ILLUSION OF RECOVERY – FEELINGS VERSUS FACTS
“There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as the final and total catastrophe of the currency involved.†– Ludwig von Mises
The unemployment rate during the Great Depression reached 25%. Without the BLS “adjustments†the real unemployment rate in this country is 23%. Cheerleading and packaging the data in a way to mislead the public does not change the facts:
- There are 242 million working age Americans. Only 142 million Americans are working. For the math challenged, such as CNBC analysts, that means 100 million working age Americans (41.5%) are not working. But don’t worry, the BLS says the unemployment rate is only 8.3%. Things are going so swimmingly well in this country the other 33.2% are kicking back enjoying the good life.
- The labor force participation rate and employment to population ratio are at 30 year lows. The number of Americans supposedly not in the labor force is at an all-time record of 87.9 million. A corporate MSM pundit like Steve Liesman would explain this away as the Baby Boomers beginning to retire. Great storyline, but the facts prove that old timers are so desperate for cash they have dramatically increased their participation in the labor market.
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As Ludwig von Mises pointed out, a false boom created by credit expansion will ultimately collapse. We had the chance in 2008 – 2009 to voluntarily abandon the Wall Street induced credit expansion and allow our country to reset. The pain and misery would have been great, especially for the 1% who own most of the stocks, bonds and peddle the debt to the ignorant masses. As you can see in the chart below, the powers that be need debt per employed American to grow at an ever increasing rate to maintain their power and wealth. The miniscule reduction in debt from 2009 to 2011 was unacceptable. The governing powers will not be satisfied until von Mises’ final currency catastrophe is achieved.
Read the entire article at:
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FROM JEROME CORSI'S RED ALERT Real unemployment rate: 22.5%
Exposed! How government lies with job statistics
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Shadow Government Statistics
Analysis Behind and Beyond Government Economic Reporting
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The Real Unemployment Rate is 19%
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The True Unemployment Rate: 36%
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Why the real unemployment rate is 15.6 %
American Enterprise Institute
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A Graphic Question: Where Are the Jobs?
Washington, Feb 16 - Tomorrow, February 17, 2012, will be exactly 3 years since President Obama signed his infamous stimulus package into law. It was a plan designed to create jobs by growing the size of government, and its record has not been good.
(Click Here for Image Optimized for Printing in Landscape Mode)
Democrats said their costly plan ($1.2 trillion, including interest) would “save or create†up to 4 million jobs and bring the unemployment rate down to about 6% today. The unemployment rate has not fallen below 8% at any point in the last 36 months. Furthermore, the official unemployment rate does not actually count unemployed people who have given up looking for work.
The above chart shows the “labor force participation rate.†This statistic represents the share of working-age Americans who are either employed or unemployed but looking for work. It is not a pretty picture. Only 63.7% of working-age Americans are currently in the workforce – the lowest in almost 29 years!
To put it another way, 36.3% of working-age Americans do not have a job and are not even looking.
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Comments: 18
Unfortunately, fewer and fewer people can read based on the dismal school graduation rates, and of the few that read, most cannot understand what they read nor have the ability to sort the straw from the wheat.
it is much bleaker than they admit - the same type of fuzzy math is used to claim low inflation, and increased gdp.
but anyone who thinks you can save 3000% on an expense, would say the official numbers are correct lol.
I don't know Larry, I just recently found the institute, haven't looked at it much yet.
My own personal position is that the nature of our money makes both inevitable. Big money interests will cause inflation and "bubbles" which generate sudden decreases in the money supply when they burst. History shows that's what happens and big money prevents any steps that can prevent it.
The actual percentage of employed workers to the overall population has not gone up in over a year.
and in fact has gone down.
even the government issued U6 unemployment is almost 20%, and many who go back to the potentiaql work force show it at 23 to 30%.
there are many young folks that have never had a job - and they are3 not in the official u/e numbers at all - unless they actually GET work, THEN they are counted, before that, they are classified ":not in the work force" along with a millin or teo, that have given up all hope, and went on welfare (which is rising at an alarming pace).
That is what Ron Paul tried to tell that English idiot Peirce Morgan whatshisface on CNN a couple nights ago ... because it is the truth ... and the dipsh#t Morgan admonished Paul that such a truth would get in the way of the needed confidence it would take to get the system going in the right direction ... in other words, give us lie and after lie ... I guess we are to stupid to handle the truth from our elected officials ... what else is new ? ... Ron Paul maybe, a man with some integrity !
I agree with Larry. Over a year ago, I even commented that the then perceived "recovery" was merely an illusion. Jamaica has embarked on a daring move to drag itself out of the downturn, but the move has devastated investment income. Big money there will prevent any such similar attempts in the U.S.