A new memo from an influential Wall Street advisor claims that not only are the Obama administration’s numbers regarding unemployment completely inaccurate, but that the U.S. “Misery Index” is actually the worst its been in 40 years. Despite federal figures reporting unemployment to be at 6.7% and the Misery Index at 8, a memo from David John Marotta says that unemployment is now at 37.2% and the Misery Index is well over 14. Inflation and people out of the workforce are the two statistics used to get the Misery Indexx.
“The unemployment rate only describes people who are currently working or looking for work. Unemployment in its truest definition, meaning the portion of people who do not have any job, is 37.2 percent,” wrote Marotta in his investors note with colleague Megan Russell. “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.”
Marotta and Russell also accused the Obama administration of under-reporting inflation by three percent and creating policies that add obstacles to unemployment. White House officials recently launched advertising campaigns in Mexico that support food stamp programs. Marotta recently advised those worried about an impending economic crisis to get a gun because he believes it’s inevitable this will happen in the next three years.