Today marks the 75 anniversary of the publishing of John Maynard Keynes "The General Theory of Employment, Interest and Money" and the downfall of the classical theory of economics.
So how has Keynesianism served us thus far? The unemployment rate dropped to 9% today, yet 504,000 dropped from the labor force. Many Keynesian forecasters predicted it would increase to 9.5%. As much as they promote the Central Bank, they were unable to see how much of an effect Bernanke's printing press would really have. The same goes for how the government calculates employment. Mish does a great job showing why the rate dropped.
The better measure of the unemployment rate stands at 16.1%, as demonstrated by the U-6 measurement below. It still doesn't include those who dropped out of the labor force though.
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