HEADLINES: PANDEMIC-DEEPENED RECESSION HAS HAD ITS EMPLOYMENT COLLAPSE AND INITIAL GDP CONTRACTION – April 2020 U.3 Unemployment Rate Really Was 19.5% per Bureau of Labor Statistics, Where the Reported “Headline” 14.7% U.3. Reflected Survey and Classification Errors That Were Disclosed but Not Corrected, for a Second Month /
Headline 14.7% Was the Highest Unemployment Rate in the History of Series (Since 1948) /
April 2020 Payroll Plunge of 20.5 (-20.5) Million Was Worst in the History of the Series (Since 1939)
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Screw the Lumpen peasantry.
The stock markets are recovering beautifully and investors are feeling mighty fine:
https://www.youtube.com/watch?v=5dd-Un22DzA
Unemployment, GDP, inflation, public debt, educational achievement, missile gaps, crime rates, Coronavirus® numbers… if there is a statistic kept by a political agency, there is a statistic that will be used for some sort of propaganda sooner or later. They always end up lying, even when they think they are telling the truth. Usually they mean to lie, though. These particular unemployment “statistics” are nothing but propaganda. Frauds, really, perpetrated purposefully by the DoL and whatever other agency collects such data. These agencies are overseen by the Trump administration, and would not be released without authority from the very top. Yes, the top civil servants are a bunch of deep state minions, but if Trump and his crew (if they are not, in fact, deep staters themselves) can’t clean house in three plus years, there is no cleaning that will ever get done.
The Dow closed up 450 points today, so a third of America being unemployed clearly doesn’t matter (to the markets anyway.) Grandma can always eat dog food.
Obviously we’re going to print that debt right out of our system. We’ll solve the Medicare disaster with Socialized medicine, with rationed access to Dr. Prajeet for everyone but the wealthy, and we’ll take care of the Social Security crisis with 1.6 COLA increases and an “official” inflation rate of 2% but a real rate of 10% or more.
Grandma won’t need to eat dog food; the 14 Mexicans living next door can show her how to fix beans and rice.
The only good long-term investment is in Real Estate that a Chinaman might find attractive.
As there were no labor statistics during the Great Depression, it was afterwards estimated at a maximum of 25% by the Bureau of Labor Statistics (BLS) economist Stanley Lebergott. He INCLUDED government employees (for reasons not explained). As government then employed about 6% of the workforce, this means that the revised ‘consensus’ unemployment during the Great Depression would have been 19%, not 25%.
This was reported on Washington’s Blog in 2011.
http://georgewashington2.blogspot.com/2011/06/unemployment-during-great-depression.html
I could *maybe* see excluding govt. employment completely from the metric, but counting them as unemployed feels like the double-counting shenanigans when calculating GDP. Then again, maybe what the guy was saying is that govt. jobs are bullshit and they should be gainfully employed in the private sector? LOL