printAs a more realistic index of unemployment, we’ve always reported the U-6 unemployment index, which includes the unemployed and people who would like to work but who have not looked for a job recently, as well as those involuntarily working part-time. But at 13.1 percent, the U-6 is overly optimistic. The “actual unemployment rate is 37.2 percent.”
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.
Sign Up for the Paul Bedard newsletter!“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.
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UPDATE: Here are 40,000 new reasons for more unemployment. These lousy laws will also make you an outlaw, if violated.