Kind regards,
Christopher
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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 idiots in Washington to be a super-power.
What a total joke!
Dr. Paul Craig Roberts was Assistant Secretary of the Treasury
for Economic
Policy and associate editor of the Wall Street
Journal. He was columnist for Business Week,
Scripps Howard
News Service, and Creators Syndicate. He has had many
university appointments.
His internet columns have attracted a
worldwide following. Roberts' latest books are The Failure of
Laissez Faire Capitalism.