Depression-Level Unemployment in America. Phony Labor Department Jobs Reports
By Stephen Lendman
Global Research
March 12, 2017
Monthly Labor Department jobs reports are phony. Paul Craig Roberts calls them “a bad joke,” saying America’s economy is a “house of cards.” A day of reckoning awaits.
Job numbers are inflated, manufactured out of thin air, partly based on a so-called birth-death model, estimating net non-reported jobs from new businesses minus losses from others no longer operating.
The Bureau of Labor Statistics (BLS) admits misreporting, saying “(t)he confidence level for the monthly change in total employment is on the order of plus or minus 430,000 jobs.”
Mark Twain’s maxim about lies, damn lies and statistics applies mostly to managed news misinformation.
NYTimes editors reported a fantasy rosy scenario, saying job growth is “positive…averag(ing) about 200,000…a month for the past year…unemployment (at) 4.7%…the economy…steadily progressing toward full employment…(a) sweet spot (enabling) everyone…able and willing to work to get a job.”
Fact: So much for fairy tales. Most jobs created are rotten low-pay, poor-or-no benefit part-time ones. Most good full-time ones were offshored to low-wage countries.
Fact: Real unemployment is nearly 23%. Last March the Economic Collapse blog reported 102.5 million working age Americans without jobs, saying “(c)learly, we have never recovered from the impact of the” 2008-09 economic crisis, things as dire today as a year ago, maybe worse.
Reagan administration Office of Management and Budget director David Stockman gave a dark assessment of economic conditions, calling the post-election stock market rally “the greatest suckers’ (one) of all time,” based on what won’t happen, explaining:
Trump inherited a $20 trillion dollar deficit plus a “built-in deficit of $10 trillion over the next decade under current policies…”
The Rest…HERE
