Why, if the government continues to manipulate the numbers doesn’t it just get to the point?
The first Friday of every month is Jobs Friday. The mainstream media anxiously awaits the numbers to continue the myth of the six year recovery. The usage of birth/death, which fictitiously creates jobs, is in constant use. The discounting of out-of-work verses unemployed and the participation pool fabrication always results in more jobs and declining unemployment.
The obvious goal is full-employment unemployment of “about 5% of the civilian labor force during the 2000’s” so next month instead of bleeding things out over the remaining Obama Presidency just do a George Bush thing and declare “mission accomplished” – 5.5% unemployment rate. Who’s to argue?
We could also justify all those people on street corners asking for help as simply Baby Boomers with time on their hands looking for a little extra to enhance their portfolios. They would be counted as part of the 5.5% fully employed unemployed. Not all Boomers are retired in the Hamptons as Janet Yellen thinks. After all begging is a job.
The Organization for Economic Co-operation and Development has given their recent global economic forecast. It is not pretty. All across the globe from Japan to the Euro-zone, including the United States, growth is shrinking. “We are far from being on the road to a healthy recovery”.
BUT – Just as the OECD has cut projected US growth, here comes the US Department of Commerce Bureau of Economic Analysis (BEA) riding to the rescue.
No, No, No they say. The US has decoupled from the rest of the world and our GDP is accelerating at the rate of 3.9%. That leaves the nasty first quarter negative GDP in the dust.
No one has any money but personal consumption, a major GDP component, is accelerating at 2.2% (over 40% of the GDP total). Go figure. What a surprise that will be to the retailers, such as Walmart, who are crying “no shoppers”.
Should we start to see slippage in the GDP we could always take a page from Italy and add illegal drugs and prostitution to our calculation, however, the outcry of moral uncertainty could be deafening?
Since the Obama Administration has always known that it would get from 10% to 5.5% unemployment and from 1% to 4% GDP, why not spare us the insulting “figures lie and liars figure” and just announce that the numbers have been achieved.
PLEASE, JUST DO IT!