Forget the highly manipulated federal unemployment rate number under the Obama regime, says a Wall Street Adviser. The number is fraudulent.
In a memo obtained by the Washington Examiner, David John Marotta makes the calculated case that the real unemployment number is 37.2%, not the “official” government number of 6.7%. Marotta accurately points out that while the unemployment number has been declining, the number of Americans leaving the work force, the people actually out of work, has been steadily increasing to record numbers. How can the unemployment rate go down, while the number of people leaving and staying out of the work force are going up?
Marotta also points out the the “misery index” a economic calculation made famous during the Carter Administration, is at a 40 year high:
Don’t believe the happy talk coming out of the White House, Federal Reserve and Treasury Department when it comes to the real unemployment rate and the true “Misery Index.” Because, according to an influential Wall Street advisor, the figures are a fraud.
In a memo to clients provided to Secrets, David John Marotta calculates the actual unemployment rate of those not working at a sky-high 37.2 percent, not the 6.7 percent advertised by the Fed, and the Misery Index at over 14, not the 8 claimed by the government.
Marotta, who recently advised those worried about an imploding economy to get a gun, said that the government isn’t being honest in how it calculates those out of the workforce or inflation, the two numbers used to get the Misery Index figure.
“The unemployment rate only describes people who are currently working or looking for work,” he said. That leaves out a ton more.
“Unemployment in its truest definition, meaning the portion of people who do not have any job, is 37.2 percent. This number obviously includes some people who are not or never plan to seek employment. But it does describe how many people are not able to, do not want to or cannot find a way to work. Policies that remove the barriers to employment, thus decreasing this number, are obviously beneficial,” he and colleague Megan Russell in their new investors note from their offices in Charlottesville, Va.
Categories: Economics/Class Relations