Over
the decades various administrations, seeking to improve their economic
record, monkeyed with economic statistics to the point that the
statistics are no longer meaningful.
According to Friday's (March 7) payroll jobs report, the US economy created 175,000 new jobs in February. If you believe that, I have a bridge in Brooklyn that I'll let you have at a good price.
Even
if 175,000 jobs were created in February--remember now, February was a
cold month whose low temperatures are used to explain poor housing and
retail sales performance, yet somehow created 40,000 more jobs than
needed to keep up with population growth--that is an insufficient amount
to drop the unemployment rate.
To
see how screwed up US economic statistics are, consider the reported
unemployment rate (U.3) of 6.7 percent in comparison with the fact that
there are about 6 million Americans who have been unable to find a job
and are no longer counted as unemployed. These millions of unemployed
are not included in the reported rate of unemployment.
John Williams (shadowstats.com) reports that the true rate of US unemployment is around 23 percent.
Rather
than examine the issue, the presstitute financial media trumpets the
government's propaganda. In America there is no more of a financial
media, except for Pam Martens and Nomi Prins, than a print and TV media.
The
Economic Policy Institute reports that there are 1,360,000 unemployed
men and women under 25, 2,8000,000 unemployed men and women aged 25-54,
and 1,640,000 unemployed men and women 55 and over who are not counted
as unemployed, because they have been unable to find a job after
searching a long time and have given up looking.
Just
as "your" government and "your" prostitute media lie to you about
Ukraine, Putin, Saddam Hussein, Gaddafi, Iran, Pakistan, Yemen,
Palestine, NSA, spying, torture, 9/11, Obamacare, and literally
everything under the sun, "your" government lies to you about the
economy and hides from you the perilous state of your economic
existence. If you are not among the One Percent, you have no future in
America.
Let
us have a look at the 175,000 claimed jobs. Are these the promised
high-paying jobs of the "New Economy" that Washington and its economists
pimps guaranteed us would take the place of the offshored manufacturing
and tradable professional service jobs?
Afraid
not. In the many years that I have been observing the monthly payroll
jobs reports and the BLS's future jobs projections, I have never seen
even one of the "New Economy" jobs. They simply do not exist.
Yet, the economics profession, an extremely deluded collection of
morons, still believes in these jobs.
Again--how many times have I reported this same result--here are the jobs of the "New Economy":
Of the 175,000 jobs claimed, 13,000 are taxpayer-supported government jobs.
Of
the 162,000 private sector jobs claimed, a mere 22,000 or 13.6% are
goods producing jobs or which 15,000 or 68% are in construction The
other 140,000 are service jobs.
Are
these service jobs the promised high-pay "New Economy" jobs? No, but
judge for yourself. 14,800 are jobs in wholesale trade. Food and
beverage stores accounted for 12,000 new jobs. The Federal Reserve
accounted for 7,800 jobs in order to continue rigging every financial
market, thus replacing capitalism with Federal Reserve Central Planning.
Accounting
and bookkeeping services (it is tax time) gave the economy a
short-lived 15,700 jobs. There were 24,400 temporary help jobs. The old
standby, education and health services, delivered 33,000 jobs. Leisure
and hospitality produced 25,000 jobs of which 21,200 are waitresses and
bartenders who live on tips.
This
has been the jobs profile of the "world's only superpower" for the
entirely of the 21st century. Washington, wallowing in its arrogance and
hubris, is unconcerned with its economic base. Washington believes its
own propaganda about the (non-existent) recovery and America's economic
power.
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