Wall Street adviser: Actual unemployment is 37.2%, 'misery index' worst in 40 yearsSubmitted by katsung47 on Wed, 01/22/2014 - 21:27
Wall Street adviser: Actual unemployment is 37.2%, 'misery index' worst in 40 years
By Paul Bedard | JANUARY 21, 2014
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.
Unemployment in its truest definition, meaning the portion of people who do not have any job, is 37.2 percent’
They added that “officially-reported unemployment numbers decrease when enough time passes to discourage the unemployed from looking for work