"Inflation 75 Year High, Unemployment 24%"
by Greg Hunter’s USAWatchdog.com
"Economist and founder of ShadowStats.com, John Williams says the government’s “phony numbers” don’t show the public how bad things really are with the economy. Williams prides himself in giving you the actual economic numbers without “accounting gimmicks” that make things look better than they actually are. For example, the latest official government number on inflation shows 8.3%. It’s officially a 40-year high. It gets worse when you strip away all the “accounting gimmicks,” and you see the real number that is burdening real people in the real world. John Williams explains, “My inflation number shows a 17.3% peak in June, and right now it is 16.5%. That is at a 75-year high. I think you will find people are having a more difficult time than they were having 40 years ago.”
On the unemployment front, the government is touting a 3.5% unemployment rate. What are the real numbers when you count all unemployed people no matter how long they have been looking for work? Williams says, “The unemployment numbers are frightening. I think we are seeing what I consider a phony number of 3.5%. After a year, the ‘discouraged worker’ disappears as an issue. The unemployment number is really 24.4% the way it used to be counted by the Bureau of Labor Statistics (BLS).”
Williams is not expecting things to get better anytime soon. Williams contends, “I think the economy is going to get a lot worse. If you listen to what (Fed Head) Jay Powell said at his last press conference, he said he’s looking to create a recession. That’s effectively what he was saying, and they are doing it. I think you have higher inflation ahead. I would try to get my cash into assets that adjust for inflation such as gold and silver. You also need to get something that has a long shelf life. The problem here is going to be in the next year. You are going to see the economy getting worse and inflation getting worse. I don’t see the Fed cutting back on the money supply, and they are already telling you they are going to keep raising the interest rate. Good buys are things that will spike with inflation. Stock up on canned food. I think you are going to see a few more percentage points on the government numbers coming up. That can, and I think will, happen as things deteriorate here.” There is much more in the 42-minute interview.
Join Greg Hunter on Rumble as he goes One-on-One with John Williams,
as he explains how bad the economy really is.
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