/ world today news/ Do you remember the time when real journalists still existed? These were the days before the Clinton regime concentrated all media in the hands of a few corporations and turned the media into a Ministry of Propaganda, a Big Brother tool. The parallel reality that Americans live in has expanded into an economic parallel reality.
/ world today news/ Do you remember the time when real journalists still existed? These were the days before the Clinton regime concentrated all media in the hands of a few corporations and turned the media into a Ministry of Propaganda, a Big Brother tool. The parallel reality that Americans live in has expanded into an economic parallel reality.
The unemployment rate report released last Friday was part of a series of bad news that was cleverly disguised and lost in the flood of “good” news. The media repeats two figures every time they really mean something – unemployment is growing, but wages are also growing. The media ignores the numbers that show the continued decline in Americans finding work even as our economy has been recovering.
The so-called “restoration” relies on the so-called “U-3” measure of the unemployment rate. This level measure does not include unemployed people who have given up looking for more work altogether and have not looked for work in the past four weeks. The “U-3” measure of unemployment includes only those who are hopeful that they will be able to find a new job.
Our government also has a second official measure of unemployment – “U-6”. The results of this measure are very rarely reported. The reason is that it also includes those unemployed who have been unemployed for more than a year and have not tried to find a job since then. This official measure indicates twice as many unemployed as “U-3”. It turns out that our unemployment has increased by 10% in the past 10 years, while our economy was supposed to be on the road to recovery?
In 1994 under the Clinton regime, the measurement of long-term unemployed people in the US labor market was discontinued. Clinton wanted his economy to look much better than Reagan’s, so he ended the measurement of permanently unemployed Americans. John Williams (shadowstats.com) continues to measure the level of permanent unemployment with the official Reagan-era methodology, and if we include this, it turns out that the unemployment rate in the US in July 2015. has exceeded 23%. This is several times the unemployment rate even during the recession when the head of the Fed was Paul Volcker during the Reagan presidency.
Unemployment at 23% gives new meaning to “economic recovery”. It’s been 85 years since the Great Depression, and today we have an unemployment rate approaching the unemployment rate back then!
The percentage of the workforce contributing to the so-called “recovery”, which began in June 2009 and continues to this day, is declining. This is extremely unusual. Typically, when an economy recovers and the level of people re-entering the labor market, unemployment should go down, not up. Citing what he is hearing from his economic advisers, President Obama attributes the decline in the labor force participation rate in the economic recovery to the retirement of the post-war generation. But in fact, in practice, job growth is mostly among those 55 and older. For example, all full-time jobs that grew in July were for those 55 and older. Those Americans of prime working age (ages 25-54) lost 131,000 jobs in July.
In the past year (from July 2014 – July 2015), the employed aged 55 and above got 1,554,000 jobs, and the young – between 16-18 and 20-24. lost 887,000 and 489,000 jobs respectively.
There are 4,000,000 fewer jobs for Americans between the ages of 25 and 54 today than there were in December 2007. From 2009 to 2013 working Americans in that age range have declined by as many as 6,000,000 people. Apparently the “economic recovery” is bypassing working-age Americans…
In July 2015 we have 27,265,000 people who are in temporary or seasonal work. Of these, 6,300,000 people, or 23%, work in irregular jobs because they cannot find a permanent one. There are 7,124,000 Americans working part-time, an increase of 337,000 people from last year.
Young people can’t build their own households based on part-time work, but retirees are taking on similar jobs to plug the holes in their budgets created by the Federal Reserve’s zero-interest rate policy, which is locked in to support on the balance sheets of a handful of giant banks whose managers control US finances and the Federal Reserve. With so many people with manufacturing and trade skills, such as software engineers, moving to China and India, the opportunity for professional careers in the US is beginning to disappear.
The most lucrative jobs in America are being a Wall Street hustler, lobbying for private interests for which former members of the White House, the Senate and the executive branch are most sought after, and being a founder or executive in a think tank. a trust which, under the guise of pushing policies in the interest of the people, actually schemes to enrich its leadership.
Translation: Evgeni Rushev
#Paul #Roberts #economy #continues #collapse
