Who's Lying?

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investorzzo's picture
investorzzo
Status: Diamond Member (Offline)
Joined: Nov 7 2008
Posts: 1182
Who's Lying?

Have you noticed the latest sound bites coming from the punditry in the corporate mainstream media? Here is the latest wisdom flowing from the lying mouthpieces of the ruling oligarchy (Wall Street, Washington DC, Mega-corporations):

The economy is recovering and employment is growing.

Consumers are deleveraging, saving and using cash for purchases.

Retailers are doing fantastic as consumers increase spending.

These are the three themes being proclaimed simultaneously by the mainstream media. Every time I hear these themes proclaimed, I want to shout out like Joe Wilson – “YOU LIE!!!”

How can consumers be deleveraging, saving and increasing spending at the same time? Let’s examine the facts to see who is lying.

The fallacy that the economy is recovering and employment is growing can be put to rest by an examination of the BLS data accessed here: ftp://ftp.bls.gov/pub/suppl/empsit.cpseea1.txt.

The number of Americans employed over the last few years is as follows:

2007 – 146.0 million
2008 – 145.5 million
2009 – 139.9 million
2010 – 138.9 million
It seems there are 7.1 million less employed people than there were three years ago. Contrary to the spin from the White House, there are 1 million less people employed today than during the horrific 2009 year. Luckily, another 6 million people left the work force, or we’d really have a problem. The truth is that if the government actually counted everyone in the country who wants a job, the unemployment rate is not 9.8%, but 23% and it continues to rise.

http://www.financialsense.com/contributors/james-quinn/who-is-lying

 

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: What is unemployment really like in your area?

In my area, Kansas City, unemployment seems much much higher than 17%. Jobs of any kind and I mean any kind of job is extremely hard to find. Is anyone else seeing this were they live?

Jager06's picture
Jager06
Status: Gold Member (Offline)
Joined: Dec 2 2009
Posts: 395
Re: What is unemployment really like in your area?

I recently floated a help wanted ad for my retail shipping company. The response was frightening....literally.

I had over 400 applications turned in within 4 days for a single entry level $8 an hour part time job.

Over 1/3 of the applicants had Bachelors degrees, about 10 had education beyond a BS and 2 had a Masters and one a Phd.

This in a county of 85,000 full time residents. Two of the applicants I interviewed were planning to commute an hour one way if they got the job.

Insane.

Also, our normal ratio of credit card usage to cash sales is about 70/30. This season (Nov-Dec) has seen the ratio shift to about 50/50, while YOY sales have increased 30% on a month to month basis except November.

Jager06

 

investorzzo's picture
investorzzo
Status: Diamond Member (Offline)
Joined: Nov 7 2008
Posts: 1182
Re: Who's Lying?

John Williams of Shadowstats in an interview. One of the most detailed I can remember. The second half really gets going after the numbers. Jon

http://mcalvanyweeklycommentary.com/ica2010-1215-mp3/

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: Who's Lying?

Good listen. Thanks for posting that John Williams interview.

kaman's picture
kaman
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Joined: Apr 24 2009
Posts: 51
Re: Who's Lying?

That was very informative.

Thanks for sharing.

Wendy S. Delmater's picture
Wendy S. Delmater
Status: Diamond Member (Offline)
Joined: Dec 13 2009
Posts: 1982
Re: Who's Lying?
investorzzo wrote:

Have you noticed the latest sound bites coming from the punditry in the corporate mainstream media? Here is the latest wisdom flowing from the lying mouthpieces of the ruling oligarchy (Wall Street, Washington DC, Mega-corporations):

The economy is recovering and employment is growing.

Consumers are deleveraging, saving and using cash for purchases.

Retailers are doing fantastic as consumers increase spending.

These are the three themes being proclaimed simultaneously by the mainstream media. Every time I hear these themes proclaimed, I want to shout out like Joe Wilson – “YOU LIE!!!”

As someone who actually lives in Joe Wilson's congressional district, yeah they are lying big time. And as one of those 6 million souls who "left the workforce" it's been interesting.  In June of 2009 I left a soul-crushing job doing construction safety management in NYC for a second marriage in semi-rural SC.  Then my hip needed replaced, and by the time I was well enough to work? There are almost no jobs in construction, very few jobs in safety, and employers can pick and choose from a sea of candidates for what is available. I've taken a stab or two at starting a small business (resume writing, selling organic produce) but the only real money I made this year was from selling things on ebay, and that not much.

Still, we are doing better than a lot of places. My husband has a great job  doing something that saves people money. My son moved to SC from FL to help when I was ill. He stayed because our economy is more small-busines friendly: we are big on buying local and have money coming into the area from retirees, the military bases, and six colleges. Yes, during a SHTF scenario those income streams will dry up. But for now, it helps.

But when we mentioned the economy when made our Christmas cookie deliveries to the neighbors last year there was real fear in their eyes, even the neighbors with good jobs. I wonder how many of them will watch the Crash Course now.

 

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