Peter Schiff: New Jobs Report Bombs, Along With Hope of Raising Interest Rates
BY VOICE OF REASON
THELASTGREATSTAND.COM
SATURDAY, JUNE 4TH, 2016
Despite the fact that there has been no positive economic news of any kind in recent weeks that would remotely suggest the economy is in a recovery, let alone healthy enough for the Fed to raise rates, that hasn’t stopped all the chatter about the likelihood of a June rate hike. Some economists have even suggested the U.S. has not averaged the 1.5% growth rate we’re told Obama has averaged (the 4th worst in US history), but that we’ve been shrinking to the tune of about 4% annually. Regardless, like good little foot soldiers for Team Obama, everyone in the mainstream media has continued to talk about Obama’s “recovery,” all the facts be damned.
There are over 102 MILLION Americans out of work (in a population of around 320 million), 1 in 5 households do not have a single person earning an income, credit card debt is at an all time high, and student loan debt just surpassed credit card debt, so why Team Obama and his team of clapping seals in the mainstream media thought that by raising rates, people would magically believe the economy is doing well shows how truly insane the little bubble Obama lives in really is.
This week, the job numbers were God awful. The projection for new jobs was around 162,000 new jobs, and only 38,000 jobs were actually created. To fully grasp how bad that is, consider the fact that under Obama, even 162,000 jobs would have been slightly above God awful, because of the regulatory nightmare small businesses have been living through under Obama. It’s not like they would have been 162,000 full-time jobs with benefits. In recent months, service sector part-time jobs have made up around 75% of all job growth.
While companies like Microsoft, Intel, and IBM are all averaging layoffs of 15,000 full-time employees each, none of those families call it “economic success” after they find two or three jobs in the service sector to replace the one lost, and STILL can’t make what they were making. None of that concerns Obama though. That imbecile is out talking about 4.7% unemployment, and how under Trump we’d lose “all the progress we’ve made.”
In the video below, Peter goes into detail about what the devastating job numbers mean, and how at the very least now we can probably predict that there will be no rate hikes for the remainder of the year by the Fed. After all, even if Obama hasn’t faced reality, everyone else knows things are getting worse not better. For that reason, there is NO WAY the Fed would raise rates close to the election, and risk letting the whole house of cards come crashing down… not until they get Hillary in the White House first.
The Rest…HERE
