Jim Quinn analyzes today’s government unemployment statistics. From Quinn at theburningplatform.com:
I spent most of Obama’s presidency obliterating the jobs recovery narrative every month, as millions supposedly left the workforce because their financial situation was so wonderful. The bullshit shoveled by the BLS was nothing but manipulated misinformation then and it is still bullshit now. Just because the president is now Trump, doesn’t make the false narrative about a strong jobs recovery now valid. After a disappointing December jobs report, the cackling and tooting of horns might die down a little, but the propaganda peddlers will somehow spin it as a positive. Buy Stocks!!!!
Candidate Trump railed against the fake data put out by the BLS. He railed about the ridiculously low interest rates manufactured by the Fed. He declared the stock market was a bubble ready to burst. That was over 5,000 points ago. As expected, now that he is el presidente, Trump embraces the fake data, low interest rates and the most overvalued stock market in history. He tweets about the great economy and stock market every day. GDP has risen at a scintillating 2.5% pace in 2017. This is up from 2% in the prior two years, driven by people going further into debt to survive or buy shit they don’t need.
The narrative being propagated by the corporate MSM was this was the best holiday retail season in years. Americans were back to spending like drunken sailors. Trump is making America great again, so why not spend money we don’t have using that little piece of plastic. Those future tax savings will more than pay the bill. Except for a couple nagging questions.
Why did Sears and Macy’s just announce massive new store closures? Why do they, along with JC Penney and dozens of other retailers, continue to report hundreds of millions in losses? Why did 2017 see over 7,000 store closures and a record number of retail bankruptcies? Why would 20,000 retail jobs disappear in December, the biggest retail month of the year? Why did the country add 203,000 retail jobs in 2016 but lose 67,000 jobs in 2017 if the consumer is back baby? Something doesn’t smell right about the economic boom narrative.
To continue reading: New President–Same BLS Bullshit