jack sequim wa Loc: Blanchard, Idaho

Another Fabricated Jobs Report

Paul Craig Roberts

According to Friday’s (January 8) payroll jobs numbers, almost 300,000 new jobs were created in December. Additionally, the previous two months were revised upward by 50,000 jobs. Apparently, the equity market did not believe the report, with the averages moving down today.

As I have pointed out almost monthly for what I think could be approaching two decades, the alleged job growth always takes place in nontradable domestic services, that is, in areas that do not produce exports and have no competition from imports. This is the job profile of a Third World country.

Twelve years ago I predicted at a major Washington, D.C., conference that was nationally televised that in 20 years the United States would have a Third World economy if jobs offshoring, which benefits only corporate executives and shareholders, continued.

Jobs offshoring has continued, and judging by the payroll jobs reports from the US government, the US is already a Third World economy.

The presstitute financial media—and what they are is a bunch of whores—always reports the alleged jobs increase as if it is a great thing, testimony to the continuing strength of the American economy, and so forth. Only a handful of us look at the data and reveal its meaning. Once again I will strip away the Matrix and show you the reality.

Allegedly, the US economy has been in recovery since, if memory serves, June 2009. If so, it is an unusual recovery. Normally, the rising job opportunities associated with economic recoveries bring entrants into the labor force, but the US labor force participation rate has been declining. In December, 2015, there are 1,185,000 fewer Americans in the labor force than in December 2014; yet, the working age population is higher today than a year ago.

The reported unemployment rate does not include “discouraged workers,” that is, workers who unable to find jobs have ceased looking for work. The reported unemployment rate of 5% only counts non-discouraged workers who are still expecting to find a job. The actual unemployment rate, that is, the rate that includes Americans who have given up hope of finding employment, is 23%. Currently, there are 94,691,000 Americans of working age who are not in the labor force. In other words, the US Gross Domestic Product (GDP) is deprived of a large percentage of its labor input.

Now, we will pay attention, unlike the financial presstitute media, to the age groups who benefited, according to the BLS, from the 292,000 December new jobs. About half of the alleged new jobs—142,000—went to the 55 years old and over age group. This age group consists primarily of retirees who have found it necessary to supplement their retirement income and of those near retirement who are working in order to compensate for the lack of interest on their savings due to the Federal Reserve’s zero interest rate policy. These are part-time, lowly paid jobs without benefits.

Americans of prime working age, 25 years old to 54 year old, only received 16,000 or 5% of the new jobs.

Those aged 46 to 54 lost 165,000 jobs. In other words, middle aged people are losing their jobs before they can provide for their retirement.

There are 527,000 more Americans working multiple jobs in December 2015 than in December 2014.

Now, as we have done so often for many years, let’s look at the make believe jobs that the BLS claims. Almost all of them are in lowly paid domestic services, such as waitresses, bartenders, couriers and messengers, employment services, social services and health care (primarily ambulatory health care services).

The conclusion is that if we believe the payroll jobs report, the United States is now an economy that only creates Third World jobs in lowly paid domestic services.

And yet this non-economy on the verge of collapse is said by the i***ts in Washington to be a super-power.

What a total joke!

America Only Loc: From the right hand of God

This administration is likely to post numbers that would show half million pink and yellow elephants were sold in Las Vegas.....and the media would report it and the lefties would believe it the same as these false job increase reports. The t***h is, the USA is still suffering the greatest BUSINESS closing in our History

The lefties cannot nor will not EVER tell the t***h. You are not allowed to do so and be in the dipstick democrat party in good standing. For them it even helps if you are an actual convicted felon.

PeterS

We don't have a manufacturing base so just where does this genius think we are going to generate jobs? Look, conservatives h**ed unions and the best way to bust them is to eliminate the companies that use them. Well, mission accomplished, the unions are gone as are the companies that used them. What we've done is to replace them with an expanded service industry. This is what conservatives wanted so I am a bit puzzled by the anger you seem to be showing today. Or is it just Obama, if you had a conservative president you would go back to not caring. Yeah, I'll bet that's probably it--you care if a democrats in office otherwise everything is just peachy keen. Well, laa tee daa, now lets all go see if we can find a job...

JMHO Loc: Utah

Man, you display your colossal ignorance of economics and business in every posting. Just when I think you can't get more stupid, you prove me wrong.

First of all unions served a useful purpose back in the 30's, but now days they're nothing more than money laundering partisan political machines for the Democrat Party. Busting the unions didn't drive manufacturing off shore...the highest corporate tax in the world, Obamacare, high cost of labor, and increased government regulations did that. We now have, under the Obama administration, more small business failures than start ups, 70,000 more failures than start ups, a historical first. Obama has done nothing to lift that corporate tax burden, and has increased exponentially the amount of government regulations and red tape. Throw in Obamacare, and the result is an economic teetering on recession, and stagnant at best. Obama has had 7 years to turn this economy around, and it isn't in much better shape than when he entered office...wages are down, middle class is declining, 63% of Americans are living paycheck to paycheck and can't even deal with a $500 crisis. Over 50% of Americans are on the government dole, etc, etc, etc...

The Democrats will NEVER turn the economy around...it's impossible with the programs they propose, and the taxes they propose...simply can't be done. I just read an article here on OPP stating that the decline of the petro dollar will cause interest rates to climb back up into double digits! Think about the impact of that would be...it will be the end of this economy, as we know it. If the interest rates increase back to pre-2008 levels, which were moderate rates in the 4%-5% range, the interest rate on that humongous national debt, the one that Obama has added over $8.5T to, and he's not done, will be around ONE TRILLION DOLLARS! About 25% of the budget! It comprises about 5-6% now...increase that interest rate to double digits, and we won't have an economy. And, you want a tax raising, big expanding government and government entitlements advocate (Hillary or Bernie), to try and turn an economy like that around? Huh? Are you ready to have to use a wheel barrow to carry the money you'll need to just buy a small bag of groceries? For the past three fiscal years, the Treasury coffers have brought in record amounts of tax dollars, RECORD AMOUNTS, and we're still running close to a half trillion dollar annual budget deficit! Think about that!

We need a conservative as president, and a conservative House and Senate to turn this around. Reduce taxes, reform entitlements (I didn't say eliminate them...some maybe, but not all), reduce government spending (except military), and eliminate some government departments and agencies...I would start with a 10% budget cut across all government departments, except Defense (but, I would also reform the Defense department), and I would eliminate base line budgeting. I would drastically reduce the EPA, Education, IRS, HUD, for a start. I would put a temporary hold on all immigration, and start deporting i******s.

You l*****t's had the first two years of the Obama administration where you controlled all three legislative branches, in which you essentially added a bogus $850B to the national debt (stimulus package that was a payoff to the unions and Democrat cronies) and rammed Obamacare down our throats, adding more to the budget and national debt. How about giving us conservatives two similar years, and see what we can do...you guys failed, so why not let us try? Huh?

Pulfnick Loc: Knoxville, TN

Conservatives don't h**e the concept of unions that protect workers from abuse from employers. But that hasn't been the roll unions have played for generations. Unions abuse unbalanced political power that has made unions simply legal extortionists, mainstream political industry, and money launderers who clean up taxpayer money the Democrats give them and then return some to the Democrat party.

Unions are one of the two major reasons our manufacturing base has declined seriously. You might "research" (a favorite word tossed around on OPP) the dramatic decline of the steel industry directly caused by unions, if you want to find one glaring example of unions destroying jobs and manufacturing in the US. Our insane corporate tax policy is the other big culprit.

jack sequim wa Loc: Blanchard, Idaho

Your ignorance of economics shines in your response. First, conservatives did not h**e the unions, but did condemn their outdated policies that effectively were placing businesses on the chopping block , many in manufacturing. I should have said, what's left of manufacturing. Remember history? Bill Clinton signed NAFTA, which destroyed manufacturing (JOB'S), and Obama's policies to futher secure a "socialist " America by destroying middle class jobs, while rewarding the richest.
It's a tragedy that over 70% of job creation are minimum wage jobs, and less than 10% medium income or above.

In a final note, you may want to research the cause of California fully qualified to file bankruptcy. The cause you will find is the contracts negotiated by unions the last 5 decades, leading to unfundable pensions, benifit packages, and unrealistic wages. And not learning from these l*****t policies, the l*****t are pushing hard for minimum wage jobs to pay living standards, putting millions of small business owners on the chopping block!

jack sequim wa Loc: Blanchard, Idaho

Wow, excellent reply stating facts,

Way to go!!
:thumbup:

jack sequim wa Loc: Blanchard, Idaho

Obama has had 7 years to repeal NAFTA, hold a position of strength with negotiations with China and Europe to balance trade and bring back manufacturing jobs through tax reform. But then our weakest president in history of foreign relations and negotiations, plus placing policies to destroy the middle class would never consider such positive actions.

jack sequim wa Loc: Blanchard, Idaho

Agreed, and I might add.....the t***h and obama are distant friends.
With a l*****t controlled media very little actual numbers are even researched by the reporters as was the case not many years ago. What ever this administration spins to the media, it is reported as fact.
L*****t are blinded to the t***h, facts, and documentation with little hope in finding the light.