# Shadowstats on The No Agenda Show Shadowstats comes up in 18 chapters across 18 episodes of The No Agenda Show, from March 2011 to October 2026. - **Chapters:** 18 - **Episodes:** 18 - **Discussed:** March 2011 – October 2026 - **Related topics:** [Unemployment](https://search.noagendashow.net/topic/unemployment.md), [John Williams](https://search.noagendashow.net/topic/john-williams.md), [Unemployment Rate](https://search.noagendashow.net/topic/unemployment-rate.md), [Federal Reserve](https://search.noagendashow.net/topic/federal-reserve.md), [U6](https://search.noagendashow.net/topic/u6.md), [Barack Obama](https://search.noagendashow.net/topic/barack-obama.md), [Cpi](https://search.noagendashow.net/topic/cpi.md), [Donald Trump](https://search.noagendashow.net/topic/donald-trump.md), [Gdp](https://search.noagendashow.net/topic/gdp.md), [Inflation](https://search.noagendashow.net/topic/inflation.md) ## Chapters 1–18 of 18 ### Economic Data Manipulation and Inflation Calculation Methods - **Episode:** [1908: Chivatican](https://search.noagendashow.net/episode/1908-chivatican.md) - **Published:** 2026-10-01 - **Time:** 27:15–30:45 - **Transcript:** https://search.noagendashow.net/episode/1908-chivatican/chapter/economic-data-manipulation-and-inflation-calculation-methods.md Andrew Horowitz criticizes the methodology used by the government to calculate inflation and employment numbers, specifically the Personal Consumption Expenditures (PCE) index. He references John Williams of ShadowStats, who argues that using 1980s-era methodology would show inflation at 10%. The hosts discuss how "core inflation" misleadingly excludes food and energy costs and why jobs numbers are frequently restated for political benefit. Keywords: pce, [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [john williams](https://search.noagendashow.net/topic/john-williams.md), [bureau of labor statistics](https://search.noagendashow.net/topic/bureau-of-labor-statistics.md), core inflation, adp ### US Employment Data, ShadowStats Inflation Analysis - **Episode:** [1518: Q-Yoga](https://search.noagendashow.net/episode/1518-q-yoga.md) - **Published:** 2023-01-05 - **Time:** 25:12–29:08 - **Transcript:** https://search.noagendashow.net/episode/1518-q-yoga/chapter/us-employment-data-shadowstats-inflation-analysis.md The Federal Reserve's strategy to raise interest rates is criticized as an intentional effort to increase unemployment to cool the economy. While official US unemployment numbers remain low, alternative data from ShadowStats suggests a real unemployment rate of 24.5% and inflation closer to 15%. The discrepancy is attributed to the government's exclusion of discouraged workers from official labor statistics. Keywords: [federal reserve](https://search.noagendashow.net/topic/federal-reserve.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [unemployment](https://search.noagendashow.net/topic/unemployment.md), [inflation](https://search.noagendashow.net/topic/inflation.md), [interest rates](https://search.noagendashow.net/topic/interest-rates.md) ### Federal Reserve Board Nominations and Interest Rates - **Episode:** [1135: Miss Lawyer USA](https://search.noagendashow.net/episode/1135-miss-lawyer-usa.md) - **Published:** 2019-05-05 - **Time:** 2:33:25–2:37:50 - **Transcript:** https://search.noagendashow.net/episode/1135-miss-lawyer-usa/chapter/federal-reserve-board-nominations-and-interest-rates.md The hosts discuss the withdrawal of Stephen Moore and Herman Cain from consideration for the Federal Reserve Board. They suggest Moore's nomination failed because he disagreed with President Trump's desire for interest rate cuts. They play a clip from John Williams of ShadowStats, who argues that the Fed should lower rates to prevent a recession. Keywords: [federal reserve](https://search.noagendashow.net/topic/federal-reserve.md), [stephen moore](https://search.noagendashow.net/topic/stephen-moore.md), [herman cain](https://search.noagendashow.net/topic/herman-cain.md), [donald trump](https://search.noagendashow.net/topic/donald-trump.md), [interest rates](https://search.noagendashow.net/topic/interest-rates.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md) ### Congressional Speech Statistics and Fact-Checking - **Episode:** [908: Microbeads](https://search.noagendashow.net/episode/908-microbeads.md) - **Published:** 2017-03-02 - **Time:** 28:58–36:37 - **Transcript:** https://search.noagendashow.net/episode/908-microbeads/chapter/congressional-speech-statistics-and-fact-checking.md President Trump's hour-long speech was compared to historical addresses by Reagan and Clinton regarding duration and audience reception. CBS News fact-checked Trump's claim that 94 million Americans are out of the labor force, noting that the figure includes students, retirees, and the disabled. Democratic leaders, including Nancy Pelosi, were observed remaining seated during segments of the speech focused on job creation. Keywords: [nancy pelosi](https://search.noagendashow.net/topic/nancy-pelosi.md), [cbs news](https://search.noagendashow.net/topic/cbs-news.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [unemployment](https://search.noagendashow.net/topic/unemployment.md), [labor force](https://search.noagendashow.net/topic/labor-force.md) ### Unemployment Rate Calculation, Ross Perot and ShadowStats - **Episode:** [899: Loyalty Test](https://search.noagendashow.net/episode/899-loyalty-test.md) - **Published:** 2017-01-29 - **Time:** 2:47:35–2:52:06 - **Transcript:** https://search.noagendashow.net/episode/899-loyalty-test/chapter/unemployment-rate-calculation-ross-perot-and-shadowstats.md The hosts discuss the media's sudden interest in the accuracy of unemployment numbers under the Trump administration. They contrast this with the "rosy" numbers reported during the Obama years. They reference Ross Perot's use of charts to explain complex economics and cite John Williams of ShadowStats, who estimates the real unemployment rate is closer to 23-24%. Keywords: [unemployment rate](https://search.noagendashow.net/topic/unemployment-rate.md), [u6](https://search.noagendashow.net/topic/u6.md), [ross perot](https://search.noagendashow.net/topic/ross-perot.md), [glenn beck](https://search.noagendashow.net/topic/glenn-beck.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [john williams](https://search.noagendashow.net/topic/john-williams.md) ### Unemployment Statistics, Shadow Stats and the Fed - **Episode:** [831: (((twitter)))](https://search.noagendashow.net/episode/831-twitter.md) - **Published:** 2016-06-05 - **Time:** 2:07:07–2:10:56 - **Transcript:** https://search.noagendashow.net/episode/831-twitter/chapter/unemployment-statistics-shadow-stats-and-the-fed.md 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. Keywords: [unemployment](https://search.noagendashow.net/topic/unemployment.md), shadowstats.com, [rick santelli](https://search.noagendashow.net/topic/rick-santelli.md), [federal reserve](https://search.noagendashow.net/topic/federal-reserve.md), [jobs report](https://search.noagendashow.net/topic/jobs-report.md) ### Donald Trump Victory Speech and Economic Claims - **Episode:** [798: Dangerous Speech](https://search.noagendashow.net/episode/798-dangerous-speech.md) - **Published:** 2016-02-11 - **Time:** 38:25–40:45 - **Transcript:** https://search.noagendashow.net/episode/798-dangerous-speech/chapter/donald-trump-victory-speech-and-economic-claims.md In his New Hampshire victory speech, Donald Trump challenges official government jobs data, claiming the real unemployment rate could be as high as 42%. The discussion references ShadowStats and economist John Williams, who argues that the labor participation rate is often omitted to make economic figures appear more favorable. Keywords: [donald trump](https://search.noagendashow.net/topic/donald-trump.md), [unemployment rate](https://search.noagendashow.net/topic/unemployment-rate.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [jobs](https://search.noagendashow.net/topic/jobs.md), victory speech ### Unemployment Numbers, Gallup CEO and The Big Lie - **Episode:** [694: Bend it Down](https://search.noagendashow.net/episode/694-bend-it-down.md) - **Published:** 2015-02-08 - **Time:** 1:55:37–2:04:01 - **Transcript:** https://search.noagendashow.net/episode/694-bend-it-down/chapter/unemployment-numbers-gallup-ceo-and-the-big-lie.md The hosts critique the official U.S. unemployment rate of 5.7%, referencing an article by Gallup CEO Jim Clifton titled "The Big Lie." Clifton argues the official figure is misleading because it excludes millions of "discouraged workers" who have stopped looking for jobs. The hosts compare the official data to ShadowStats, which estimates real unemployment at 23.5%, and note the Gallup CEO's televised "paranoia" about disappearing for speaking out. Keywords: [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [gallup](https://search.noagendashow.net/topic/gallup.md), jim clifton, [unemployment rate](https://search.noagendashow.net/topic/unemployment-rate.md), [bls](https://search.noagendashow.net/topic/bls.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [gdp](https://search.noagendashow.net/topic/gdp.md) ### Hillary Clinton, US Economy, ShadowStats - **Episode:** [602: twitter mwitter](https://search.noagendashow.net/episode/602-twitter-mwitter.md) - **Published:** 2014-04-05 - **Time:** 36:26–38:50 - **Transcript:** https://search.noagendashow.net/episode/602-twitter-mwitter/chapter/hillary-clinton-us-economy-shadowstats.md A debate occurred regarding the qualifications of Hillary Clinton and John Kerry, with the host arguing that Kerry is incompetent. The discussion also touched on the U.S. economy, where the host used ShadowStats data to dispute official unemployment figures, much to the annoyance of the pro-administration guests. Keywords: [hillary clinton](https://search.noagendashow.net/topic/hillary-clinton.md), [john kerry](https://search.noagendashow.net/topic/john-kerry.md), [jack welch](https://search.noagendashow.net/topic/jack-welch.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [unemployment](https://search.noagendashow.net/topic/unemployment.md), [north dakota](https://search.noagendashow.net/topic/north-dakota.md) ### Unemployment Statistics, ShadowStats vs. Government Data - **Episode:** [510: Furtive Movement](https://search.noagendashow.net/episode/510-furtive-movement.md) - **Published:** 2013-05-05 - **Time:** 1:22:17–1:24:49 - **Transcript:** https://search.noagendashow.net/episode/510-furtive-movement/chapter/unemployment-statistics-shadowstats-vs-government-data.md The discrepancy between official government unemployment figures (7.5%) and ShadowStats data is discussed. The hosts argue that the government "cooks the books" to create positive public sentiment, despite a high number of people dropping out of the labor force. Keywords: [unemployment](https://search.noagendashow.net/topic/unemployment.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [npr](https://search.noagendashow.net/topic/npr.md), book cooking, economic sentiment ### Obama Budget, Social Security CPI Changes and ShadowStats - **Episode:** [504: Twelve Fourteen](https://search.noagendashow.net/episode/504-twelve-fourteen.md) - **Published:** 2013-04-14 - **Time:** 47:31–51:27 - **Transcript:** https://search.noagendashow.net/episode/504-twelve-fourteen/chapter/obama-budget-social-security-cpi-changes-and-shadowstats.md President Obama's new budget proposal includes changing the Social Security cost-of-living adjustment (COLA) to a "chained CPI" model. This shift effectively reduces benefits by assuming consumers will switch to cheaper goods, such as replacing steak with cat food, as prices rise. Critics point to ShadowStats.com to show how government inflation reporting has diverged from reality since the Clinton administration. Keywords: [barack obama](https://search.noagendashow.net/topic/barack-obama.md), [social security](https://search.noagendashow.net/topic/social-security.md), [cpi](https://search.noagendashow.net/topic/cpi.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [bernie sanders](https://search.noagendashow.net/topic/bernie-sanders.md), [john mccain](https://search.noagendashow.net/topic/john-mccain.md) ### ShadowStats Inflation Charts, Government Data Manipulation, and 1984 - **Episode:** [485: Goys with Guns](https://search.noagendashow.net/episode/485-goys-with-guns.md) - **Published:** 2013-02-07 - **Time:** 1:07:06–1:11:43 - **Transcript:** https://search.noagendashow.net/episode/485-goys-with-guns/chapter/shadowstats-inflation-charts-government-data-manipulation-and-1984.md An analysis of ShadowStats data suggests that the U.S. government has been systematically underreporting inflation and unemployment since 1984. While official figures claim low inflation, alternative calculations based on pre-1980 methodologies place it at approximately 10%. The divergence in data is presented as a deliberate effort to mask the true state of the economy. Keywords: [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [inflation](https://search.noagendashow.net/topic/inflation.md), [unemployment](https://search.noagendashow.net/topic/unemployment.md), [cpi](https://search.noagendashow.net/topic/cpi.md), [1984](https://search.noagendashow.net/topic/1984.md) ### Jobs Numbers, Jack Welch, Shadow Government Statistics - **Episode:** [450: LaGarde's List](https://search.noagendashow.net/episode/450-lagarde-s-list.md) - **Published:** 2012-10-07 - **Time:** 29:40–35:48 - **Transcript:** https://search.noagendashow.net/episode/450-lagarde-s-list/chapter/jobs-numbers-jack-welch-shadow-government-statistics.md John C. Dvorak deconstructs the latest U.S. employment figures, which dropped to 7.8%. He references Jack Welch's "crackpot" tweet questioning the validity of the data. Using John Williams' Shadow Government Statistics, Dvorak argues that the true unemployment rate, when calculated using Depression-era methods, is closer to 24%. Keywords: [unemployment](https://search.noagendashow.net/topic/unemployment.md), [jack welch](https://search.noagendashow.net/topic/jack-welch.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [john williams](https://search.noagendashow.net/topic/john-williams.md), [u6](https://search.noagendashow.net/topic/u6.md), [obama](https://search.noagendashow.net/topic/obama.md) ### Labor Force Participation, ShadowStats Analysis - **Episode:** [442: Zombie Webinar](https://search.noagendashow.net/episode/442-zombie-webinar.md) - **Published:** 2012-09-09 - **Time:** 21:04–24:10 - **Transcript:** https://search.noagendashow.net/episode/442-zombie-webinar/chapter/labor-force-participation-shadowstats-analysis.md The discrepancy between official U3 unemployment figures and the ShadowStats (SGS) alternative rate is examined. While government data suggests a recovery, the SGS metric, which includes discouraged workers who have left the labor force, indicates a real unemployment rate of approximately 23%. Keywords: [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [john williams](https://search.noagendashow.net/topic/john-williams.md), u3 unemployment, [u6 unemployment](https://search.noagendashow.net/topic/u6-unemployment.md), [labor force](https://search.noagendashow.net/topic/labor-force.md) ### Ron Paul Interview, Piers Morgan, and Unemployment Statistics - **Episode:** [380: Trusted Bedouin Sources](https://search.noagendashow.net/episode/380-trusted-bedouin-sources.md) - **Published:** 2012-02-05 - **Time:** 6:38–11:59 - **Transcript:** https://search.noagendashow.net/episode/380-trusted-bedouin-sources/chapter/ron-paul-interview-piers-morgan-and-unemployment-statistics.md Congressman Ron Paul appeared on CNN with Piers Morgan to discuss the discrepancy between official jobless figures and economic reality. Paul argues that the 8.5% unemployment rate is "cooked" because it ignores 1.2 million people who dropped out of the workforce, suggesting a true rate closer to 11%. Reference is made to ShadowStats, which places the figure near 25% when including discouraged workers. Keywords: [ron paul](https://search.noagendashow.net/topic/ron-paul.md), [piers morgan](https://search.noagendashow.net/topic/piers-morgan.md), [cnn](https://search.noagendashow.net/topic/cnn.md), [unemployment rate](https://search.noagendashow.net/topic/unemployment-rate.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [u6](https://search.noagendashow.net/topic/u6.md) ### Economic Headwinds and ShadowStats Unemployment Data - **Episode:** [331: Ricin Beans](https://search.noagendashow.net/episode/331-ricin-beans.md) - **Published:** 2011-08-18 - **Time:** 1:31:10–1:33:33 - **Transcript:** https://search.noagendashow.net/episode/331-ricin-beans/chapter/economic-headwinds-and-shadowstats-unemployment-data.md President Obama attributed the slow economic recovery to "headwinds" such as the European debt crisis, the earthquake in Japan, and high gas prices caused by the Arab Spring. While the official government unemployment rate shows a slight decrease, data from ShadowStats.com suggests the real unemployment rate is closer to 25%. The discrepancy is attributed to changes in how the government calculates labor statistics compared to historical methods. Keywords: [unemployment](https://search.noagendashow.net/topic/unemployment.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [arab spring](https://search.noagendashow.net/topic/arab-spring.md), [gdp](https://search.noagendashow.net/topic/gdp.md), [recession](https://search.noagendashow.net/topic/recession.md) ### Real Unemployment and the Southern Housing Bust - **Episode:** [324: Cut, Cap, Duck & Cover](https://search.noagendashow.net/episode/324-cut-cap-duck-cover.md) - **Published:** 2011-07-24 - **Time:** 1:34:13–1:36:53 - **Transcript:** https://search.noagendashow.net/episode/324-cut-cap-duck-cover/chapter/real-unemployment-and-the-southern-housing-bust.md Using data from ShadowStats, the hosts discuss the real unemployment rate of 22.5%. They share anecdotes from the South about the devastating impact of the housing bust on construction workers and homeowners. Keywords: [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [unemployment](https://search.noagendashow.net/topic/unemployment.md), [housing market](https://search.noagendashow.net/topic/housing-market.md), [florida](https://search.noagendashow.net/topic/florida.md), [construction](https://search.noagendashow.net/topic/construction.md) ### Media Censorship, Real Unemployment and ShadowStats - **Episode:** [290: Mission Accomplished!](https://search.noagendashow.net/episode/290-mission-accomplished.md) - **Published:** 2011-03-27 - **Time:** 1:24:53–1:27:40 - **Transcript:** https://search.noagendashow.net/episode/290-mission-accomplished/chapter/media-censorship-real-unemployment-and-shadowstats.md The Detroit Free Press reportedly suppressed a negative review of the Chrysler 200 due to advertiser pressure, illustrating the lack of independence in mainstream media. Economic data from ShadowStats suggests the true U.S. unemployment rate is 22.5%, significantly higher than the official government figure of 9%. The hosts characterize the current economic state as a depression rather than a recession. Keywords: [detroit free press](https://search.noagendashow.net/topic/detroit-free-press.md), [chrysler](https://search.noagendashow.net/topic/chrysler.md), [shadowstats](https://search.noagendashow.net/topic/shadowstats.md), [unemployment](https://search.noagendashow.net/topic/unemployment.md), [depression](https://search.noagendashow.net/topic/depression.md), [advertising](https://search.noagendashow.net/topic/advertising.md) --- This is the markdown version of a page on The No Agenda Show for AI agents. 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