The cheerleader press announced exactly what the government propagandists fed them this morning. The BLS breathlessly announced 263,000 new jobs and the lowest unemployment rate in 49 years. They conveniently ignored the household survey. Some inconvenient facts you may not have heard today, taken directly from the BLS website:
- The number of employed Americans DROPPED by 103,000 in April.
- The number of employed Americans is 300,000 LOWER than it was in December, 2018.
- The participation rate has dropped from 63.2% in January to 62.8% in April.
- The economy is so fucking great, 646,000 Americans voluntarily left the work force.
- 102 million working age Americans are not working.
- The made up Birth Death adjustment added 281,000 phantom jobs into the calculation of new jobs. That was the single biggest positive adjustment in history. This is not real. It’s fake data.
- In the last year, number of men aged 45 to 54 employed declined by 220,000.
But don’t let facts get in the way of “best economy evah” Trump bullshit. So it goes.
Guest Post by Paul Craig Roberts
I was listening while driving to rightwing talk radio. It is BS just like NPR. It was about the great Trump economy compared to the terrible Obama one. The US hasn’t had a great economy since jobs offshoring began in the 1990s, and with robotics about to launch Americans are unlikely ever again to experience a good economy.
The latest jobs report released today claims 236,000 new private sector jobs. Where are the jobs, if they in fact exist? Manufacturing, that is making things, produced a mere 4,000 jobs.
The jobs are in domestic services. There are 54,800 jobs in “administrative and waste services.” This category includes things such as employment services, temporary help services, and building services such as janitor services. “Health care and social assistance” accounts for 52,600 jobs. This category includes things such as ambulatory health care services and individual and family services. And there are 25,000 new waiters and bartenders. Construction, mainly specialty trade contractors, added 33,000. There are a few other jobs scattered about. Warehousing and storage had 5,400 new jobs. Real estate rental and leasing hired 7,800. Legal services laid off 700 people. Architectural and engineering services lost 1,700 jobs. There were 6,800 new managers.
The new jobs are not high value-added, high productivity jobs that provide middle class incomes.
In the 21st century the US economy has only served those who own stocks. The liquidity that the Federal Reserve has pumped into the economy has driven up stock prices, and the Trump tax cut has left corporations with more money for stock buybacks and dividend payments. The institute on Taxation and Economic Policy reports that 60 Fortune 500 companies paid no taxes on $79 billion in income, instead receiving a rebate of $4.3 billion. https://itep.org/notadime/
The sign of a good economy is when companies are reinvesting their profits and borrowed money in new plant and equipment to meet rising demand. Instead, US companies are spending more on buybacks and dividends than the total of their profits. In other words, the companies are going into debt in order to drive up their share prices by purchasing their own shares. The executives and shareholders are looting their own companies, leaving the companies less capitalized and deeper in debt. https://systemicdisorder.wordpress.com/2016/10/26/work-harder-for-speculators/
Meanwhile, for the American people the Trump regime’s budget for 2020 delivers $845 billion in cuts to Medicare, $1.5 trillion in cuts to Medicaid, and $84 billion in cuts to Social Security disability benefits.
History is repeating itself: Let them eat cake. After me the deluge.
The French Revolution followed.
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Get out of your Moms basement, I’m as busy as a one armed wallpaper hanger.
Only a nitwit ignores facts and uses one example to judge an entire economy. Trumpeteers are just as dumb as Obama acolytes. Idiocracy. I really need an IQ test to weed out sub 85 retards.
I’ve been in business for 21 years, you know jack shit about the real economy. It is rocking.
Now go be a liberal hack somewhere else.
In business as a fry cook at McDonalds. Don’t burn the fries dumbfuk.
In the business that always brings the country out of a recession. You feeling the Bern ?
In 2024 every dollar paid in taxes to the Federal Government will be used to pay interest on the National Debt. At that point we will all eat shit and die. You don’t have a clue about the fact that the Great American Imperial Collapse is underway right now. The only positive thing I can say is that it will be entertaining to see ignorant people such as yourself get your double helping of it all, for you will be eating shit once the price of a loaf of bread and a gallon of gasoline hits about $20.
You must be Canadian ? FYI, I don’t eat bread.
Nope, I live in a place where everybody owns at least a dozen guns bought without paperwork, plus the ammunition for them
Coal – nice comment but those facts cannot be correct. National debt will be say $25 trillion. At say a high of 4 percent, that makes the interest bill $1 trillion. Tax take is something like $3 trillion. And I thing the interest rate paid is a lot lower than 4%.
I went back and did some math. You are indeed correct, for at 4% interest it will take about another 16 years for this to occur- the year 2035. Of course, if the interest rates climb to 8% then it will take only about 7.5 years. Then again, what happens if no one shows up to buy those Treasury Bonds once they figure out that any paper they buy will be worthless? The Crackup Boom will occur at some near point in the future and we won’t know until the day it happens and I’m sure we’ll all be alive to see it.
You are not a nation, a culture, an economy. You are not a measure of your societal environs. Even if you are making bank, what makes you think you will spend it well?
https://www.wsj.com/articles/u-s-steel-to-invest-1-2-billion-at-pennsylvania-mills-11556823367
When you are being protected by tariffs from superior foreign competitors (as American steel companies have been for the last 130 years), its little wonder that you would be willing to expand in a tax-beneficial manner.
Gatsby – you did not add a comment, so I will assume you are a moron based on the link and your previous comments.,
That investment is going to reduce jobs, not add any. They are refurbishing an old plant, and it will become highly efficient, meaning fewer jobs. You have to dig around a bit to find out that is true, but I knew it would be before I even looked.
Who will do the “refurbishing” ? AI ?
Think.
Govt debt never higher, credit card debt never higher, car loan delinquency way up, student debt never higher. Most families can handle a $400 emergency. Whew, I can’t take any more winning.
Denninger agrees
https://market-ticker.org/akcs-www?post=235717
THE CRASH IN US ECONOMIC FUNDAMENTALS IS ACCELERATING
http://www.alt-market.com/articles/3746-the-crash-in-us-economic-fundamentals-is-accelerating
I’ll take Baby-boomers retiring for $500 Alex.
https://www.reference.com/business-finance/many-people-retire-year-e8550816b2d3b2e7
That certainly explains the men aged 45 to 54 employment going down by 220,000 in the last year. You are a dense motherfucker incapable of critical thought – but at least you are a non-thinking lemming.
4 million a year retire, dipshit. You liberals are sure bad at maff.
Gatsby – Admin is kicking your ass. The participation rate does not include those of retirement age, you imbecile. Further, how many enter the workforce age each year? Here is a hint, you dumbass -there are more 18 year olds than 65 year olds.
There are dumbfucks, and then there is you. You make a common dumbfuck look like Einstein.
When you realize this village idiot is representative of more than 50% of Americans, you know we’re doomed. Get that guesthouse ready for me.
All set. We will loan you a boerboel to keep you company.
I can’t wait.
?itok=pD6n5teJ
Yup, that looks like my female. Usually she is dragging around a leg of the last trespasser, though.
I impressed you can type with Admins cock in your mouth. Bravo…
I am certain you are blind. No way you could feed yourself without putting your eyes out with the fork.
Long time since such stupid showed up around here, crowing about mfg job growth that is not even keeping pace with gdp growth, and too stupid to know more people enter the workforce age group than retire each year.
You’re not even American, you know nothing about the American economy other than what you read. Worry about your own country and STFU.
I understand why you use the gatsby alias. Cock in the mouth projection, me thinks.
Rent free….
Quoting Hillary now.
I take shits with more substance than you.
Every infantile comment you make about Llpoh and myself supporting Obama, Hillary and Bernie lowers your already whale shit level standing on TBP. Any future comment spewed by yourself will be given 0% consideration by the critical thinking TBP readership. You really should slither off the site and comment on the Fox News lemming site.
The stupid, it burns.
I’d love to sit here and play all day, but I have to go to work. You know, with this “bad economy” and all…
Be careful out there VI
gatsby1219 is not ‘not mygirl’
I disagree with PCR.
It is NOT going to be “un deluge”; Les Francais already had that. Attributed to Louis XV who said it prophetically about juniors tumbrel ridin’ days.
What the West, and the U.S.S.A. in particular, is going to experience rather is an epic shit firestorm. So to PCR and TBP commentariat I say:
Attendez! Le plus grande tempête de merde en feu est proche.
Peq.
So everyone had better duck or get way back or better yet, leave the room cause the caca gonna ventilate.
I said mfg was not coming back. I may be a naysayer, but my strike rate on these types of predictions is almost perfect. Where are the Trumpeteers that disagreed with me? Yoohoo – come out come out wherever you are!
Stop watching CNN.
The promised tax cuts came in December 2017 spurring even more investment and encouraging manufacturers to look at bringing jobs once thought gone forever back to U.S. soil. By no longer holding the title of “Highest Corporate Tax Rate on the Planet, money came back from overseas as well, with U.S.-based multinationals bringing $571 billion back to the U.S. In October of 2018 regulatory cost and risk was reduced as the Trump administration cut almost 3 regulations for every one added.
All of these factors have resulted in a resurgence in the manufacturing sector that only a few short years ago was deemed impossible. In November of 2016, New York Times columnist and Nobel laureate Paul Krugman said on Twitter, “Nothing policy can do will bring back those lost jobs. The service sector is the future of work, but nobody wants to hear it.” Those jobs are back and in the end, it wasn’t magic, but good policies and hard work that helped breathe new life into American manufacturing.
https://mfgtalkradio.com/the-return-of-manufacturing-jobs-recently-thought-gone-forever/
You have elevated yourself to the new title of TBP Village Idiot (aka the great regurgitator of MSM narrative)
You’re shill and a liar.
https://mfgtalkradio.com/russian-aluminum-giant-rusal-invests-200-million-in-kentucky-mill/
Don’t forget to down vote….
Incapable of making a cogent argument, so pastes links to articles as his argument. Only retards and village idiots believe the MSM and government shills. Get a brain douchebag.
Yet, I don’t believe your propaganda. You still mad Hillary lost ?
I’ll take that down vote as a “yes”.
Thanks for playing.
Listen here dip shit, the site of that so called “plant” is only 15 miles from where I live. Everyone here except our greedy politicians and bankers know it is a fraud. It is located 13 miles from the nearest rail line and river port, and there is no way in hell you can smelt aluminum economically unless you have the plant sitting right on the Ohio River to receive the bauxite ore off of barges and then ship out the finished product via a CSX rail line running up to your back door. Another point of “Hell No, No Way!” is that the electric power they say they’re going to buy is all generated by natural gas, which is 2X more expensive than the electricity generated by coal, which is what the competing smelters in Western Kentucky use.
I’ll tell you one thing they are doing. They have received special developmental loans, grants, and tax deals, which their subsidiary companies are using to buy lots of real estate around here. Soon they will sell those subsidiaries (to their real owners, for no doubt pennies on the dollar, and without the corporate debt) to “raise emergency funds” to “build that plant.” Then it will go bankrupt!
Gatsby The Village Idiot doesn’t grasp facts. He is a true believer in false narratives, and he has a $4 million retirement already hooked up. Don’t bum him out with the truth.
You know, it is amazing how fucked we are all, and 99+% have no idea what they are about to get, especially the Boomers who think they’re getting ready to retire.
Co-clink:
“They have received special developmental loans, grants, and tax deals, which their subsidiary companies are using to buy lots of real estate around here”
I didn’t see that in the article Gullably1219 posted, either. Have you heard any talk of new jobs coming to the plant?
annuit coeptis novus ordo seclorum- President Donald W. Obama says he is going to run in 2020 “on the economy”.
Oh they’re actually coming to all of the local high schools and telling the kids to go to the Tech Schools here and train in XYZ fields, and the schools are complying with enhanced programs. but there are no jobs, for nothing has been built! The power substation and lines haven’t even been installed, for AEP said they wouldn’t do it unless Braidy showed they had the cash to build their “mill”. The only activity here is the work they’re doing on all the properties they bought, and it’s a lot!.
Co-clinker,
The local community college has been doing A and P classes that cater to a large jet engine repair facility here for a number of years. It’s a damn good job, if you could get it.
In the past couple of decades, the union contract has surrendered pay/benefit increases each time they were up for renewal.
The local college training has chapped my hide from day one, as the college is tax supported. So local property tax payers are forced to subsidize the global corporation that runs the plant (GE)
There is NEVER a plant expansion in this town unless the city produces a tax incentive of one kind or another to bring it about. Always toting the expansion of ‘new jobs’ and ‘payroll’…..then after $35 million in tax breaks, the packing house buses in Somalians (3 bus loads a day) from the ‘big city’ 60 miles up the road.
annuit coeptis novus ordo seclorum-little by little, we have been sold down the river
clinker,
give us updates on that every few months,will ya?
this would make a great article about how things are being manipulated–
Co-clinker…I’m with Tampa…this is interesting.
So, manufacturing jobs grew 4% over two months and two years, during which time GDP grew what, 6%? So manufacturing jobs did not even keep up with GDP growth.
Do you realize how stupid you are? That is some kinda of truly stupid right there. The economy grows faster than manufacturing job growth, and you crow about jobs coming back? Seriously, that mfg jobs did not keep up with GDP means that manufacturing jobs continue to collapse. And will continue to do so.
Your Messiah said manufacturing jobs weren’t coming back, he was wrong, and so are you.
Shouldn’t you be getting ready for a Bernie rally ?
Gullably1219-
“The deal will make Rusal the single provider of low-carbon aluminum for Braidy Industries’ new rolling mill which is slated to begin production in 2020.”
The new rolling mill will be ‘at the mercy’ of Russian oligarchs?
“Both companies also had to agree to “unprecedented transparency,” which includes regular auditing and enhanced reporting requirements”
Wonder if the ‘transparency’ will work out like the ‘transparency’ of the U.S. government?
“The deal will give Rusal a 40 percent share in the northeast Kentucky facility and En+ Group Executive Chairman Lord Gregory Barker will be made co-chairman with Braidy CEO Craig Bouchard. The investment is good news for Braidy Industries.”
Smells a lot like ‘globalism’ to me. But I won’t argue that it’s not “good news” for Braidy Industries.
“The company is still trying to pull together an estimated $1.7 billion needed to build the new mill.”
Countin’ chickens before the eggs ?
In addition to the much-needed capital,….”
Because the economy is on fire?
…..”Braidy now has a source for 200,000 tons of low-carbon slab annually as the aluminum industry moves aggressively to lower carbon emissions associated with the production process. “When you combine low-cost, highest-quality [and] lowest carbon imprint, that turns into a competitive advantage. There is no other company that will be able to do what we are doing,” said Braidy Industries CEO Craig Bouchard.
Again, dependent on Russian supply?
“For Rusal the deal represents the beginning of what they hope will be many such partnerships with US companies. “The U.S. is where the growth is going to be in the future,” said Barker. “We see a renaissance in U.S. added-value manufacturing, advanced manufacturing,” said En+ Group Executive Chairman Lord Gregory Barker.”
How many jobs does ‘added-value manufacturing, advanced manufacturing’ add? The next sentence is the end of your article, and I failed to see where new jobs were discussed?
“The deal is still contingent upon approval from the boards of both companies, which is expected to finalize in the next 90 days.”
Take your pick: countin’ chickens or cart before the horse?
annuit coeptis novus ordo seclorum-
“When our founders declared a new order of the ages….they were acting on an ANCIENT hope that is meant TO BE FULFILLED”-
Skull and Bones U.S. President George W. Bush, Jan. 20, 2005, second inaugural address
From your favorite site…
https://www.nytimes.com/2019/05/02/business/economy/wage-growth-economy.html
Didn’t like that write up ?
When all else fails, censorship.
Retard screws up a comment and declares censorship. How do you get through your day with a 75 IQ. I guess you just let the MSM create your thoughts while you pick your nose and eat it. I love kicking the shit out of the leader of the ignorant masses.
Who in the fuck are you and what in the hell do you do for a living? Your answer will no doubt be the beginning of another enormously entertaining string of responses and comments.
I used to be a village idiot but gatsby1219 lowered the I.Q. requirements and I git RIF’d (sssshhhh… BLS hasn’t reported it).
Oh no, you weren’t anything like Today’s Boy Wonder. Who was that guy on here a few months back who tried to say the world was flat? Thankfully I haven’t seen anything about him for awhile.
Links to UK DS members now ?
Watching the ecstatic business news on Fox today in between farm chores…scanning TBP…then reading this made me laugh out loud.
Who are you going to believe…the boob tube or those with no agenda dealing with reality?
THE CRASH IN US ECONOMIC FUNDAMENTALS IS ACCELERATING
http://www.alt-market.com/articles/3746-the-crash-in-us-economic-fundamentals-is-accelerating
The bottom line is, the next crash has already begun. It started at the end of 2018, and is only becoming more pervasive with each passing month. This is not “doom and gloom” or “doom porn”, this is simply the facts on the ground. While stock markets are still holding (for now), the rest of the system is breaking down right on schedule. The question now is, when will the mainstream media and the Fed finally acknowledge this is happening? I suspect, as in 2008, they will openly admit to the danger only when it is far too late for people to prepare for it.
I just read these little factoids: middle class and lower class incomes\ wages are stagnant for around 20 years now. But – when you add in all the free shit, low income earners and lower middle class types have had income increases in real terms, because, you know – tax the rich and give to the poor.
The ones that have gotten most screwed are the true middle class – those around the 50th percentile. They are too rich to get lots of freebies. And the middle class at the 50th percentile is simply not competitive enough to earn real increases, given world- wide competition: they are not smart enough, not hard-working enough, and not educated enough to outrun their competition.
I mean, what advantage does a person with an IQ of 100, who wants to work no more than 40 hours a week, and who has a poor education have in the modern economy? That is a rhetorical question.
Those folks are screwed. The biggest wonder is why are they not even more screwed than they are? The screwing will continue, and I have long suggested their incomes would need to drop by about a third before they hit comparative parity with their competition. Eating the rich to artificially increase their incomes is not going to be sustainable. The number of people considered rich by the tax grabbing govt will increase non-stop, and will shortly encompass the middle class, as the truly rich just are not rich enough to pay for all the free shit indefinitely.
Have a nice day! This news will not get better, so enjoy today, because tomorrow will be even worse.
And to think, LLPOH, you can’t even escape it yourself. Government gonna get yo $$$. Even across the ocean.
Is it any wonder socialism is popular?
Because people are idiots. If there was no welfare, do you think maybe the US would be a little more competitive? Imagine if say another 50 million people were out there producing instead of sucking up free shit, the GDP of the nation would be what, 40% higher than it is?
Feed the monkeys, get monkey shit everywhere. That is what has happened.
LLPOH,
You want the US and its population to compete better? Me too. How about we do what Trump said at one point…strike 2 regulations for every new one. Better yet, strike 5 regulations for every new one + strike 5 feet of red tape for every new 1 foot of red tape + strike 5 laws for every new law + institute a heavy inheritance tax above X.
who do you believe?
i just read over on another site that the fed is keeping the pedal to the medal on the unwinding of it’s bloated balance sheet that it built up while running the qe program–the fed’s balance sheet went down by 49 billion in april–
???
“who do you believe?”
Tampa,
Not the government or the FED.
INVESTING & PREPARING: Completely discounting the government and FED I go with the ‘Bits & Pieces’ Economic Investing and Prepping Philosophy.
I take the best bits and pieces from sources I respect and are not selling me anything, look for alignment, study all the graphs, listen to all the pundits, watch all the you tubes, weigh all the facts, read everyone’s opinion on TBP, study economic history and then ignore everyone and everything and do exactly what I think is right.
So far so good!
as bad as it is here,it’s worse overseas–
i’m in a landlords association 4 mh park owners–i’m just a peon but we have some heavy hitters in our group who own hundreds & hundreds of pads —
after our meeting last week several of us went out 4 coffee,including a couple of guys who own multiple parks–
the subject of foreign buyers came up & the guys said they have never had so many foreign prospects coming around wanting to buy their parks–both of them also said that there have been multiple russians & chinese who are pushing to make deals–
compared to the rest of the world we’re a bastion of security & stability–
Interesting tidbit. My old man is in the Bay area of Cali and says it’s staggering the number of empty mansions there are – bought by Chinese as a way to park their cash outside China, with no intention of ever living in them.
Past performance is no guarantee but I think your about to be played, Wipper.
Paraphrasing Stevie Nicks:
Thunder only happens when it’s raining
Players only play you when they’re playing
El
I just thought it was funny. No, I don’t think he’s saving anyone or anything.
He’s saving Twitter. Until he’s not.
I am SICK & TIRED of people trying to steal the Village Idiot crown from bb. I’m looking at you Gatsby.
Hey Gatsby,
I’m the Official TBP Statistician around here, keeping tabs on all kinds of things, especially voting patterns. Here is your data,
—- You made 22 posts.
——- Up votes = 5
——- Down Votes = 130
I’m gonna be honest with you. No exaggeration here — NEVER in the long history of TBP has anyone ever been so pummeled into submission!!! Really. Congrats.
Nevertheless, I refuse to give you the Village Idiot crown ….bb worked waaaay to hard for that. Instead, I bestow upon you the title “KING OF FUKTARDS”. Wear it proudly.