Paul Craig Roberts
March 7, 2014
Over the decades various administrations, seeking to improve their economic record, monkeyed with economic statistics to the point that the statistics are no longer meaningful.
According to Friday’s (March 7) payroll jobs report, the US economy created 175,000 new jobs in February. If you believe that, I have a bridge in Brooklyn that I’ll let you have at a good price.
Even if 175,000 jobs were created in February–remember now, February was a cold month whose low temperatures are used to explain poor housing and retail sales performance, yet somehow created 40,000 more jobs than needed to keep up with population growth–that is an insufficient amount to drop the unemployment rate.
To see how screwed up US economic statistics are, consider the reported unemployment rate (U.3) of 6.7 percent in comparison with the fact that there are about 6 million Americans who have been unable to find a job and are no longer counted as unemployed. These millions of unemployed are not included in the reported rate of unemployment.
John Williams (shadowstats.com) reports that the true rate of US unemployment is around 23 percent.
Rather than examine the issue, the presstitute financial media trumpets the government’s propaganda. In America there is no more of a financial media, except for Pam Martens and Nomi Prins, than a print and TV media.