If you listened to the media and the Obama Administration, you’d think the economy is recovering. Meanwhile, 20% of Americans are on food stamps. If that doesn’t make sense to you, it’s because — surprise, surprise — the economy actually isn’t doing so well.
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 ďMisery Index.Ē 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.
ďThe unemployment rate only describes people who are currently working or looking for work,Ē he said. That leaves out a ton more.
ďUnemployment 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,Ē he and colleague Megan Russell in their new investors note from their offices in Charlottesville, Va.
…ďThese tricks, along with a host of other dubious accounting schemes, underreport inflation by about 3 percent,Ē they wrote, adding that the official inflation rate is just 1.24 percent.
Barack Obama’s presidency may be the single biggest misfortune this country ¬†has ever encountered. Whether this country will ever recover from the damage he’s doing is an open question.