Episode 831 • • 2:07:07 - 2:10:56
831: (((twitter)))
Unemployment Statistics, Shadow Stats and the Fed
The official U.S. unemployment rate dropped to 4.7%, but critics point out this was accompanied by a net loss of jobs and a decrease in labor participation. Rick Santelli of CNBC and the website ShadowStats.com argue that the real unemployment rate, when calculated using 1930s-era metrics, remains flat at approximately 22.5%. The Federal Reserve's reliance on these "public relations" numbers for fiscal policy is questioned.