Despite the Obama administration’s touting of lower unemployment figures, a strong dollar and a robust stock market, 2015 will be a year of economic turmoil, dollar panic and hyperinflation, claims economist John Williams, purveyor of the popular website ShadowStats.com and a well-known critic of politically manipulated government economic statistics.
Describing 2014 as a year of “market hype and manipulation,” Williams made his dire predictions in a special commentary issued this week for his newsletter subscribers.
Adding to the surreal depiction of Obama-era “good economic news” in the form of a low 5.6 percent December unemployment rate – down from a recession peak of 10 percent – Gallup Chairman and CEO Jim Clifton wrote a blistering op-ed attacking the government’s “extremely misleading” unemployment statistics.
“There’s no other way to say this,” wrote Clifton. “The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.”
Williams believes the actual unemployment stands at 23 percent, pointing out the Bureau of Labor Statistics excludes from the labor force anyone who is “so hopelessly out of work that you’ve stopped looking over the past four weeks.”