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Jobs data don't count the down-and-out
Williams starts by discussing the headline economic data: "Real unemployment right now -- figured the way that the average person thinks of unemployment, meaning figured the way it was estimated back during the Great Depression -- is running about 12%. Real CPI right now is running at about 8%. And the real GDP probably is in contraction." (By "real," he means calculating the data the way they used to be calculated, not as inflation-adjusted.)
He then explains how the employment data are compiled, noting that 5 million chronically unemployed people are not included in the statistics. In fact, there are seven or eight different employment statistics. One called U-3 is the official one. The broadest one, U-6, currently shows unemployment as running around 8.4%. As he explains, the one that's the most historically consistent is running around 12%.
Originally posted by ColdWater
Gas 1.75 two years ago
Milk 2.00 gallon two years ago
Oil 45 barrel one year ago
Wheat price quadruple in one year
Gold doubles in two years
I'd say we entered hyperinflation about mid 2006
I don't care about government data. Anytime the price increases 50% on the stuff I use everyday I'm poorer than before.