(No use going into how they skewer the numbers here, but suffice it to note that since the first year of the Clinton Administration, the employment and inflation numbers have been slanted to make them look better than they are. Bushwhacker went along with this scam, but the Clintonistas came up with the idea. They did the same with crime numbers, which have actually gotten worse, but Federal stats show them almost dramatically better since 1993. This is the government we live under: dishonest and deceitful. Jefferson said the media are supposed to be the watchdog, but they are complicit in what I see as a crime against the people. DC)
Indeed, by the government's numbers nonfarm payrolls rose by 163,000 in July. Though that is decent news-at least the way it reads-the unemployment rate still rose to 8.3%. And that is indeed the best news in the report, as white-washed as those numbers are.
Now, for the real negatives in this economic report.
For one, the small-business household survey dropped 195,000. That's what drove the unemployment rate up to 8.3 percent. These two factors virtually cancel out the rise in nonfarm payrolls-even if it were an honest number.
The labor force shrunk by 150,000. The participation rate slipped to 63.7 percent. And the overall U-6 discouraged-workers unemployment rate increased to 15 percent.
Average hourly earnings registered a slight 0.1 percent increase. But that only adds up to a 1.7 percent increase year-on-year, which is well below even the government's rising consumer price index-that leaves out food and energy price inflation. In other words, price inflation is killing the American people, as it has been for the last seven-years.
Last year alone your dollar value lost about 4%. Next year-with oodles of taxes and regulations coming on us-will be much worse. People with their money in savings accounts have been slaughtered.
The Obamaites will continue telling us that jobs and the economy are getting better, but the unmentioned facts in this employment report takes the steam out of that argument. They're carrying out what is equal to single-entry accounting: they count the income and not the expenses. Indeed, more people are dropping out of the work force, by stopping looking for work, than the economy is adding. Not informing the American people of that fact is deceitful.
A couple of other economic reports that came out last week are also considered negative. The ISM manufacturing index came in below 50 for the second straight month, and the ISM services index is barely above 50. (Below 50 signals contraction.) Meanwhile, factory orders fell 0.5 percent and are down 2.6 percent at an annual rate over the past three months. Even worse, core capital-goods orders (non-defense, excluding aircraft) fell 1.7 percent in June and have dropped 3.9 percent annually over the past three months. This certainly signals trouble in the economy.
Business investment is still weak. So are real consumer incomes, especially in respect to price inflation. And the unemployment rate continues to going higher. All this springs from an economy growing at less than 1.5.
After a slight break in price increases, gas-at-the-pump rose more during July than anytime in history. That alone is an economy killer.
Tax and regulatory threats are everywhere. Dodd-Frank will break into full force next year, and will cost consumers about $200 billion in pass through taxes from banks and lending institutions-mandated in this bill ostensibly to protect the American consumer. What else?
From Obamacare and the EPA and the National Labor Relations Board (NLRB) on the regulatory side, to the failure to stop what will be the largest tax increase in history January 1, 2013 ($500 billion), it's a wonder businesses are investing and hiring at all -especially small businesses, which appear to have stopped dead since Justice Roberts screwed them on the Obamacare ruling.
With $450 billion to $800 billion in new taxes in the Obamacare Bill, another $500 billion in income tax increases, the $200 billion or so from Dodd-Frank, $3.50 and up per-gallon of gas, plus the higher costs of power bills brought about by the out-of-control most radical EPA ever, the government is in position to pull off the biggest robbery of the people in America's history-all for the purpose of transferring their hard-earning savings and earnings to Obama's constituients in the Big Cities, his leftist cronies in various businesses, and various nations that he considers "his people."
If you know anyone who doesn't believe this is where the majority of those confiscated funds will go, then tell them this: Out of over $1.5 trillion in "stimulus funds" and taxes collected that the Obamaites had complete control over, they spent less than $50 billion on the infrastructure they like to claim is crumbling. Almost none of this money went to areas outside the Big Cities where Obama has many fewer constituents. The rest of the money went to Big Leftist Cities to keep their broke governments afloat and to certain businesses run by the Obamaites' leftist cronies.
This is the truth about the current economy-expect this to get hundreds of times worse if Obama lies his way into another term.