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In Defense Of A Nation

Monday, February 17, 2014

By Michael Mccune: The Rant (US Government auditor for 16 years In Cheyenne, WY. -Economic Clowns Spin Jobs But Cannot Hide Failure's Reek(( to Have Michael send you the Rant to your Email contact Him Here ((

Economic Clowns Spin Jobs But Cannot Hide Failure's Reek
The initial jobs report came in for January. The non-farm payrolls increased by 113,000 and the official unemployment rate dropped to 6.6%.
While those who haven't been on the inside of the Beltway recently were ringing alarm bells, those inside were shrugging the numbers off...again.
A former Federal Reserve economist, Julia Coronado, was quoted as saying, "The jobs report is a disappointment but it's not anything like disastrous."
Where do they find these clowns?  Barnum and Bailey's Circus is missing a gold mine.
A quick recap of some facts where America is at with this latest jobs report. Fact 1, America needs to add around 200,000 jobs each month to stay even with the population growth. Fact 2, in December and January combined the economy added just 188,000 jobs. Fact 3, in that same time frame the official unemployment rate went from 7% to 6.6%. Fact 1 combined with Fact 2 does not give you Fact 3...unless you are cooking the books in a way that would make Al Capone or Enron jealous.
Former Chief of the Fed, Alan Greenspan weighed in on the labor report by saying, "The U.S. labor market has been thrown out of whack by a skills imbalance. There are a considerable number of people who are on the disabled list, just like the number of people who can no longer find work. This is a very distorted labor market."
That's the best the insiders can come up with for an explanation, a distorted labor market?
Not entirely, Greenspan took it a step farther and, as usual his numbers don't add up here either. "You have to look at the GDP and ask where's the shortfall? What the data is showing is almost all of the shortfall is in durable goods (items that last more than 20 years.)"
I'll give him that point because of the construction drop but here's another way of looking at the economic non-recovery. In 2006 America hit $16.3 trillion in GDP. We had just under 300 million people per a Census Bureau estimate that year. That is an average of $54,333 per person. In 2013 the GDP tippled towards the 16 trillion mark once again through inflation but we had 320 million people per a Census Bureau estimate. That figures out to almost exactly $50,000 per person. Where's the recovery?
We are behind where we were, per capita, eight years ago even without figuring inflation! Sorry, Beltway Bozos, that is data you cannot hide from. You can distort it, as Greenspan did, but you cannot cover up the stench.
Greenspan went on to one more item, "Companies lack confidence about the future. The stock market is still undervalued for the long-term. They will have to renew their confidence the economy is recovering."
Greenspan is drinking the Kool-Aid here. The market's rise is not due to "being undervalued", instead the market, per any normal application of economic fundamentals, is vastly overvalued. Whether you are looking for a capital gain or for dividends, the lack of performance by this bull market defies its' existence.
What was particularly shocking in the January jobs report was how far the "expert analysts" missed the ball. The consensus was the economy would add about 175,000 jobs in January and that December's report would be significantly revised higher. The December revision was 1,000 more while January's initial report had the professionals wearing a large 36% miss factor. The jobs report followed by three days the disheartening factory report from the Philadelphia Fed which showed a drop to an eight-month low in activity.
These are serious storm clouds on the economic horizon considering America has not yet hit the March 1 date for the next installation of Obamacare provisions where an additional 7 million people were to have insurance plans in place. To have the nation's leading political economists try to emulate their boss and shrug these numbers off is a travesty.
The official unemployment number fell only because another large group of people dropped into the oblivion of not "actively seeking a job." But this is not reported as bad news. The workforce participation rate drops to a 35-year low (back when Jimmy Carter's inflation rate was running at 17%) and that is not reported.
The highlight was the unemployment rate dropped to 6.6%. Pretty soon the government will count anyone not actively receiving unemployment compensation or working as 'not in the workforce.' Then America's unemployment rate will be 0.0%.
This is a massive government shell game right now where the political interests are running down the road, hoping the crash doesn't happen before Obama is out of office. They are trying to delay the effects of two terms until after he is gone for no other purpose than to have it become the someone else's problem.
The most detached President in history can then lead his merry band of clowns off the stage. It would be appropriate if they do so to the music of "Send in the Clowns" because we've lived with them for years.
"I have sworn on the altar of God eternal hostility to every form of tyranny over the mind of man."--Thomas Jefferson 

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