Reply #37: Big Lies, Little Lies By Paul Craig Roberts

[Demeter]

http://www.informationclearinghouse.info/article26770.htm

If we cannot trust what the government tells us about weapons of mass destruction, terrorist events, and the reasons for its wars and bailouts, can we trust the government’s statement last Friday that the US economy gained 151,000 payroll jobs during October?

Apparently not. After examining the government’s report, statistician John Williams (shadowstats.com) reported that the jobs were “phantom jobs” created by “concurrent seasonal factor adjustments.” In other words, the 151,000 jobs cannot be found in the unadjusted underlying data. The jobs were the product of seasonal adjustments concocted by the BLS.

As usual, the financial press did no investigation and simply reported the number handed to the media by the government.

The relevant information, the information that you need to know, is that the level of payroll employment today is below the level of 10 years ago. A smaller number of Americans are employed right now than were employed a decade ago.

Think about what that means. We have had a decade of work force growth from youngsters reaching working age and from immigration, legal and illegal, but there are fewer jobs available to accommodate a decade of work force entrants than before the decade began....


The BLS household survey measures the number of people with jobs. The same October that reported 151,000 new payroll jobs reported, according to the household survey, a loss of 330,000 jobs.

The American working class has been destroyed. The American middle class is in its final stages of destruction. Soon the bottom rungs of the rich themselves will be destroyed.