Best of the Week
Most Popular
1.US Dollar Crashes, Gold And Bitcoin Skyrocket As Economic Recovery Lie Is Exposed - Jeff_Berwick
2.Now Obama Warns Americans to ‘Be Prepared’ for Disaster… What Does He Know? - Jeff_Berwick
3.EU Referendum - Britain's Immigration / Migrant Crisis Explained - Nadeem_Walayat
4.EU Referendum - British People vs Establishment Elite, Vote LEAVE an Act of Defiance! - Nadeem_Walayat
5.Prominent Billionaire Investors Warn of Financial Crash, Quietly Position Themselves - MoneyMetals
6.Bankers Warn of BrExit Financial Armageddon if British People Vote for Freedom - Nadeem_Walayat
7.Bad U.S. Jobs Report Prompts Stocks Bear Market Rally Towards New All Time Highs! - Nadeem_Walayat
8.Gold And Silver – Friday May Have Marked A Pivotal Turnaround - Michael_Noonan
9.EU Referendum - British People vs Establishment Elite, the Illusion of Democracy and Freedom - Nadeem_Walayat
10.Felix Zulauf: Monetary Stimulation Creates Bubbles, Not Prosperity Nor Growth - GoldandLiberty
Free Silver
Last 7 days
Gold And Silver: Security, And BREXIT - 25th June 16
Dow, Euro & Brexit Recap - 25th June 16
Resistance Holding Gold Stocks after Brexit - 25th June 16
Venezuela vs. Ecuador (Chavismo vs. Chavismo Dollarized) - 25th June 16
Gold, Silver And PM Stocks Summer Doldrums Risk - 24th June 16
Here’s Why China “Economic Hard-Landing” Worries Are Overblown - 24th June 16
Jubilee Jolt: Markets Crash, Gold Skyrockets as Britain Takes Brexit - 24th June 16
BrExit Morning - New Dawn for Britain, Independence Day! - 24th June 16
LEAVE Wins EU Referendum - Sterling and FTSE Hit Hard, Pollsters, Bookies and Markets All WRONG! - 24th June 16
Trading BrExit - British Pound Plunges, FTSE Stock Futures Slump on LEAVE Shock Referendum Win - 24th June 16
EU Referendum Shock Results Putting BrExit LEAVE in the Lead Hitting Sterling Hard - 24th June 16
Final Opinion Poll Gives REMAIN 52% Lead, Bookmakers, Markets and Pollsters ALL Back REMAIN Win - 23rd June 16
Does BREXIT Matter? Outlook for Sterling - 23rd June 16
Keep Calm and Vote BrExit - Last Chance to Break Free of EU Superstate - 23rd June 16
Here’s the Foreign Policy Trump and Clinton Really Want - 23rd June 16
Details Behind Semiconductor Stocks Leadership - 23rd June 16
Trading BrExit - Stocks, Bonds, Sterling, Opinion Polls, Bookmaker Odds and My Forecast - 23rd June 16
BrExit Looks Set to Win EU Referendum, Final Opinion Polls Give LEAVE Lead Over REMAIN - 22nd June 16
Proof that the Gold Bears are Wrong - 22nd June 16
Here’s a Trillion-Dollar Investment Opportunity for Those Few with No Debt - 22nd June 16
BrExit to Save Europe from Climate Change Refugee Migration Apocalypse - 22nd June 16
Increase In U.S. Rig Count Will Not Cap Oil Prices - 22nd June 16
Are Copper and China Stocks Set to Rally? - 22nd June 16
SPX May Break Its Trendline - 22nd June 16
Believe it or Not: More Kids Live At Home Now than Since The Great Depression - 21st June 16
EU Referendum Latest Opinion Polls Show LEAVE Halting REMAINs Surge - 21st June 16
British Pound Outlook - BREXIT, Europe and You - Does your vote matter? - 21st June 16
Fascist Victory Behind the European Union - 21st June 16
EU Referendum Opinion Polls Analysis Shows Strong Momentum in REMAINs Favour - 21st June 16
Is It Time to Dump Gold and Buy Platinum? - 21st June 16
Could Central Bankers Be Gold and Silver's BIGGEST Allies? - 20th June 16
Words Still Mean Things – Brexit With Graham Mehl - 20th June 16
Baroness Warsi the Manchurian Candidate Quits LEAVE for REMAIN, Boris Johnson Next? - 20th June 16
FTSE Soars, Stock Markets Bounce on LEAVE Polls Surge, Bookmakers Widen BrExit Odds - 20th June 16
Brexit Would Trigger Devolution of Europe - 20th June 16
Stock Market Week Of Uncertainty - 20th June 16
Will Gold’s Bullish Price Chart Outperform Gold’s 5 Bearish Indicators? - 20th June 16
Bonds And Stocks At All-Time Highs: Are Markets Confused Or Broken? - 20th June 16
Silver Sleeping On the Job - 19th June 16
BrExit Odds Sink, REMAIN Polls Boost by Jo Cox Killing by Radical Right Extremist, Conspiracy? - 19th June 16
How Elliott Waves Tell You When to "Jump In" & When to "Jump Out" of Markets - 18th June 16
Stock Market Inflection Point During Bifurcation - 18th June 16
Gold And Silver – Insanity Is World “Norm.” Keep Stacking! - 18th June 16
Gold Stocks - Bull Markets that Follow Epic Bears - 18th June 16
The Fed Giveth and the Gold Bullion Banks Taketh Away… - 17th June 16
Brexit: "The Vote Heard Around the World" - 17th June 16
Gold Stocks Summer Breakout? - 17th June 16
Stock Investors Get Higher Returns and More Dividend Income - In Less Time With Less Risk - 17th June 16
How to Use the Gold-to-Silver Ratio? - 17th June 16
Inflation, Deflation & Associated Trading Prospects - 17th June 16
Overnight Markets Struggling to Stay Flat - 17th June 16
Gold Price Surges to Highest in Nearly Two Years On Central Bank and Brexit Haven Demand - 17th June 16
Stock Market Thinking Upside Down; Dow 18k Still Key - 17th June 16
Jo Cox MP Terror Attack Killing Claimed for "Britain First" - Witness Report - 17th June 16
Stock Market, Iron Ore, Bitcoin – Is Silver Next for Chinese Momentum Investors? - 16th June 16
EU Referendum Campaigning Suspended Following Shooting of MP Jo Cox, Suspect Named as Tommy Mair - 16th June 16
Why People are Migrating to the UK, Illegal Immigration, Housing Crisis Consequences - 16th June 16
Stocks Fluctuate Following Recent Decline - Bottom Or Just Pause Before Another Leg Down? - 16th June 16
The US Consumer-Driven Economy Has Hit a Brick Wall - 16th June 16
Bitcoin Price Going Parabolic Again, Now At $730 and Up 60%+ In Last Three Weeks - 16th June 16
China's Hard Landing Has Already Begun! - 16th June 16
Crude Oil Price - Oil Bears vs. Support Zone - 16th June 16
Central Bankers Are Wrong About Inflation and Deflation - 15th June 16
Alignment Of The Dow, Interest Rates, Debt and Silver Cycles Will Deliver A Fatal Blow - 15th June 16
Stock Market Bounce May be Over - 15th June 16
EU Referendum: Have the Bookmakers Got it Wrong? LEAVE Opinion Polls Lead - 15th June 16
Gold Price Rally - 15th June 16
How to Invest for Brexit Report - 15th June 16
Stock Market Short of the Decade? - 15th June 16
Stock Market Sell Off Coming! - 14th June 16
QE - The Good, Bad & Ugly - 14th June 16
This Demographic Shift Makes Our Social Security Useless - 14th June 16
Gold Stocks Ultimate Objective in a World of Monetary Transition - 14th June 16
Philosophy of the New World Order - 14th June 16
The Brexit Game - Boris Johnson vs David Cameron EU Referendum Zombies - 14th June 16
EU Referendum: LEAVE Opinion Poll Lead of 51% to 49% Whilst Bookmaker Odds Still Strongly Favour REMAIN - 14th June 16
George Soros Making Big Bets on Gold - 14th June 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

Why 95% of Traders Fail

Hyped U.S. Unemployment Numbers Despicable Lies, Delusional Economic Recovery

Politics / US Politics Apr 06, 2011 - 05:46 AM GMT

By: Joel_S_Hirschhorn

Politics

The US government lies. Sure looks like most Americans gobble up false and misleading information that is nothing less than political propaganda. Take the highly hyped unemployment number for March, 2011 of 8.8 percent that moved like a tornado through the media and was praised by Democrat politicians and the White House. As if that number is accurate, as if it fairly describes unemployment. It does not. What is called by experts, such as Leo Hindery, as the real unemployment number was actually 17.7 percent, which is remarkably higher. To appreciate that much higher number is to throw a large bucket of cold water on all the political spin on the economic recovery.


The official government unemployment figure has been carefully crafted to intentionally underestimate actual unemployment. The way the data are collected through a survey of homes intentionally ignores a number of unemployed and underemployed Americans. The latter includes those who have stopped looking for a job because it has become crystal clear to them that there are no jobs for them, as well as those working part-time when what they really want is a good full time job.

Similarly, Gallup polling which takes into account these other factors found the total number for March up slightly to 20.3 percent of the US workforce.

As if this sham game is not bad enough, what the government also does not reveal with hard information is that most new jobs being created now are low wage ones often without any good benefits. Another reason to see how delusional the economic recovery is.

To get back to a low unemployment level characteristic of a good economy could take up to ten years. The federal lie includes 13.5 million unemployed workers but the real number is more like 28.2 million. That means a lot more hardship and suffering in the fictional recovery than the government wants the public to know about. The number of real unemployed workers has increased by 11.5 million since the start of the Great Recession, and just since December 2008 by 3.7 million.

The economy must add 13 million private sector jobs over the next three years-360,000 each month-to bring unemployment down to 6 percent. There is no possible or imaginable way for this to happen. So real unemployment will remain terrible.

All this plus the fact that real wages have stagnated for many years means that the middle class in the US is in dire shape. The most important implication of this is that there is no good reason to think that the deeply depressed housing market stands any chance of recovery for many years. There are not enough people with enough money and financial security to buy even low priced houses. There simply are too many empty houses and even more coming from millions more foreclosures. Without a healthy housing market it is inconceivable that a true economic recovery and meaningful growth are possible.

In other words, contrary to all the blabber from politicians and pundits, the current recovery is largely delusional as far as the vast majority of Americans are concerned. Of course, the rich Upper Class is doing just fine. In 2009, the richest 5 percent claimed 63.5 percent of the nation’s wealth. The richest 20 percent of Americans own 84 percent of all wealth. The overwhelming majority, the bottom 80 percent, collectively hold just 12.8 percent. As the Economic Policy Institute has reported, the richest 10 percent of Americans received an unconscionable 100 percent of the average income growth in the years 2000 to 2007, the most recent extended period of economic expansion.

Odds are that you, dear reader, are in the bottom 80 percent, which means you should have the good sense to see how delusional the current economic recovery is and that you should have little hope for doing well in the future. Remember also that state and local governments facing budget shortfalls will surely layoff many more people and those congressional attempts to address the horrendous national debt and deficit will surely mean cuts in many government programs that many in the bottom 80 percent depend on.

Companies will continue to make huge profits, pay little in taxes and continue to manipulate government policies through lobbying and campaign contributions so that they keep getting away with murder of the middle class. Corporate bigwigs and Wall Street fat cats will continue to grab incredible amounts of money. And hardly any of the corporate crooks that have screwed most of us will get prosecuted or jailed, as they should. Nor will there be any true, badly needed reforms of the financial sector. Banks will continue to financially rape Americans.

Lies will keep coming from both Democrats and Republicans in Congress as well as President Obama. Do you want to believe them? Or can you accept the painful truth about our bleak national condition and stop voting for lying politicians that keep the corporate dictatorship in power?

By Joel S. Hirschhorn

http://www.delusionaldemocracy.com

Joel S. Hirschhorn has been widely published; his previous book is Sprawl Kills - How Blandburbs Steal Your Time, Health and Money - see www.sprawlkills.com He has published many articles and oped pieces in major newspapers (Washington Post, New York Times, Baltimore Sun, Chicago Tribune) and on progressive web sites such as CommonDreams, The Progress Report, SmirkingChimp and Opednews; Google Joel S. Hirschhorn to see his writings and achievements and see link below.  Before becoming a writer and consultant, he was a senior staffer for the U.S. Congress (Office of Technology Assessment), Director of Environment, Energy and Natural Resources at the National Governors Association, a full professor at the University of Wisconsin, Madison, and head of an environmental consulting company.

Joel S. Hirschhorn Archive

© 2005-2016 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Catching a Falling Financial Knife