Ha Ha, Told Ya!
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This issue of Random Beach Thoughts marks its third anniversary. My sincere thanks to each of you for subscribing. As crazy as it might seem, often the Monday before my Thursday (self-imposed) publication date I have no idea what I will write about. But somehow, I’ve been able to get each week’s edition out on time.
So, thanks again for subscribing. I truly appreciate your support!
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Over the last year, I’ve written several times about how I feel our government has been lying to us about the strength of the U.S. economy.
In Who Ya Gonna Believe, “Them” or Your Own Eyes? I listed the various statistics and indicators that show that consumers are living paycheck to paycheck, the poor state of housing affordability and the explosion of credit card debt.
In Who Ya Gonna Believe, Part 2 I described the various Bureau of Labor Statistics (BLS) monthly employment rates. Also mentioned was the decline in trust of institutions, the BLS being one of them. The data I cited showed that, based on the BLS’s own U3 and U6 employment numbers, it appeared that the number of employed was overestimated by about 1 million.
In Who Ya Gonna Believe, Part 2, I questioned the veracity of the monthly jobless numbers reported by the BLS. I noted that there were large discrepancies between the numbers reported in one month, only to have those numbers revised downward, often significantly, the next month. To me, the game was obvious. Report inflated numbers one month to obtain the most favorable media coverage and then quietly, in the dark of night, revise those numbers downward the next month. A disinterested corporate media either ignorantly or willfully never reported these shenanigans.
Well, last month the chickens have come home to roost. The U.S. added 818,000 fewer jobs than previously estimated from March 2023 to March 2024, according to the BLS. According to Forbes, the “average monthly growth during that period [fell] from about 242,000 to about 174,000.”
Told ya so!
And that’s just for that one year. Given that the monthly jobs numbers have been juiced for several years, I think it’s reasonable to assume that many more than 800K jobs have been overreported.
Shock: our government and an incurious corporate media ignored the significance and duplicity of the report.
Click on this link to see an ABC News interview of Commerce Secretary Gina Raimondo who appears to have no knowledge of her own BLS department’s reporting the downward revision. You can’t make this up!
So, what we keep hearing is:
But things are not fine. Here’s a small sample of recent headlines:
If Everything Is So Great, Why Are Millions Of Americans Sleeping In Their Vehicles?
These 10 restaurant chains filed for bankruptcy this year. Red Lobster, Buca di Beppo and Roti are among the notable chains that filed for Chapter 11.
Shares of retail chain Dollar General (DG -1.88%) plummeted on [8/29/2024] after the company reported financial results for the second quarter of 2024. According to The Motley Fool: “On the sales side of the equation, Dollar General's management did share some concerning commentary. Much of its customer base is lower-income. And lower-income consumers have been disproportionately impacted by inflation. Many are struggling to pay their bills, leading to lower spending.”
California Loses Nearly 10,000 Fast-Food Jobs After $20 Minimum Wage Signed Last Fall
Tech layoffs: Over 27,000 jobs lost in August 2024; Intel, Cisco and IBM lead the wave
These 13 Stores Are Most Likely To Go Bankrupt and Close In 2024
So, who ya gonna believe, “them” or your own eyes?