This is just unfortunate ambiguous phrasing -- Tim Ferris (and anybody else happy on part time hours rather than taking a part time job because they can't find a full time job) doesn't get counted because they don't match the "and wants one" qualifier.

The white paper states the definition more precisely:

"LISEP’s definition of “True” employment or unemployment accepts the U-3 rate for comparison purposes, but modifies it by adopting two important stipulations. The first stipulation deals with the workweek. To be employed for the purposes of LISEP’s true employment concept, an individual must either have a full-time job (35+ hours per week) or have a part-time job but no desire to be full-time (e.g., students). The second stipulation is that an individual must earn at least $20,000 annually."