If you read the newspapers and listen to the perpetual happy talk out of D.C., you might become convinced that the economy is improving.
For example, the Bureau of Labor Statistics is supposed to tell us the unemployment rate; and currently, it says the rate is 7.6%. But in reality, we’re being misled.
It’s understandable… we all want to believe the best. And most likely, you feel a little better off than you did four years ago. You can probably look around your neighborhood and see some people doing just fine.
But the sinister truth is that we’re being lied to. The government is sponsoring a campaign of misinformation, and we’re all the victims of a mass hypnosis.
It leads us to think – falsely – that all’s well in the U.S. of A.
A Stark Contrast
I just spent four days on the beautiful Island of Coronado. I was at a board meeting at a 125-year-old resort, the Hotel Del Coronado. All seemed like a fairy tale. I drove into the city of San Diego and had dinner at a lovely Zagat-rated restaurant. I met a group of friends in a skybox, complete with a buffet line, to watch the Padres beat up on one of their rivals.
But that’s where the fairy tale ends.
I also took the time to visit the community of El Centro, California. It’s down Interstate 8 from San Diego. In that town, headline unemployment is nearly 23%. Coming upon a church, I saw a line, winding around the block, of people simply wanting a hot meal.
This is the part of America the media is hiding. They don’t want to blemish President Obama. He feels people’s pain, so he can’t be responsible… right?
But the reality is that every Coronado, America has at least one El Centro.
If you dig deeper and calculate unemployment, adding those people standing in the food line who are unemployed, discouraged, and dropping out of the job search, the unemployment rate is 14.3%.
Economist John Williams counts those discouraged workers, and he says that national unemployment is 23%.
If this is the actual measure for all of America, we can only imagine what the true unemployment rate is in El Centro.
Digging Into the Numbers
Here are some different ways to look at it. The phony “official” unemployment rate peaked at 8.3%, and that was a 31-year high. It remained over 8% for 41 months, the worst record since the Great Depression.
There were 12.8 million people out of work at the peak of the Great Depression. There are currently 12.3 million out of work today. And only 58% of the population is working, the lowest since 1983. That means a record 100 million working-age Americans are unemployed.
Put differently, the actual rate of unemployment is two to three times the Bureau of Labor’s bullsh… I mean, statistics.
And the same is true about prices. The CPI is a crock of foul-smelling bologna.
John Williams believes that the manipulated rate of consumer inflation (CPI) – supposedly 1.6% – is actually 9.2%, as calculated by the official U.S. government methodology of 1990.
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