Trump: Unemployment Rate As High As 40%

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At Trump Tower, only a few blocks away from the meeting of world leaders at the United Nations, GOP presidential frontrunner Donald Trump announced his new plan to reform the U.S. tax code. After the main announcement, he took questions from the press.

On how his plan would address income inequality:

TRUMP: In terms of income inequality, we're going to create a lot of jobs. You know, right now we have a false [unemployment rate] 5.4%, 5.3%, 5.6%, every month it is different. It is such a phony number. Because when people look and look and look and then they give up looking for a job, they're taken off the rolls so the number isn't reflective.

I've seen numbers like 24%. I actually saw a number of 42% unemployment.

42%. And it could be.

Because when you're looking for a job and you go around and you look and you look and you fight and you want to work and you want to take care of your family, and then you can't get the job and you know what I'm talking about, because you are shaking your head.

And you can't get the job.

Essentially for statistical purposes, you are considered employed.

So then I read every time it comes out, I hear, "5.3% unemployment." That is the biggest joke there is in this country.

That number is so false.

You know, people ask, how come Trump is doing so well? And Carson and others. How come they're doing -- you know why they're doing well?

Because people are tired of political speak. They're tired of that. And the worst example of it -- one of the worst examples of it is the phony unemployment rate.

The unemployment rate is probably 20%.

But I will tell you, you have some great economists that will tell you it's 30%, 32%. And the highest I've heard so far is 42%.

There's anger out there at the job picture. Now, one other thing. With that being said, China, Japan, Mexico, Brazil, these countries are all taking our jobs.

Like we're a bunch of babies. That will stop. People will treat us fairly. If I become president. We are losing our jobs. We're losing our base. We're losing our manufacturing. All of that will stop.

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