Kind regards, Christopher ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ *Yet Another Fabricated Jobs Report — Paul Craig Roberts http://www.paulcraigroberts.org <http://www.paulcraigroberts.org> January 8, 2016|* * 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.* -- Check out the Commons Transition Plan here at: http://commonstransition.org P2P Foundation: http://p2pfoundation.net - http://blog.p2pfoundation.net <http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation>Updates: http://twitter.com/mbauwens; http://www.facebook.com/mbauwens #82 on the (En)Rich list: http://enrichlist.org/the-complete-list/