“Today, companies are producing more goods and services than ever before. The economy is able to do that with 7 million fewer workers. If we can do so much with so much less, where is the incentive to hire?”-Bernard Baumohl, The Economic Outlook Group
For the past few days the stock markets have been going up (mainly those reported by the Dow Jones). Some mainstream U.S. media outlets were saying it’s because of good jobs data. It turns out their claims of good jobs data was based solely on “expert” economists, who were just plain guessing (like always).
Today, July 8, the U.S. Department of Labor released the official job hiring numbers for June, and boy are the “expert” economists way off. The mainstream media had been reporting that “expert” economists predicted 120,000 people would be hired in June. The actual number of people hired…18,000. That’s a big difference. It’s also clear proof that the U.S. economy is not recovering.
The job creation number is a “net” number, meaning it’s what’s left over after you subtract the number of people who lost jobs. Another way to say it is that corporate america fired way more people than they hired. And this has been going on for years now.
“We are backsliding. The chances are that we go into another recession or we muddle along at technical growth, but actually making no improvements as far as Main Street goes. The chance of one of those things happening is extremely high.”-Heidi Shierholz, Economic Policy Institute
How bad is the unemployment situation? Officially 7 million people lost their jobs as a direct result of the credit crisis, which started in 2007/2008. Today, officially there is still 6.3 million people with no jobs! And by “officially” I mean those people who’re still counted by state and federal unemployment agencies, there are potentially millions who’re no longer counted.
If you notice I used two quotes from economist who seem to know what’s really going on. I see many reports and comments from such economists, yet the mainstream U.S. media always goes with the “experts” who always get it wrong.
Why would the mainstream U.S. media continue to report faulty data? Could it be because the mainstream U.S. media is not only traded on the stock markets, but is actually invested in the stock markets, so basically they’re scamming potential investors to give up their money to the biggest casino in the world, The Stock Market?
There are also those who believe the mainstream U.S. media is doing the bidding of the Federal government, in trying to make things look better than they really are, to try and prevent mass civil disobedience (like what’s happening in some European countries).
In any event, it is clear that you can’t rely on the mainstream U.S. media for “facts” about our economy. And you can not use the stock market as a gauge for the performance of our economy.
The fact that 6.3 million people are still officially out of work, shows that after three years of promises about improving our economy, and claims that the recession is over, absolutely nothing has improved and many “Main Streeters” think we’re heading into a Depression.