Is the economy on track? Are things really good and getting even better? Listen to President Biden, or his retread Treasury Secretary Janet Yellen, and that’s what you’ll hear.
Except…
From MN Gordon’s savagely debunking article at economicprism.com, we have this:
Did you see the recent government propaganda from the U.S. Bureau of Labor Statistics?
Not the latest faulty claim that consumer prices increased at an annual rate of just 3.4 percent in December. But rather the claim that 216,000 jobs were added in December.
Upon release, and right on cue, Treasury Secretary Janet Yellen declared that the U.S. economy had achieved a soft landing. She also said that her “hope is that it will continue.”
What Yellen neglected to mention was that October employment was revised down by 45,000 jobs and November was revised down by 26,000 jobs. That’s 71,000 jobs the government recently reported which didn’t exist.
How many of the 216,000 jobs reported for December will wind up being pure fantasy?
Yellen also didn’t mention that 52,000 of the reported jobs are in government, 59,000 are in health care and social assistance, and 22,000 are in food services. These aren’t the kind of jobs that create and spread new wealth and abundance to the economy.
In addition, there are 4.2 million workers that are employed part time for economic reasons. This represents individuals who prefer full-time employment but are working part-time because their hours have been cut or they cannot find full-time work.
There are also 8.5 million multiple job holders. These are people who work more than one job because a single job doesn’t pay the bills.
One of Yellen’s key talking points is that wage growth is outpacing inflation. She can even point to the December jobs report for justification.
Based on the government propaganda, hourly earnings rose 4.1 percent in the year through December while consumer price inflation, as measured by the consumer price index (CPI), came in at 3.4 percent for the year. Here’s Yellen:
“Wage increases are running over price increases now. American workers are getting ahead and the progress for the middle-income families is very noticeable.”
Cherry picking data durations to support a false narrative is a longstanding tactic of big government statists. The reality is that on Yellen’s watch American workers have steadily fallen behind.
When you zoom out to show from December 2020 to the present, average hourly wages and CPI tell a much different story. As David Stockman, the former Director of the Office of Management and Budget recently detailed, “the cost of living has risen 25 percent more than the average hourly wage.”
In other words, American workers have taken a significant pay cut over the last three years.
And in case you doubt what you just read, here’s a chart that proves it:
What a liar Janet Yellen is. What despicable lies she tells.
But, sad to say, many people will never know it. Because many people will not read the above analysis. They will be regaled by the Biden administration’s “success”, which will be dutifully barfed out at them in most of what passes for our mainstream media.
All I can do is hope they juxtapose the “bidenomics” BS with what they deal with at the supermarket, the gas station and the interest rate they’re offered if they have to borrow money.
