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Explosion In Uncovered Employment During The Recovery
Covered employment is the set of working employees that have unemployment benefits.
Self-employed persons such as myself have to pay into state unemployment insurance programs but we are ineligible to receive benefits (we are not covered).
Similarly, people selling trinkets on Ebay as well as those involved in multi-level marketing schemes and calling it their only job are not covered either.
Covered employment was one of the topics that came up in my November 2 interview on Capital Account with Lauren Lyster.
In the interview I noted that covered employment has crashed and reader Tim Wallace frequently sends me charts to prove it. Here are the latest charts from Tim.
Uncovered Employment Since January 2009
(click on chart for sharper image)
I added data points to Tim’s chart. Let’s do the math.
According to the BLS, the economy added 4,951,000 since January 2009. In the same timeframe, uncovered employment rose by 6,573,468! The difference is 1,622,468.
