You've been told the current number of people out of work is 26 million. In reality, it's much higher.
Because millions of people can't get through to unemployment offices around the country, the actual number of people out of work right now is much higher than what's being reported.
The main problem is that state unemployment offices are so overwhelmed by the surge in claims from all the newly-laid off workers that raw data is low-balling the actual figure.
For every 10 people who successfully filed for unemployment insurance benefits over four weeks in March and April, an additional three to four people tried and failed to make claims, according to a survey released Tuesday by the Economic Policy Institute.
“These findings imply the official count of unemployment insurance claims likely drastically understates the extent of employment reductions and the need for economic relief during the coronavirus crisis,” the study’s authors, Ben Zipperer and Elise Gould, wrote.
When it comes to the economy, things aren't as bad as they seem: they're actually much worse.