The US has just finished up a massive fiscal stimulus, and what do they have to show for it? Not much. That is why it surprised no one to know that the United States ended up having such a dismal jobs report last week.
July 8, 2011
By Jeff Nielson
Bullion Bulls Canada
While the myopic U.S. propaganda machine and the “experts” who shill for it will use the word “surprise” to describe yet another dismal U.S. jobs report, the only people who could have been surprised by today’s news are those who have had their eyes closed for the past several months (years?).
The U.S. government has just completed its most massive fiscal “stimulus” in history – by several multiples. It continues the loosest, most-reckless monetary policy in the history of the world. And yet the data is clear. This unprecedented effort to attempt to breathe life into the dying U.S. economy has produced nothing more than a feeble, temporary “dead-cat bounce”.
On the employment front, as usual the real data has been sugar-coated with more fraud by the Bureau of Labor Statistics. While the BLS is pretending there was a paltry 18,000 (net) jobs created in the U.S. in June, that number has no basis in reality. Merely subtract the phantom jobs from the absurd “birth/death model” and the U.S. economy lost more than 100,000 jobs last month – and that is before we factor in any more of the BLS’s statistical perversions.
Naturally these heavily-doctored monthly jobs reports don’t begin to tell the story on U.S. (un)employment. To do that we need to look at more meaningful statistics, laid-out in long-term charts.
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