U.S. Economy Collapsing Faster Than In 2008 – UPDATED
The Daily Coin
May 8, 2015
The economic data – almost all of it – has been collapsing at a rate as great or greater than it was collapsing in 2008. The media propaganda megaphone loudly broadcasting that “all is well” has never been set at a higher volume.
Today, for instance, the S&P 500 spiked higher on the jobless claims report, which came in well below Wall Street’s “Einstein” forecast. The jobless claims report is probably the most useless barometer of the employment market other than the Government’s non-farm payroll report. IN FACT, with the labor force participation rate at 30-year lows, we would expect that the jobless claims report would drop. With less people as a percent of the population working, it means there’s less people to be fired.
MOREOVER, many people losing jobs do not even qualify to file for jobless benefits. A long-time white collar/blue collar worker for a big corporation is covered by unemployment insurance. An independent contractor working for an energy company or construction company (construction spending plunged in Q1) does not. Nor do the retail employees of chain stores closing down mall space. In other words, the jobless claims number is basically useless.
The Rest…HERE
