of hard working Americans evaporateovernight. This was a recipe for disaster! disaster!Millions of innocent people were devastated as this world-wide debacle unraveled. Many sawtheir pensions, (401) k plans, and retirement accounts lose a substantial amount of its value.My background in corporate finance and investing compels me by habit to analyze the data andinformation that drives the numbers behind a business’ success or failure.There are always reasons for why major change occurs in business and I was led to investigatethe story behind this change to see how current and past events have contributed to the stateof unemployment we are experiencing today. The NUMBERS behind the STORY!While it is not my intention to make the following chapter a data dump, where I pour a bunchof numbers and data on you to analyze; I feel it is important that we look at what is beingreported by the government and news media and why.These numbers are not just facts and figures on a page; they represent people in real lifecircumstances.Given a choice, I’m sure these people would rather be among the ranks of those citizens whoare contributing to our society instead of being deemed a “statistic,” don’t you agree?31 | T h e U n e m p l o y m e n t M y t h
  32. 32. You are probably like me, in that, whenever I am presented with statistics, polls, or surveys to consider, I would like to know where the information came from in order to judge the validity of the source that produced it. In the United States Department of Labor, the Bureau of Labor Statistics is the agency that keeps track of the labor activity in the United States. The following is how they determine who to count as unemployed. i Who is counted as unemployed? Persons are classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently available for work. Actively looking for work may consist of any of the following activities:• Contacting: An employer directly or having a job interview A public or private employment agency Friends or relatives A school or university employment center• Sending out resumes or filling out applications• Placing or answering advertisements• Checking union or professional registers• Some other means of active job search If someone currently doesn’t have a job, and they’ve looked for one in the past four weeks, they are classified as unemployed! But, what about the people who have been out of work longer than four weeks and are still looking for a job, don’t they count too? Hmmm…later on this one! 32 | T h e U n e m p l o y m e n t M y t h
  33. 33. Just how does the government come up with those statistics anyway?Labor Force Statistics from the Current Population SurveyHow the Government Measures UnemploymentWhere do the statistics come from?iiEarly each month, the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor announces thetotal number of employed and unemployed persons in the United States for the previous month, alongwith many characteristics of such persons. These figures, particularly the unemployment rate—whichtells you the percent of the labor force that is unemployed—receive wide coverage in the media.Some people think that to get these figures on unemployment, the Government uses the number ofpersons filing claims for unemployment insurance benefits under State or Federal Government programs.But some people are still jobless when their benefits run out, and many more are not eligible at all ordelay or never apply for benefits.Other people think that the Government counts every unemployed person each month. To do this, everyhome in the country would have to be contacted—just as in the population census every 10 years. Thisprocedure would cost way too much and take far too long.Because unemployment insurance records relate only to persons who have applied for such benefits, andsince it is impractical to actually count every unemployed person each month, the Government conductsa monthly sample survey called the Current Population Survey (CPS) to measure the extent ofunemployment in the country.There are about 60,000 households in the sample for this survey. This translates intoapproximately 110,000 individuals. The CPS sample is selected so as to be representative of the entirepopulation of the United States. In order to select the sample, all of the counties and county-equivalentcities in the country first are grouped into 2,025 geographic areas (sampling units). The Census Bureauthen designs and selects a sample consisting of 824 of these geographic areas to represent each Stateand the District of Columbia.Every month, one-fourth of the households in the sample are changed, so that no household isinterviewed more than 4 consecutive months. After a household is interviewed for 4 consecutive months,it leaves the sample for 8 months, and then is again interviewed for the same 4 calendar months a year33 | T h e U n e m p l o y m e n t M y t h
  34. 34. later, before leaving the sample for good. This procedure results in approximately 75 percent of thesample remaining the same from month to month and 50 percent from year to year.Each person is classified according to the activities he or she engaged in during the reference week.Then, the total numbers are "weighted," or adjusted to independent population estimates (based onupdated decennial census results). The weighting takes into account the age, sex, race, Hispanicethnicity, and State of residence of the person, so that these characteristics are reflected in the properproportions in the final estimates.A sample is not a total count, and the survey may not produce the same results that would be obtainedfrom interviewing the entire population. But the chances are 90 out of 100 that the monthly estimate ofunemployment from the sample is within about 290,000 of the figure obtainable from a total census.Since monthly unemployment totals have ranged between about 7 and 11 million in recent years, thepossible error resulting from sampling is not large enough to distort the total unemployment picture.There you have it. They don’t count every person who doesn’t have a job, regardless ofwhether they have been looking or not! It is just a representation or a sampling of thepopulation.Although we wouldn’t expect them to count everybody in the country who doesn’t have a job,it does point out the fact that there are several thousands, if not millions of people who are notbeing counted using this method.Even given the potential to possibly overlook millions of people using this method, once thissampling is compiled, it is then reported as the “Official Unemployment Rate,” which is thefigure that’s widely referenced in the news.34 | T h e U n e m p l o y m e n t M y t h
  35. 35. Databases, Tables & Calculators by SubjectLabor Force Statistics from the Current Population Surveyiii Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7 2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0 2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7 2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4 2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9 2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4 2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0 2008 5.0 4.8 5.1 4.9 5.4 5.6 5.8 6.1 6.2 6.6 6.8 7.3 2009 7.8 8.2 8.6 8.9 9.4 9.5 9.5 9.7 9.8 10.1 9.9 9.9 2010 9.7 9.7 9.7 9.8 9.6 9.5 9.5 9.6 9.6 9.7 9.8 9.4 2011 9.0 8.9 8.8 9.0 9.1 9.2 9.1 9.1 9.1Because of who is categorized as unemployed and the fact that only four weeks of looking for ajob is considered in the criteria; many have questioned whether the method used is an accuraterepresentation of the actual unemployment situation in the U.S. given the extended period ofjoblessness that has persisted.After pressure from economists and others who are knowledgeable about the trueunemployment picture that exist in the U. S. and how many people were being misrepresented35 | T h e U n e m p l o y m e n t M y t h
  36. 36. by the narrow definition being used by the Bureau of Labor Statistics, a new more true andaccurate system of reporting those numbers was introduced.Labor Force Statistics from the Current Population SurveyHow the Government Measures UnemploymentIs there only one official definition of unemployment?ivYes, there is only one official definition of unemployment, and that was discussed above. However, somehave argued that this measure is too restricted, and that it does not adequately capture the breadth oflabor market problems. For this reason, economists at BLS developed a set of alternative measures oflabor underutilization. These measures are published every month in the Employment Situation newsrelease. They range from a very limited measure that includes only those who have been unemployed (asofficially defined) for 15 weeks or more to a very broad one that includes total unemployed (as officiallydefined), all persons marginally attached to the labor force, and all individuals employed part time foreconomic reasons.The following chart–Table A-15; is a more accurate measure of the true unemploymentnumbers, taking into account all of the factors and categories that real people are facing.Note the name–Alternative Measure of Labor “Underutilization.” This measure takes intoaccount the many areas that were previously not counted in the original criteria used by theBureau of Labor Statistics, yet they exist in the marketplace.These measures range from–U-1 thru U-6, with U-1 being those unemployed for 15 weeks orlonger, while U-4 takes into consideration those who have become “discouraged” and havestopped looking for employment.U-6 takes into account all of the factors measured in U-1 thru U-5 and adding to it ‘those whowere forced to take a part-time job for economic reasons’ since no full-time employment wasavailable.When you take into account ALL of the factors that are present in today’s unemploymentdilemma, we see that the TRUE unemployment rate, according to their figures as of September,2011, the “Seasonally adjusted” unemployment rate is actually 16.5%!36 | T h e U n e m p l o y m e n t M y t h
  37. 37. U.S. Bureau of Labor StatisticsTable A-15. Alternative measures of laborunderutilizationv Not seasonally adjusted Seasonally adjusted Sept. Aug. Sept. Sept. May June July Aug. Sept. 2010 2011 2011 2010 2011 2011 2011 2011 2011U-1 Persons unemployed 15weeks or longer, as a percent of 5.3 5.2 5.2 5.5 5.3 5.3 5.3 5.4 5.4the civilian labor forceU-2 Job losers and persons whocompleted temporary jobs, as a 5.6 5.1 5.0 6.0 5.4 5.4 5.4 5.3 5.3percent of the civilian labor forceU-3 Total unemployed, as apercent of the civilian labor force 9.2 9.1 8.8 9.6 9.1 9.2 9.1 9.1 9.1(official unemployment rate)U-4 Total unemployed plusdiscouraged workers, as a 9.9 9.6 9.4 10.3 9.5 9.8 9.8 9.7 9.7percent of the civilian labor forceplus discouraged workersU-5 Total unemployed, plusdiscouraged workers, plus allother persons marginallyattached to the labor force, as a 10.7 10.6 10.2 11.0 10.3 10.7 10.7 10.6 10.5percent of the civilian labor forceplus all persons marginallyattached to the labor forceU-6 Total unemployed, plus allpersons marginally attached tothe labor force, plus totalemployed part time for economic 16.2 16.1 15.7 17.1 15.8 16.2 16.1 16.2 16.5reasons, as a percent of thecivilian labor force plus allpersons marginally attached tothe labor forceNOTE: Persons marginally attached to the labor force are those who currently are neither working norlooking for work but indicate that they want and are available for a job and have looked for worksometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given ajob-market related reason for not currently looking for work. Persons employed part time for economicreasons are those who want and are available for full-time work but have had to settle for a part-timeschedule. Updated population controls are introduced annually with the release of January data.37 | T h e U n e m p l o y m e n t M y t h
  38. 38. Another alarming statistic affecting many of those who are unemployed is the “Duration” ofunemployment!The following chart–Table A-12 shows the percentage of all workers who are unemployed,broken down by how long they’ve been out of work according to the Bureau of Labor Statistics. U.S. Bureau of Labor StatisticsTable A-12. Unemployed persons by duration ofunemploymentvi Not seasonally adjusted Seasonally adjusted Sept. Aug. Sept. Sept. May June July Aug. Sept. Duration 2010 2011 2011 2010 2011 2011 2011 2011 2011NUMBER OF UNEMPLOYED 2,830 2,635 2,760 2,872 2,664 3,076 2,689 2,755 2,772Less than 5 weeks 3,127 3,377 2,726 3,329 2,892 2,972 3,088 3,050 2,9045 to 14 weeks 8,183 7,997 8,034 8,517 8,184 8,125 8,150 8,273 8,32815 weeks and over 2,075 1,958 1,816 2,364 1,984 1,836 1,965 2,239 2,08615 to 26 weeks 6,108 6,038 6,217 6,153 6,200 6,289 6,185 6,034 6,24227 weeks and overAverage (mean) duration, 34.1 39.7 41.0 33.4 39.7 39.9 40.4 40.3 40.5in weeks(1) 20.5 20.6 22.2 20.5 22.0 22.5 21.2 21.8 22.2Median duration, in weeksPERCENT DISTRIBUTION 20.0 18.8 20.4 19.5 19.4 21.7 19.3 19.6 19.8Less than 5 weeks 22.1 24.1 20.2 22.6 21.0 21.0 22.2 21.7 20.75 to 14 weeks 57.9 57.1 59.4 57.9 59.6 57.3 58.5 58.8 59.515 weeks and over 14.7 14.0 13.4 16.1 14.4 13.0 14.1 15.9 14.915 to 26 weeks 43.2 43.1 46.0 41.8 45.1 44.4 44.4 42.9 44.627 weeks and over38 | T h e U n e m p l o y m e n t M y t h
  39. 39. When you total the “Seasonally adjusted” numbers for September, 2011 starting with thoseunemployed 5 weeks or less to 27 weeks or more, this figure comes to 22,332,000 Americansunemployed or underemployed! 22.5That’s almost 22.5 MILLION PEOPLE! THESE ARE REAL NUMBERS AND REAL PEOPLE!The average period for these people being unemployed or underemployed is a whopping 40.5weeks! (Using the average (mean) duration number of weeks) Wow, 40.5 weeks, that’s over 10 months!And those are just the people who are being counted! I am not trying to be a gloom-and-doomer here, I am simply pointing out the severity of the problem that many in our nation face,and it may not be going away any time soon.More importantly, I want to point out where we as creations of God have allowed the enemy tolead us!It’s going to take making some drastic changes in how we think about employment in the futureif we are to ever get back on track.39 | T h e U n e m p l o y m e n t M y t h
  40. 40. THE PLAYERSNow let’s take a look at who the players are, and the role each of them play in perpetuating themilieu of unemployment. POLITICIANS–The POLITICIANSThe Oxford English Dictionary defines Rhetoric /ret-uh-rik/ as: 1. effective of persuasive public speaking 2. persuasive but insincere languageThe fiasco we’ve seen coming from politicians recently reminds me of the lyrics to a songwritten and recorded by the legendary Stevie Wonder: "You Havent Done Nothing" We are amazed but not amused By all the things you say that youll do Though much concerned but not involved With decisions that are made by you But we are sick and tired of hearing your song Telling how you are gonna change right from wrong Cause if you really want to hear our views "You havent done nothing!" Its not too cool to be ridiculed But you brought this upon yourself The world is tired of pacifiers We want the truth and nothing else40 | T h e U n e m p l o y m e n t M y t h
  41. 41. And we are sick and tired of hearing your song Telling how you are gonna change right from wrong Cause if you really want to hear our views "You havent done nothing!"How true! With all of their talk about jobs, jobs, jobs, none of them have delivered on any oftheir rhetoric? Why?The answer is simple…they can’t!The truth is small businesses, private industry, and entrepreneurs create jobs, NOTPOLITICIANS; like many of them would like to have you believe.It also makes for good campaign propaganda to have each side blame the other for why thereare no jobs being created in the U. S., while promising that if they are elected, then somehowall of those new jobs will suddenly appear!The fact is there’s nothing they are doing now, have done in the past, or will do in theimmediate future to create new jobs or even save existing jobs from being eliminated!According to the Labor Department the jobs that have already been lost is going to take up toten years to be replaced, if ever, at the current rate of expansion.vii–See chart below–Lakshman Achuthan, managing director of Economic Cycle Research Institute states:“The recession killed off 7.9 million jobs. It’s increasingly likely that many will never come back. The joblosses during the Great Recession were so off the chart, that even though we’ve gained about 600,000private sector jobs back, we’ve got nearly 8 million jobs to go.”41 | T h e U n e m p l o y m e n t M y t h
  42. 42. “Employment bottomed in December2009 at 129.588 million — twoyears after peaking at 137.951million. At this year’s pace, the U.S.won’t recoup all those 8.36 millionlost jobs* until March 2020 — 147months after the December 2007high.”*Sources: Labor Dept, DataStream, IBD While we hear all of their rhetoric, let’s take a look at what they ake ACTUALLY did during the period when we lost over eight million jobs–on their watch! Let’s begin with Congressional hearings. How many were held on . the matter of lost jobs in this country? NONE ONE! Ok, well what about corporate CEO’s and bankers; how many of bankers them were called to Washington DC and grilled about how this egregious oversight could have occurred and who would be held accountable for it? NONE! Hmmm, so how many Senate hearings were held in response to tackling this crisis? NONE! Surely there was a Congressional task force established to look into how this could have happened and what can be done to prevent it from happening in the future wasn’t there? NO! there So, just what exactly did politicians DO on behalf of their constituents to address the cause and look for a cure for this crisis? Drum roll please! 42 | T h e U n e m p l o y m e n t M y t h
  43. 43. NOTHING!Why not?Because many politicians are nothing but LAWYERS WHO ARE OWNED BY BIGBUSINESS!It was Thomas Jefferson who said, "If the present Congress errs in too much talking, how can itbe otherwise in a body to which the people send one hundred and fifty lawyers, whose trade it isto question everything, yield nothing, and talk by the hour?"38% of the 112th Congress is made up of LAWYERS–52% of the Senators and 32% of the Houseof Representatives! viiiDon’t get me wrong, there is nothing wrong with someone being a lawyer–although there aresome who might disagree with me on that statement. However, there is something wrong withhaving too many lawyers owned by big businesses RUN governmental affairs! HOW THE GAME IS PLAYEDThe fundamental problem with politicians who are in cahoots with big business is that many ofthem are prone to look out for their own interest and the interest of their cronies first!Therefore, they are hard pressed to address the real issues concerning the job situation in theU. S. Politicians know that employing people cost money!This is why all we hear coming out of Washington these days is about; cutting corporate andcapital gains taxes as well as doing away with regulations and corporate fiscal accountability!These programs benefit those with power, money, and influence because they’re the ones whohave corporate and capital gains taxes to pay on the profits from their investments. Theaverage employee have seen the value of their 401(k) diminish considerably in recent years.Promises that jobs will be created as a result of cutting these taxes and doing away withcorporate accountability makes good campaign fodder, but it rarely happens!When a politician is trying to get elected the last thing they are willing to do is level with thepeople about the promises they can, or more importantly; the promises they can’t deliver on.They would consider it campaign suicide if they told the truth about what’s really going on withthe unemployment situation in the U. S.This doesn’t bode well for someone who’s earnestly seeking a job and is counting on their localpolitician to honestly address why there aren’t any.43 | T h e U n e m p l o y m e n t M y t h
  44. 44. Politicians are also too dependent upon the very corporations and their CEOs that fund theircampaigns to honestly tackle the issue of why there are no jobs being created.The lines are often blurred when it comes to where their allegiance lies.The founding fathers of this country could not have envisioned we would end up in thissituation.I am sure when they conceptualized the role of civil servant; they had in mind someone who iselected from all walks of life to serve as a representative for “The People” in the Congress.Once their service ended, those individuals would return to their occupations as farmers,blacksmiths, grocers, doctors and so forth.During their time of service, it was an honor for them to serve their fellow countrymen, andthey were happy to return to their respective roles as productive citizens, but not today!Today we have “career” politicians who simply serve themselves and big businesses!In the Academy Award-winning film All the President’s Men, there was a line delivered by actorHal Holbrook who portrayed Deep Throat–the secret informant–who supplied reporters withkey information that eventually brought down the Nixon administration–in which he told themto: “Follow the money!” money!It seems politicians today have taken that advice quite literally! According to the NonpartisanCenter for Responsive Politics:“The money paying for the elections is coming largely from the same industries and interests that have funded pastelections. Topping the Centers 2008 list of big donors are contributors who list their occupation as "retired"(accounting for at least $204.3 million), lawyers and law firms ($180.9 million), the securities/investment industry($122.8 million), real estate ($105.5 million) and health professionals ($69.6 million). Business interests accounts for ix72 percent of all contributions, with ideological, labor and other interests making up the rest.”These certainly aren’t your average Americans: laborers, small merchants, carpenters, andfactory workers! They are career politicians following billions in campaign funds!“Wall Street and other industries in the financial sector dont seem to have tightened their belts -- no signs ofrecession in their political giving. Of course, their contributions may be part of a strategy to continue securinggovernment assistance for their businesses as the economy heads further south," Sheila Krumholz, executive xdirector of the Center for Responsive Politics said.She also went on to say, "Weve marveled for years at the cost of elections, especially during presidential cycles, but xithis one is the first to cross the $5 billion mark”–the 2008 election."You cant win a seat in Congress without being personally wealthy or knowing a lot of wealthy people who are willing xiito back you with their money," Krumholz said.44 | T h e U n e m p l o y m e n t M y t h
  45. 45. With so many politicians raising and spending outrageous amounts of corporate money to getelected, do you honestly believe they work on behalf of the average worker who contributedless than $50 to their campaign?Or, do you believe they are more inclined to side with the special interest groups whocollectively contributed millions to get them elected?“WE’RE IN THE MONEY”–Words made famous in the hit musical “42nd Street,” andexemplified by members of Congress.They’re in the money all right! Not only are politicians following the money, many of them aremillionaires personally!Despite a stubbornly sour national economy congressional members’ personal wealth collectively increased bymore than 16 percent between 2008 and 2009, according to a new study by the Center for Responsive Politics xiiiof federal financial disclosures released earlier this year.And while some members’ financial portfolios lost value, no need to bemoan most lawmakers’ financial lot: Nearlyhalf of them -- 261 -- are millionaires, a slight increase from the previous year, the Center’s study finds. That xivcompares to about 1 percent of Americans who lay claim to the same lofty fiscal status.“Few federal lawmakers must grapple with the financial ills -- unemployment, loss of housing, wiped out savings --that have befallen millions of Americans,” said Ms. Krumholz.xvHow can they claim to represent the average worker when they can’t relate to the averageworker?45 | T h e U n e m p l o y m e n t M y t h
  46. 46. The CORPORATIONS– ORPORATIONSCorporations hire for several reasons. One is so they can produce more of their products orservices when the demand for them increases beyond their current work force’s capacity tokeep up with that increased demand.Unfortunately, this is not the case today, whereas; the demand for many of the goods andservices sold in the U. S. is down in most major industries.When demand is down, labor cost rises. This contributes to companies’ not hiring, or cuttingback their current work force through layoffs or downsizing.Economic News ReleaseEmployment Cost Index news release text EMPLOYMENT COST INDEX - SEPTEMBER 2011Compensation costs for civilian workers increased 0.3 percent, seasonallyadjusted, for the 3-month period ending September 2011, the U.S. Bureau ofLabor Statistics reported today. Wages and salaries (which make up about 70percent of compensation costs) increased 0.3 percent, and benefits (whichmake up the remaining 30 percent of compensation) were virtually unchanged at0.1 percent.xviLabor, more importantly, compensation makes up approximately 70% of the averagecompany’s costs, and providing benefits to their employees makes up the other 30%.On average, labor costs usually accounts for more of a company’s expenses than does the costof materials, facilities space, and all other operating expenses combined.Given their rising costs and the uncertainty that exist in the economy, many companies seem tobe in a holding pattern when it comes to hiring additional labor, even if it is needed.They are trying to get more production from their existing labor force, which continues to lagprior levels:46 | T h e U n e m p l o y m e n t M y t h

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