'True Unemployment' Rate could be 20%
15 Jun 2010
Ireland's 'true unemployment' rate could be close to 20%, according to Congress Economic Advisor Paul Sweeney.
Speaking in response to new jobless figures from the Central Statistics Office (CSO), Mr Sweeney said that they "significantly underestimate the 'true' level of unemployment and thus the scale of the social and economic devastation in communities across the country."
"When you add in the tens of thousands who have been forced to emigrate, the tens of thousands who have stayed in or returned to education for the same reason and the many thousands who want full time work but can only get part time or casual jobs, you get a more accurate picture of the scale of the problem and its huge social impact.
"Taking those numbers into account, the true unemployment figure could be close to 20%.
Mr Sweeney pointed out that the CSO itself had calculated this rate - comprised of the unemployed and 'discouraged workers' - as having risen to 17%.
"Congress believes the figure is actually higher. We need a major reordering of Government priorities with people placed firmly before banks and private profit. Their deflationary policies are taking money out of the economy and destroying jobs," Mr Sweeney said.
ends