This morning, the Bureau of Labor Statistics of the Labor Department issued it’s January jobs report, claiming that the national unemployment rate fell from 9.4% to just 9.0%. Some 36,000 new jobs were created in January, well below the expected 145,000 predicted. So why did the unemployment rate fall? The BLS says that some 600,000 unemployed people have stopped looking for work. Not exactly a good sign of recovery. Nor was yesterday’s speech by Federal Reserve Chairman, Ben Bernanke at the National Press Club in Washington, DC. He claims that if Congress does not increase the nation’s debt ceiling, an ‘economic catastrophe’ may occur.
So the $64 Trillion dollar question is, are we in a recovery? Is the employment situation improving? Have we crossed the road and turned the corner? Plus, is our national debt crisis no big deal? Can we afford to add another $1.5 trillion or so to the government’s credit card?
The simple answer to all of the above is ‘NO!’. We have seen over these past two years how the BLS has been playing fast and loose with their numbers. If we look closely at Table A-1 of the BLS report (see link below), we see that by even their own numbers that the size of the ‘Civilian Labor Force’ has declined 500,000 in the past month, not increased! How can that be, given that our population increased?
In addition, the percentage ratio of employed Americans to overall population has increased only by 0.1% from 58.3% to 58.4%. So was there a mass die-off someplace I haven’t heard about? Maybe the BLS is including all those birds, fish and crabs that mysteriously kicked the bucket after New Year?
During last week’s economic conference at Davos, Switzerland, all the world’s big-wig brain-trust adopted an uneasy view after a chain of bad news. Japan had it’s bond rating knocked down a notch, highlighting their 20 straight years of morass and stagnation. The whole unrest in Egypt and other Arab nations was also unexpected bad news, fueling concerns about the future price of crude oil. Earlier this week, the actual cause of the unrest, world food prices, was defined in a new U.N. report showing that prices rose sharply by nearly 4% just since December, 2010.
Then we have Ben Bernanke still clinging to his quantitative easing, another reason for the inflation we see in essential commodities. The Federal Reserve cannot keep trashing our dollar like this for much longer. Nor can our government keep increasing the debt ceiling perpetually. Japan is an example of why that is. Since their mortgage bubble burst in the early 1990s, their government has continued to increase spending every single year while revenues have barely budged. No, the Labor Department’s January Jobs Report showing the unemployment rate falling to 9.0% is total hogwash. Just another example of Tom-Foolery from the Bureau of Labor Statistics in the Age of Obama-nomics.
Related Articles:
Bureau of Labor Statistics Table A-1
36,000 jobs added in January; unemployment rate falls to 9.0%
Bernanke says growth, inflation still missing Fed goals
February 4th, 2011 at 12:24 pm
I thought that it’s the Republicans who don’t want to raise the debt ceiling.
Things will never get back to what they were until true liberals and progressives are in charge for a relatively extended period of time. Conservatives do not want things to improve. Conservatives do not care about the middle class. Conservatives are all for the rich, and want to return us to the 1890s.
February 4th, 2011 at 12:46 pm
Klo…
Most times you’re not even worth responding to except to point out your idiocy and complete disregard for facts and history.
Where did this post say conservatives/reps want to raise the ceiling ?
Things back the way they were ?
Other than the new deal, which was a collosal failure, what have progressives given us that didnt go against the basic tenants of our freedoms ?
If any republicans do want to raise the ceiling the fact is they only wish to do so if the raise is met with equivalent cuts.
Get it right Holmes
February 4th, 2011 at 12:49 pm
The “Gay Nineties”? Hey we’re there. You must have meant the 1980’s Klo-less!!!
February 4th, 2011 at 1:26 pm
Yeah, it was the 80s.
Then in the 90s we all found out Steve Perry was gay and we stopped dedicating those songs to our ole ladys.
February 4th, 2011 at 2:46 pm
Actually, I think Klo may be on to something. I’ll take the 1890s over Obama Years. No Fed, no income tax. No socialist agenda being rammed down our throats.
HALLELUJAH!
February 4th, 2011 at 3:21 pm
Unfortunately the dems and Obama have only about a year and a half to correct this and they can’t of course. They will be thrown out and it will be a generation or two before the American people will forget and give them another one term chance. They are toxic and the peeps finally got the message. It’s a riot to watch it all and listen to all the idiot dems/progressives scream and whine.
February 4th, 2011 at 5:02 pm
Republican Congress lowers unemployment to 9% in less than a month
February 4th, 2011 at 9:41 pm
“Republican Congress lowers unemployment to 9% in less than a month”
You are kidding, right?
As the article stated, the drop was attributed to people no longer looking for work.
It would not matter if it had dropped to 5 or gone up to 20, there are never going to be results in a month.
By the way, it is not a “Republican” Congress. The House of Representatives (the junior branch) currently has more Republicans.
Oh, well,I am pretty sure you were kidding.
February 4th, 2011 at 10:03 pm
I don’t know what Klo smokes, but it must bring the neuron count to single digits. If he and Oblahblah believe that impoverishing people is the key to fabricating democrats, then that might very well explain this administration’s policies.