12% Unemployment?!

Considering that the recent unemployment data puts us at 6.5%, it would appear that we are not even close. However, what about all of those people who quit looking for jobs because they could not find anything, but are willing and eager to work? What about those people who would like a full-time job but have had to settle for a part-time job? The Bureau of Labor Statistics also creates an alternative unemployment rate number that takes these into account. The current unemployment rate? 11.8%.