The government has a second official measure of unemployment, U.6. This measure, seldom reported, includes among the unemployed those who have been discouraged for less than one year. This official measure is double the 5.3% U.3 measure. What does it mean that the unemployment rate is over 10% after six years of alleged economic recovery?
In 1994 the Clinton regime stopped counting long-term discouraged workers as unemployed. Clinton wanted his economy to look better than Reagan's, so he ceased counting the long-term discouraged workers that were part of Reagan's unemployment rate. John Williams (shadowstats.com) continues to measure the long-term discouraged with the official methodology of that time, and when these unemployed are included, the US rate of unemployment as of July 2015 is 23%, several times higher than during the recession with which Fed chairman Paul Volcker greeted the Reagan presidency.
An unemployment rate of 23% gives economic recovery a new meaning. It has been eighty-five years since the Great Depression, and the US economy is in economic recovery with an unemployment rate close to that of the Great Depression.
The labor force participation rate has declined over the "recovery" that allegedly began in June 2009 and continues today. This is highly unusual. Normally, as an economy recovers jobs rebound, and people flock into the labor force. Based on what he was told by his economic advisers, President Obama attributed the decline in the participation rate to baby boomers taking retirement. In actual fact, over the so-called recovery, job growth has been primarily among those 55 years of age and older. For example, all of the July payroll jobs gains were accounted for by those 55 and older. Those Americans of prime working age (25 to 54 years old) lost 131,000 jobs in July.
Over the previous year (July 2014 - July 2015), those in the age group 55 and older gained 1,554,000 jobs. Youth, 16-18 and 20-24, lost 887,000 and 489,000 jobs.
Today there are 4,000,000 fewer jobs for Americans aged 25 to 54 than in December 2007. From 2009 to 2013, Americans in this age group were down 6,000,000 jobs. Those years of alleged economic recovery apparently bypassed Americans of prime working age.
As of July 2015, the US has 27,265,000 people with part-time jobs, of whom 6,300,000 or 23% are working part-time because they cannot find full time jobs. There are 7,124,000 Americans who hold multiple part-time jobs in order to make ends meet, an increase of 337,000 from a year ago.
The young cannot form households on the basis of part-time jobs, but retirees take these jobs in order to provide the missing income on their savings from the Federal Reserve's zero interest rate policy, which is keyed toward supporting the balance sheets of a handful of giant banks, whose executives control the US Treasury and Federal Reserve. With so many manufacturing and tradable professional skill jobs, such as software engineering, off-shored to China and India, professional careers are disappearing in the US.
The most lucrative jobs in America involve running Wall Street scams, lobbying for private interest groups, for which former members of the House, Senate, and executive branch are preferred, and producing schemes for the enrichment of think-tank donors, which, masquerading as public policy, can become law.
The claimed payroll jobs for July are in the usual categories familiar to us month after month year after year. They are domestic service jobs-waitresses and bartenders, retail clerks, transportation, warehousing, finance and insurance, health care and social assistance. Nothing to export in order to pay for massive imports. With scant growth in real median family incomes, as savings are drawn down and credit used up, even the sales part of the economy will falter.
Clearly, this is not an economy that has a future.
But you would never know that from listening to the financial media or reading the New York Times business section or the Wall Street Journal.
When I was a Wall Street Journal editor, the deplorable condition of the US economy would have been front page news.
Paul Craig Roberts
- See more at: http://english.pravda.ru/opinion/columnists/10-08-2015/131617-usa_economy-0/#sthash.UeehSzgR.dpuf
"...The most lucrative jobs in America involve running Wall Street scams, lobbying for private interest groups, for which former members of the House, Senate, and executive branch are preferred, and producing schemes for the enrichment of think-tank donors, which, masquerading as public policy, can become law."
And read these people's comments:
- Ronald Aleksy:"Well, hear the latest news from the USA? Riots in the streets of Ferguson again. Last night a shoe store was robbed in Ferguson. This morning all that was left was the work boots. Yellow polluted waste water on its way to the pristine Grand Canyon. More killings every night in the major USA cities. More people begging and sleeping in the streets--if they can sleep. Now back to Paul Craig Roberts. A good article, short and to the point. Life in the USA does stink today! In fact, the smell is getting worse with close to 100 million USA citizens subsisting on some kind of Welfare. But it isn't enough of course. That's why there are riots in the streets and shootings and killings galore. Yes, gone are the good old days in the USA when almost anyone could find a job and provide for his family. Now it's the era of "Trickle-Down!" economics and "One up on You!" plutocrat capitalism."
- Vatnik from Colorado:"The super volcano that sits underground at Yellowstone National Park has the potential to kill 90,000 people instantly and spread a 10-foot-deep layer of molten ash as far as 1,000 miles from the park. In addition to the deaths, an eruption of Yellowstone’s super volcano would leave two-thirds of the country completely uninhabitable. When it happens Karma is a bitch?
The US government will do everything it can to distract from the economic realities of the situation with false flag attacks and lies about terrorism. (In reality, the US government is the largest terrorist institution on the planet). The world is doing everything it can to get out from under the collapsing US empire, and this means de-dollarization. It is not just Russia and China, but also some of the US’s allies who are distancing themselves from the US dollar, which makes the coming changes the world will bear witness to unprecedented. France's political and business establishment has joined the de-dollarization rumbling. “We [Europeans] are selling to ourselves in dollars, for instance when we sell planes," French financial minister Michel Sapin told the Financial Times last fall. "Is that necessary? I don’t think so. I think a re-balancing is possible and necessary, not just regarding the euro but also for the big currencies of the emerging countries, which account for more and more of global trade.” Not just France, but South Korea too have begun to do what they can to extricate themselves from their abuser."
- Vatnik from Colorado:"A joke. An American, a Frenchman and a Russian are alone on an uninhabited island. They catch fish for food and suddenly catch a Golden Fish, who promises to fulfill two wishes for each for her own freedom:The American: "A million dollars and to go back home!"The Frenchman: "Three beautiful women and to go back home!"The Russian: "Tsk, and we were getting along so well. Three crates of vodka and the two fellas back!
The hidden dismantle of the Petro-Dollar mechanism has been eerie, mysterious, and full of intrigue. The Gold Standard will return, but through the trade window. The solution to the untreated Global Financial Crisis is the gold route. The Eurasian Trade Zone will be built upon the gold route, and see a revival of the Silk Road. It cannot be stopped, not even by war. KEEP PUSHINK YANKEE"
- Vatnik from Colorado:"Jim Willie: US Dollar Will Not Survive 2015! Check the 7-year cycle for an amazing sequence that goes back to the 1973 Arab Oil Embargo, the 1980 Gold & Silver Hunt Brothers peak, the 1987 Black Monday, the 1994 Irrational Exuberance with ensuing Asian Meltdown, the 2001 Inside 9/11 Job, and the 2008 Lehman failure. The Year 2015 will be known for the US Dollar demise with full fireworks, set up with Ukraine and the European repeat of Waterloo." We are talking about the collapse of the US economy, of course when US economy collapses Russian economy is sneezing.
Now, Mr American is seeing there may be something wrong with his American Dream because his car loan, his home loan, his TV loan etc are eating up all the dollars he earns from his new part time job now that his good factory job was moved to China. But his vision of what’s wrong is that ‘we need someone who can build America back to the greatness it once had’ by standing up to ‘bullies’ like Putin??? No pain - no gain, keep pushink.
While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to 46 million. KEEPING PUSHINK THAT GOLDEN STANDARD?
The U.S. national debt is on pace to approximately double during the 8 years of the Obama's narcissist administration. In other words, under Barack Obama the U.S. government will accumulate about as much debt as it did under all of the other presidents in U.S. history combined. Glory to Ukraine, to heroes glory....
When Barack Obama was first elected, the U.S. debt to GDP ratio was under 70%. Today, it is over 101 %. KEEP PUSHINK.
While Barack Obama has been in the White House, the average duration of unemployment in the United States has risen from 19.8 weeks to 32.8 weeks. REMEMBER? KEEP PUSHINK
Prior to 1933 and for well over 100 years, the dollar was backed by gold, and $20 bought you an ounce of gold. But after the government stole all U.S. citizens’ gold in 1933 for a $20 paper certificate, gold was revalued at $35 U.S.D., meaning the dollar was devalued by 43% overnight and all foreign and domestic holders of dollars were effectively robbed. After Nixon closed the gold window completely in 1971, it took $67 to buy an ounce of gold, devaluing the U.S. dollar by 50% again. Today, it takes well over a thousand U.S. dollars to buy that same ounce of gold. Why? Because the U.S. dollar is now nothing more than a fast-declining Federal Reserve note backed by a corrupt government that is saddled with $17 trillion in unpayable debt."
- Tom Brite:"For all the folks chastising the U.S. for not being on a gold standard - name one country that is on the gold standard. You can't. Because no country, not even Russia is on the gold standard."
- robert.briner:"Gaddafi was going to go to a one-gold standard currency for Libya, and 8 other African countries... That is WHY Gaddafi was overthrown. The US/Banking elites will not abide by ANY Country on the Gold Standard, because that cuts into the power of the Bankers."
- chad davenport :"Have you seen the sad state of affairs in America? Go to any metropolitan city like NYC or Wash D.C, and the streets are littered with homeless encampments, graffiti, buildings riddled with bullets, and trash (not to mention human excrement). It's even worse out in the country where they have preparing FEMA camps. Do you seriously believe St Louis and Baltimore got miraculously transformed by Obama?"
- stanBearCanada:"I agree with you, and St.Louis I recently visited, including Ferguson briefly. Kansas City not much better".
- Rita Szentendrey:"Paul C. Roberts, again wrote a great article like ALWAYS, he is also a very decent true commentator on YOUTUBE, doesn't hide nor correct REALITIES ! He is calling the "baby on it's name" ! Doesn't beat around the bushes. I bet he has LOTS of ENEMIES in Washington, like ALL the TRUTH TELLING decent people ! WATCH OUT PAUL ! We wish you a very long life, in health and prosperity ! People like YOU do deserve it ! STAY SAFE and VERY WATCHFUL ! Truth telling people do HAVE ENEMIES !"
- Vatnik from Colorado:"Wait until the world gets fed up with America and demands their trillions of dollars that America has been piling in the form of debt since obomba became president. Any fool who can think would know that it is impossible to pay it all or at least enough to buy more time to improve America (which is almost impossible). It is claimed that each citizen's share of the debt is over $57,000 which includes babies, homeless, poor people, people in debt (the irony) etc... It is foolish to think something so stupid and irrational is even possible. This reckless move can destroy the dollar completely. Who knows what will happen; I highly doubt America's leaders would sacrifice gold bonds to save America. It is possible that the dollar will be worthless and the new currency will be gold. The leaders can manipulate the nation this way. All this was obviously planned from the very beginning like a Hollywood script.
“Fiat” currency is paper currency backed by nothing tangible. As opposed to “sound money” which is was backed by gold or some other valuable commodity, a fiat currency is backed by nothing more than faith in the government. The U.S. dollar has been a fiat currency since Nixon closed the gold window in 1971 in what was the greatest heist in American history. The scary fact is, the average life span of a fiat currency is 40 years, and the U.S. dollar has now exceeded 40 years as a fiat currency! REMEMBER? JUST KEEP AT PUSHINK
Americans' confidence in the US economy dropped sharply in July to its lowest level in 2015, according to a new US Economic Confidence Index rating released by Gallup on Tuesday. JUST KEEP PUSHINK!
What value does the paper dollar really have?
- Gold? The dollar was taken off the gold standard long ago.
- Oil? The petrodollar is fading into obscurity and insignificance.
- Manufacturing? Factory orders have fallen eight months in a row.
- Confidence? The smartest investors in the world have said that they're staying close to the exit because they're anticipating a crash. No, the real value of the dollar is based only on the negative value of Debt. That's all!
What does it mean: 68 Russian Rubles = $ 1 US dollar. It's just about 68 times more $ are going around the world, it doesn't mean jack shit. Lots of toilet paper!
Larry Edelson is “100% confident” that a global financial crisis will be triggered “within the next few months”… “On October 7, 2015, the first economic super-cycle since 1929 will trigger a global financial crisis of epic proportions. It will bring Gayrope, Japan and the uncivilized, stupified, underdeveloped United States to their knees, sending nearly one billion human beings on a roller-coaster ride through hell for the next five years. A ride like no generation has ever seen. I am 100% confident it will hit within the next few months.
The American Empire, or the American Century, or the PetroCentury, whatever you want to call it, it is coming to an end… AND FAST! American’s really should begin getting used to the fact that world’s major powers are going to be countries like China, Russia, Iran, India, etc. and in MUCH sooner time than you think… Before you know it, the U.S. will be the world’s sweat shop making Nike Sneakers and killing each other for food. This is not a theory I have. This is a DONE DEAL.
America is now in this fourth “crisis” phase, about 80-90 years from the beginning of the first phase. It is in this “fourth turning” crisis that institutional life will be torn down and rebuilt from the ground up. This rebuilding is always in response to a perceived threat to the nation’s very survival. Is there any question that right now American's nation very survival is at risk? Based on history, Americans are right smack in the crisis period, and full breakdown of all their current “systems” are scheduled to happen sometime between now and 2020. This systemic breakdown means there will be major changes in the world’s financial system and reserve currency. Want proof?”
-Markku Gronroos:"You have high proof in hand. You better stop boozing antifreeze agents. They are good for automobiles. They are bad for human systems. They ruin the health. They destroy the brain of which you are a living evidence. Methanol ruins one's vision."
- Vatnik from Colorado:"For the last 600 years, there have been six different global reserve currencies controlled by world superpowers. The latest – the U.S. dollar – has dominated world currency for over 80 years. The alarming fact is, global reserve currencies have collapsed every 80-90 years for the last six centuries! What does this mean for America and the dominance of the U.S. dollar? Based on recent evidence and long-standing historical trends, experts predict the imminent collapse of the U.S. dollar! What’s more alarming? Many Americans aren’t yet doing the one thing that will save their savings & retirement from U.S. dollar collapse. You don't have to be excusing your pathetic self, remember? Just keep at PUSHINK!
So it should come as no surprise that most of America is asleep when it comes to the dollar’s coming doom. Unfortunately, that means that there aren’t a whole lot of Americans preparing for dollar collapse either. Most folks have been brainwashed by Wall Street and the bank-run mainstream-media to believe in what amounts to nothing more than a grand illusion based on lies:
'The U.S. dollar will always be king.///Your wealth is safe in a bank.///The financial “system” and stocks are safe (even at ridiculous valuations).///The economy is actually recovering.///The job market is improving.///Inflation doesn’t exist.///The bankers and their politician puppets have your best interest at heart.'
The Dollar Cannot Be Supported Anymore By Lowering Oil Prices And Will Collapse In September! Dr. Walker Todd, former 20 year consultant to the Federal Reserve. Dr. Todd stated that the U.S. economy has about “60-90 days of life left in it as the dollar is on the verge of collapse”.
How long do we have until the unsustainable US economy collapses? Todd Wood, the author of the book “Currency,” explains why the US economy is on the verge of collapse and why Russia, which keeps increasing its gold reserves, might become the next major economic power.
Unlike the United States, that has foreign debt approaching to $20 trillion, Russia's debt stood at $600 billion, as of January 1, 2015. This is 33 times less than that of the United States. Furthermore, US foreign debt keeps getting bigger and bigger; meanwhile, Russia managed to cut down its debt by 17% since last year. Washington should be worried about this. Soon the US might wake up and find itself in a world, where it will be bankrupt, meanwhile Russia, which has a gold-backed currency, will then dictate the new rules of an economic realm.
October, 2015 is the next key point for American shale companies: banks will decide whether to keep funding US' fading shale production or roll-over their loans. At the same time, if the Federal Reserve will raise US interest rates in September, the highly-indebted US shale oil manufacturers will face "disaster of a new scale." Unfortunately, such a "doomsday" scenario may be accompanied with further unintended consequences for American and global financial system.
"There will be serious, deadly consequences to our irresponsibility, which emanated from both party's lack of financial discipline," Wood said. "At some point the Federal Reserve will lose control of the bond market. Our fiat currency will only be worth the paper it is printed on. The top-heavy, Western, socialist, welfare-state societies will collapse under their own weight." The United States is broke. The only thing keeping the US economy afloat right now is the US Federal Reserve that intervened to keep interest rates artificially low, Wood said. The key question that remains to be answered is how long do we have until the unsustainable US economy collapses?
“If the U.S. national debt continues to grow, the collapse of the dollar system will take place in 2017. The countries that will suffer the most will be those that have failed to wean themselves off their dependence on the dollar in time….”
The Petro-Dollar Won’t Collapse – It Will Vanish!!! You’ll know the dollar is about to die when it rises, rises and rises some more, because it’s soon going to vanish…the dollar and Treasuries will suffer a vanishing act from global rejection because foreign nations are going to say we don’t want your stinking toilet paper called “Treasury Bills” – we want something better.
The US propaganda is not just false, but it is absurd, US publicist Eric Zuesse remarks, adding that it obviously insults the public's intelligence. The entire case for Western sanctions against Russia is pure lie, American author and investigative historian Eric Zuesse emphasized, nailing the Obama administration for what he called its blatant propaganda and sheer hypocrisy. US propaganda is "so ridiculous, no intelligent and informed person would give it any serious consideration whatsoever. It insults the public's intelligence," Zuesse stressed. "A more devilishly lying country than the United States of today is hard to imagine. It's even a dictatorship: its government represents not the public (as its founders had intended) but its aristocracy (which those founders had tried to overthrow — and did overthrow, in their own era)," Zeusse emphasized, adding that meanwhile Washington continues to fool public opinion."
"A physiognomist studying his face would have said that there was no thought in it, no reflection, but only a sort of contemplation" The Brothers Karamazov by the Dostoevsky"
- Google_102036837259279094801 :"We have always been essentially poorer on our beloved island than our Northern brothers. We have lots of economic worries and our future economy wise is bleak. However, money is not everything. Love and caring about people is the best thing in the world. Naturally our life is not as easy going as in California and Vermont. I cannot afford a good house. Fortunately my brother gave his hand and we made the roof anew. Rain remains outside now. Even second hand cars are too expensive for me (needless to say I don't have a license to drive but then again who has one in Jamaica). No, no. I am still in good shape. I walk. Sometimes when I and my missus go to Montego Bay town, we ride a bus. Our life is serene and all our 15 children have left the nest but the youngest one. I am steady and easy in manners. However, the other day my nerves got up to surface. My mistake. We had pork bellies for third week in row and I had developed pretty strong dislike on pork bellies by then. I opened my mouth and let my sentiments to come out in loud. Bad mistake. Wife had this stare she sometimes cast at me. It melts my face down and my spine will collapse. Later in the evening when things had settled a bit we went to bed. I approached her willing to tickle her tenderly. She remained an invincible bastion. Her defense was immaculate and stern. So, I had to return to my side of the bed. It was one of those nights. There have been better ones. Be nice to each others. Love and happiness to everyone."
- comments from the voice of people under the article on the link http://english.pravda.ru/opinion/columnists/10-08-2015/131617-usa_economy-0/
Read the article The US Economy Continues Its Collapse written by American Paul Craig Roberts ( not Russian!) to understand what is going on in reality. As an economist I would say that the reality is becoming scary.
Do you remember when real reporters existed? Those were the days before the Clinton regime concentrated the media into a few hands and turned the media into a Ministry of Propaganda, a tool of Big Brother. The false reality in which Americans live extends into economic life. Last Friday's employment report was a continuation of a long string of bad news spun into good news. The media repeats two numbers as if they mean something - the monthly payroll jobs gains and the unemployment rate - and ignores the numbers that show the continuing multi-year decline in employment opportunities while the economy is allegedly recovering.