Our US Government and the Federal Reserve are not telling the truth about the health and stamina of the United States economy. The economic indicators that they use to measure the health of the United States economy are invalid by design. They try to hide the monetary and fiscal mismanagement of our economy. The mainstream media proclaims economic recovery while the exact opposite is true. Our public education system and most universities do not provide the knowledge and understanding that students need to discern the truth.
Any person with a lick of common sense would define unemployment as the percentage of people out of work divided by the people who are able to work. If you do that calculation, you would obtain an unemployment rate somewhere north of 35%, not under 7%. The Bureau of Labor Statistics (BLS) has two measurements for unemployment: U-3 and U-6. The current US Administration and the mainstream media use the U-3 calculation. It is the percentage of people who are receiving unemployment compensation divided by the number of working jobs. The BLS counts people working two part-time jobs twice. If they receive disability benefits, they are not counted as unemployed, even though they could work. If the unemployed are no longer eligible for unemployment benefits, they are not counted as unemployed. Gallup, an internationally respected professional polling service, explains this and more goring details about the shrinking work force and the true economic figures. Gallup also compares their scientific polling results with the BLS results to expose the awful truth.
For those who believe the economy is recovering with less than 7% unemployment, look around you. Private charities are overwhelmed. Homeless shelters are overflowing. Food shelves cannot keep up with the needy. People are sleeping under bridges in cardboard boxes and in doorways. People are begging with cardboard signs at intersections. Families with children are sleeping in their cars and in abandoned buildings. College graduates cannot find jobs. Adult families are living with their parents because they cannot afford to pay for their own shelter. Hospital emergency rooms and free clinics are overflowing with sick people who cannot pay for their care.
The financial publication “Wall Street Advisor” published an article about this subject. Their advice:
“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.”
Here is the link to “The Washington Examiner” post about the full article.