Here we go again. The BLS is reporting that the unemployment rate FELL to a four year low of 7.7%. The MSM immediately latches onto this storyline and pronounces all is well with the economy. The stock market soars higher. The big swinging dicks on Wall Street go on CNBC and gleefully proclaim a new paradigm. Meanwhile, it’s nothing but bullshit and propaganda. Here is a link to the BLS report so you can see for yourself:
Here are the facts:
- The working age population went up by 165,000.
- The number of employed people went up by 170,000.
- Anyone with a smattering of math skills would conclude that the unemployment rate would stay the same.
- You’d be wrong. The number of unemployed people DROPPED by an astounding 300,000. And guess where they went? THEY DECIDED TO LEAVE THE LABOR FORCE. All 300,000 decided to leave the workforce in February of their own free will.
- Of course the participation rate DROPPED to a THREE decade low of 63.5% and the employment to population ratio stayed at a three decade low of 58.6%.
So let me get this straight. The working age population has gone up by 2.4 million people in the last year and we’ve only added 1.5 million new jobs, but the unemployment rate has PLUNGED from 8.3% to 7.7%.
How could this be? Do the BLS and the Washington ruling class actually think critical thinking human beings believe that 1.7 million Americans chose to leave the labor force in the last year because they don’t want a job? It’s beyond laughable, but the MSM government mouthpieces will spew these lies without a 2nd thought. They are doing their duty. If an economy is growing and in recovery mode, why would people be leaving the labor force? It’s not the Baby Boomers, because their participation rate is at an all-time high and going higher.
We do know where millions of these non-job seekers have gone. It was revealed late yesterday when another government propaganda agency reported consumer credit. It reached a new all-time high of $2.8 trillion. It went up by $10 billion, but credit card debt FELL by $19 billion. Credit card debt is 18% lower than it was in 2008. If more people are employed and confident about the future, why aren’t they using their credit cards?
Guess what went up to a new high? That’s right – STUDENT LOAN DEBT. It skyrocketed by $26 BILLION in one month. Obama and his minions continue to blow another epic bubble that will burst and cost taxpayers hundreds of billions in the not too distant future. But a forty year old former construction worker majoring in lesbian studies at the University of Phoenix is not in the labor force and doesn’t count as unemployed in the Orwellian Obama world we live in today.
So be a good muppet and listen to the corporate media and your government leaders when they tell you all is well. Buy stocks before you miss out.