The Phony Baloney Jobs Report
There is no economic recovery. There is only bad news…a deepening depression on Main Street…and a media that cheers misleading jobs numbers. Today’s unemployment figures are Exhibit A.
Today we heard that 175,000 jobs were created. The stock market soared upon hearing the news. Happy Days are here again. But are they?
Just beneath the headlines is nothing but tragic news. First, last month’s jobs figures were adjusted downward. April’s jobs increase was revised downward from 165,000 to 149,000. Isn’t it a funny coincidence that the revisions are almost always downward? Isn’t it funny how the original figure is always good news…is announced in screaming headlines…and results in a soaring stock market. But no one ever notices the downward revision a month later. This government accounting scam happens almost every month. A private sector CEO would go to prison for fraud.
Even worse is the kind of jobs being created. Under Obama we are living in the McDonald’s economy. Obama’s policies are killing full-time high wage jobs…and creating only part-time and low wage jobs. Here’s a fact for you: The industries with the strongest employment growth in the last month were temporary help agencies.
No wonder Obama supports amnesty for illegal immigrants. Almost every job he is creating is tailor-made for someone who has no skills, education, or legal papers. The U.S. economy is creating jobs for desperate people, not ambitious people with college degrees. Secure jobs with high wages no longer exist.
Of the 175,000 jobs supposedly created in May (wait for the downward revision next month), 122,000 were in low wage industries. Just take one key industry with good jobs and high wages- manufacturing. Jobs in that industry were NEGATIVE 8000 in May. Why isn’t the media reporting these facts? You mean no one cares about the quality of jobs? You mean if the average college graduate has to ask “Would you like a free milk shake with your Big Mac,” as long as they are employed, the media believes we are in “recovery?”
More proof of the horrible quality of the jobs created: the average hourly earnings of American workers was flat again. Meaning American workers no longer remember what a raise looks like. So wages are stagnating or declining, even while the cost of goods they need (gas for their auto, home heating oil, groceries) continue to skyrocket. Even while higher taxes decrease take-home pay. The media continues to lie and call this a “recovery” even though the average middle class American keeps falling further and further behind.
Then we get to key statistics under the headline for May- the news here is all bad:
U6 (the most accurate look at unemployment) is just below 14%.
The Labor Force Participation Rate is still near all-time lows (at 63.4%).
The number of unemployed workers was unchanged (at 11.8 million).
Black unemployment is a disgraceful 13.5%.
Hispanic unemployment is 9.1%.
Teen unemployment is 24.5%.
The number of long term unemployed workers (27 weeks or longer) is unchanged (at 4.4 million).
The number of involuntary part-time workers (caused by the economy) is unchanged (at 7.9 million).
Is this what the media calls a positive jobs report? Is this what the stock market is cheering? If so, then I think things are even worse than anyone imagines.
Wayne Allyn Root is a Capitalist Evangelist, serial entrepreneur, and Libertarian-conservative media commentator. He is a former Libertarian vice presidential nominee. He serves as Executive Vice Chairman of the Conservative Caucus in Washington DC. Wayne’s latest book is the National Bestseller: The Ultimate Obama Survival Guide: How to Survive, Thrive and Prosper During Obamageddon. Follow Wayne on Twitter.