This shit is almost too funny to read. The Bureau of Lies & Scams (BLS) just issued their seasonally adjusted, excel spreadsheet enhanced, monthly propaganda data for February. They have the balls to report that an economy that is hemorrhaging energy jobs, seeing retailers close stores by the hundreds, has seen manufacturing new orders decline for six straight months, has corporate profits falling, has real median household income sitting at 1989 levels and has seen 80% of all economic reports miss to the downside is creating 295,000 new jobs in the middle of the coldest, snowiest February in years. The BLS uses classic government logic. When in doubt, lie.
Of course, the BLS is still using their excel spreadsheet Birth Death model to add 132,000 phantom jobs into the calculation for all the small business hiring going on out there. It has already been documented that there are more businesses closing than opening in the US. This adjustment is a farce. It is untrue. It is more likely to be negative 132,000, which would eliminate virtually all the new jobs just reported. As usual the household survey reports an entirely different result than the blaring positive headlines in the corporate mainstream media.
A critical thinking person might wonder how the labor participation rate could go even lower (37 year lows) if the unemployment rate just reached a seven year low of 5.5%. The BLS counts on the faux journalists at CNBC and Marketwatch to not think critically. So you need to go elsewhere for some truth. Here it is:
- Here is the blunt truth. Last month there were 148.2 million working age Americans working and 101.5 million working age Americans not working. This month there are 148.3 million working age Americans working and 101.6 million working age Americans not working. Does that sound like progress or stagnation?
- The BLS expects you to believe that in the midst of a supposed economic recovery, 354,000 working age Americans decided to leave the workforce in one month because their financial situation is so sound. How stupid do they think we are, or are they so incompetent with their models and measurements that they just make this shit up?
- We should be so proud. The 92.9 million Americans not in the labor force is an all-time record. Who needs a job when you can “earn” a $50,000 per year life on welfare or SSDI. Working is for suckers.
- What are the 1.5 million working age Americans who left the workforce in the last 12 months doing? What are the 13 million working age Americans who have left the workforce since 2008 doing?
- Since 2008 we’ve added 3 million jobs, while 13 million people have supposedly left the workforce, and the unemployment rate is supposedly lower today than it was in 2008. So the working age population is up by 16 million, we only have 3 million more jobs, but the unemployment rate has fallen from 5.8% to 5.5%. This is simply hysterical. The blatant lies, manipulation and utter bullshit is mind boggling in its outright dishonesty.
- How come the household survey says there are only 96,000 more people employed than in January, but the blaring headline only proclaims the 295,000 from the other survey? Propaganda at its finest.
But at least we’re adding those high paying service jobs for waitresses, fry cooks, social services workers and retail clerks. They accounted for 45% of the jobs added. Services accounted for 259,000 of the 295,000 supposed jobs added. At least all these workers can glory in the 1.97% wage increase they’ve earned in the last year. I’m sure that is going a long way in paying those Obamacare premium increases and 10% rise in food costs.
Government reports are like the American Dream. You have to be asleep to believe them.
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Contributed by James Quinn of The Burning Platform.
James Quinn is a senior director of strategic planning for a major university. James has held financial positions with a retailer, homebuilder and university in his 25-year career. Those positions included treasurer, controller, and head of strategic planning. He is married with three boys and is writing these articles because he cares about their future. He earned a BS in accounting from Drexel University and an MBA from Villanova University. He is a certified public accountant and a certified cash manager. Visit The Burning Platform for news, commentary and humor.