San Francisco’s Unseen Economic Reality: True Unemployment Rate at 22%
San Francisco’s Unseen Economic Reality: True Unemployment Rate at 22%
San Francisco, renowned for its dynamic economy and technological innovation, is facing a stark reality that belies its glossy exterior. The official unemployment rate, a seemingly low 4.2%, masks a more troubling economic issue: a significant portion of the city’s population is struggling to find full-time employment that pays a living wage.
The Ludwig Institute for Shared Economic Prosperity (LISEP) has brought this issue to light, revealing a “true unemployment” rate of 22%—a figure that includes those who are underemployed or unable to secure employment that provides a living wage, defined as an annual income of $25,000 or more.This “true unemployment” rate offers a more accurate reflection of the labour market, es...
