The official U.S. unemployment rate is currently 9.1%, but that does not count those unemployed who dropped off the official lists, or those who are discouraged job seekers.

Fadhel Kaboub, an economics professor at Denison University in Ohio, says when you take into account people who are no longer counted by official sources, the actual unemployment rate is 17%.

The U.S. Department of Labor said 14 million people are officially unemployed, but Kaboub believes it’s actually 20-23 million.

He said the reason the stock markets reacted badly to the May job creation numbers, is because the only way there can be a recovery is if Corporate America creates 500,000 new jobs every month.  That has yet to happen, and as demonstrated by the May numbers, jobs creation is actually going down.