Local Economist: "Unemployment Numbers Don't Tell Full Story" - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Local Economist: Unemployment Numbers Don't Tell Full Story

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Right now, the national unemployment rate stands at 7.9% and we've seen 32 straight months of job growth. However, those numbers don't tell the full story.

The following chart provided by Zero Hedge, shows how many jobs have been created and breaks down job growth and job loss by age groups.

Change in Employment from July '09 to September '12

Total Job Growth: 3 million

Change in Number of Part-Time Jobs: 4 million

Job Growth by Age Group: 

   16-19                                      -500,000

   20-24                                      +730,000

   25-54                                      -730,000

   55+                                         +3.5 million

As you can see, 3.5 million jobs were added for those 55 and older. The majority of those are part-time jobs. I asked Dr. Robert Barone, a local economist for Universal Value Advisors why that is.

"We have huge impediments to employment in this country,"said Barone. "Full-time employment means you have to give them healthcare, now Obamacare taxes are coming and then you have to have retirement benefits for them. If you have part-time people, you can have lower wages and you don't have to provide those benefits. That's what all the big companies are doing."

That's hurting people between the ages of 25 to 54. They have lost 730,000 jobs since July 2009.

Dr. Barone said it's simple, they cost employers too much to hire.

"The first thing that has to be done is it has to be recognized as the issue. What we have as the big issue now is the fiscal cliff and it's a big danger, but solving the fiscal cliff doesn't solve the underlying issue of employment."

To watch my entire interview with Dr. Robert Barone, tune into Face the State Saturday at 4:30am and 4:30pm. It also airs Sunday at 6:30am.

Written by Chris Ciarlo

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