I was laid off in Feb. 2009 and did not get another full-time W2 position until this year. In the intervening period I did a substantial amount of contract work, some of which occasionally paid very well, but by nature they are always short lived gigs. Since '09 I have been working harder for less money than I was making 5 years prior. It's an unpleasant state of affairs, yet my position is much better than some. In an effort to look on the positive side of things, the additional workload has given me exposure to some things I had not previously worked with, which should hopefully prove advantageous if we ever again have a functional economy.
I agree that the strict figures of unemployment aren't telling the real story. The weak economy has resulted in a lot of businesses transitioning to contractors and part-timers. Either of these is far preferable to having no income at all, but it's still a big step backwards for a lot of people. I always heard the 1990s referred to as "the lost decade" in Japan, and I think it's clear we are pretty much losing a decade here as well. People's careers have been pushed back by the equivalent of years, and it's all by design, the design of those who want to promote malcontent and dependence.