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From the CBO:

Many people would like to work but have not searched for a job in the past four weeks, or are working part-time but would prefer full-time work. If those people were counted among the unemployed, the unemployment rate in January 2012 would have been about 15 percent.

Furthermore, the CBO reported that the “United States is experiencing the longest stretch of high unemployment since the Great Depression” with no end in sight through 2014.

Worse, the CBO reports that the ravages of the Obama Economy have created an unprecedentedly high rate of long-term unemployment, which the CBO defines as a person who has been seeking work for over 26 months.

Over 40 percent of people who are currently unemployed have been out of work for more than half a year, as compared with about one-quarter during the 1981–1982 recession.  The extent of long-term unemployment is much greater than would be expected on the basis of its historical relationship with the overall unemployment rate.