…of Her Honesty the Faster I Counted My Spoons.
“Facts are stubborn things. But statistics are more pliable.” Mark Twain Born in the 1800’s, he mastered the art of reality, baked in humor to make it more palatable, with his witticisms that were true then and even more so, today.
Last Friday the August jobs report was published and leading up to it we heard from the supposed experts that interest rates were soon to be raised because “the recovery had reached FULL EMPLOYMENT”! Pardon me while I choke!
We’re supposed to believe that the alleged and wrongly titled “recovery”, which has not had even one year during Obama’s term in office, of 3% growth; that just reported another quarterly DROP in productivity; where the auto companies just announced lower sales and increased inventory on the lots; the middle class has seen their wages decline since Obama took office; food stamps are at a record; poverty is on the increase; a record number of people have left the labor force; the debt has doubled; and last week the IMF (that’s the folks on the other side of the pond doing such a great job that BREXIT happened) announced they were going to lower their Global Growth forecasts (again) and said that central banks need to crank up the printing presses again to “ward off darker prospects” (a quote from the Wall Street Journal).
Is it any wonder the voters (at least those trying to work) are fed up. You know the definition of insanity and it seems like voters have caught on to the ruse that Washington has been duping the public with. Unfortunately, Washington will still be overrun by lobbyists and the bureaucrats who have been dug in for decades.
But I digress….. if you’re wondering how DC comes up with those “pliable stats” that allow them to state with a straight face, that the US has achieved full employment….. it’s quite simple. The BLS only counts people who are working or looking for work. If you want to work but gave up looking, PRESTO!! You are not counted as “unemployed”. You have fallen through the proverbial cracks.
The talking heads love to say labor participation is low due to demographics. HOGWASH!! If you look at the age group getting a majority of jobs over the last few years— it’s the 55 and over group.
People who reach retirement age are not necessarily able to stop working. They take jobs that others won’t even if the pay is not ideal.
The bottom line is that the US labor market is in serious trouble but is mostly ignored because the media and the DC talking heads continue to spout the same lies, manipulate the numbers as needed and the public either believes the spoon fed nonsense or ignores it altogether.
The problem is not going away and unless we get people in DC who will take on the mess, it’s going to continue until the country suffers a serious problem. Have you heard of Venezuela?? Think it can’t happen here? As Mark Twain said “Denial ain’t just a river in Egypt.”