The Libertarian Patriot
It should come as no surprise that Leviathan is adept at manipulating statistics to make thing seem not as bad as they really are and unemployment is one of them.
As we saw on Friday with the release of the latest unemployment numbers by the BLS, things are getting better. But are they?
The mediots and Obama apologists are quick to point out that the economy "gained" 120K jobs last month, but if you dig a little deeper you will see that of the 120K jobs "gained", 50K (42%) were in the retail and 22K (18%) were in the hospitality industry or McJobs. So you can see that a full 60% of the "gains" were in low paying, service industry jobs. And you'll never guess what jobs are most affected when consumer discretionary spending drops.
What's equally telling is that manufacturing jobs continue to show no growth and these are the jobs that matter since they show the true health of our economy.
Another reason in the 0.4% drop is that 315K people just gave up and stopped looking for work last month. Factor in those who have stopped looking for work and the U-4 rate is 9.3%. Sure, that's also an improvement, from last year's 10.5% but is this U-4 number is a better indicator of the unemployment picture?
But let's really turn thing on it's head and you will see why this is all smoke and mirrors.
Two figures that are not often mentioned are the Employment-Population Ratio and the Civilian Participation Rate.
Looking at the charts (courtesy of the St Louis Fed) below of these metrics from November 1971 to present, you can see that any gains in the overall percentages of US workers employed over the last 30 years have essentially been wiped out with no relief on the horizon. Welcome back to 1980 America.
Civilian Participation Rate 11/71-11/11
Employment-Population Ratio 11/71-11/11
So as you can see, there are lies, damn lies and statistics.
We are in big trouble as a nation and until Leviathan is held accountable for it's destruction of our economy we are destined to see the end of what the pundits and politicians like to refer to as American Exceptionalism.