David John Marotta and Megan Russell were mentioned on Rush Limbaugh’s 1/22/2014 show for their article “Should We Wallow in the Rising Stock Market?”
Listen to the excerpt here:
or read the whole Transcript:
Paul Bedard in the Washington Examiner, headline “Wall St Advisor: Actual unemployment 37%.” Be honest with yourself, folks. You hear that 92 million Americans are not working, 92 million while global unemployment is just over 200 mill people. Half of world—the industrialized world—half the industrialized world’s unemployed are in America, and they tell us the unemployment rate is what, 6.7%?
There are today nine million fewer jobs in the labor force than when Obama was inaugurated in 2009. Nine million jobs that have just vanished. They don’t exist. They represent closed businesses, shut-down businesses, reduced workforces at various businesses. It’s not a pretty picture, and everybody knows it. College grads can’t find career work.
Heck, they can’t even find part-time work. I mean, full-time work’s being converted to part-time because of Obamacare. There isn’t anything positive in the job market, and it’s got people scared to death for their kids, their grandkids, and even for themselves. It is causing –theoretically now. It is causing Baby Boomers to not retire. They can’t afford to. They’ve gotta keep working. So they are not turning their jobs over to others, unless they are fired, which is also happening.
But it’s an insult to everybody’s intelligence that the unemployment rate is reported as 6.7%. Even the Drive-Bys in the last 2 reports have had to admit that the number is coming down not because of job growth, but because of the reduced labor force. 92 million Americans are out of work. What’s the adult pop of the country, 225 mill? So of 225 mill adults in the country, 92 mill aren’t working and they want to tell us the unemployment rate’s 6.7%?
So here’s the story.
“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 St advisor, the figures are a fraud. In a memo to clients provided to Paul Bedard,” his column called Secrets at the Washington Examiner, “David John Marotta calculates the actual unemployment rate of those not working at a sky-high 37.2%, not the 6.7% 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 about how it calculates those out of the workforce or inflation, the two numbers used to get the Misery Index figure. ‘The unemployment rate only describes people who are currently working or looking for work,’ he said,” which is true. It’s called, in labor market lingo, the U-3 (letter U, dash, 3), and that’s the 6.7%, and it only counts people who are looking for work who can’t find it as “unemployed.”
Now, the U-6 number includes people who have recently quit working after 99 weeks of unemployment compensation, and that number is 11.3%. Marotta said, “Unemployment in its truest definition, meaning the portion of people who do not have any job, is 37.2%. 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, 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 investor’s note from their offices….” These are people who counsel investors. They advise people where to put their money, where to move it, and in the misery index letter—which I haven’t seen reported much either way any place. But it’s a joke that the unemployment rate is 6.7%.
It’s a joke that there have been 44 months of job creation. It is a joke that the economy is growing. It is a joke that Obama’s numbers are 38%, and Obamacare would be universally popular, but it isn’t, and it isn’t, and it hasn’t happened. It’s not gonna happen. Job growth? Impossible. Obama’s shrinking the job market. There are 92 million Americans out of work; 92 million able-bodied adults aren’t working.
Read more about our recent fame in our Feb 2 article “Can You Fact-Check Without Reading the Article?”