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The economic recovery that isn’t

Donkey Mountain says there is no economic recovery and that times here echo Russia during Yeltsin, when everyone knew the system was broken and corrupt. Read the whole post. This is great writing and he speaks the truth too.

You don’t have to be a comedian to get a laugh in my neighborhood. All you have to do is walk up to someone, just about anyone, and say, “Hey, cheer up, we’re in a recovery!”

The other day I was struck by this wierd feeling of deja vu. Where had I seen this kind of listlessness before? Where had I observed this sort of laggard, slumping despair? Then I remembered. It was back in Russia during the Yeltsin years. It was the exact same atmosphere: Things were shitty and getting worse. Life was shabby and dilapidated. Their rulers were corrupt and didn’t give a damn. Cosmically rich oligarchs were cannibalizing the country, and the system was so badly broken there wasn’t a damn thing anyone could do about it. Drink up.

When Obama and his supporters speak of the recovery as if it’s an established fact, it just sounds like so much hollow BS. That’s what the recovery looks like down here on the mudsill.

People know what the problem is. This system is corrupt. They just aren’t sure what to do about it. Yet.

  • Official government data are manipulated. Credibility’s entirely lacking. Reported good news is hype. Grim underlying reality is suppressed.

    The monthly Labor Department jobs report is typical. Progressive Radio News Hour regular economist Jack Rasmus calls the latest January one “largely statistical legerdemain.”

    A reported 243,000 nonfarm jobs reported lacked credibility. Manipulation manufactured them. Even the Bureau of Labor Statistics (BLS) admits:

    “The confidence level for the monthly change in total employment is on the order of plus or minus 430,000 jobs.”

    With that level of accuracy why bother reporting at all. Monthly numbers are meaningless. January’s reflect the problem.

    Rasmus said those allegedly created aren’t actual jobs. “They represent seasonal adjustments made to the raw data….” January numbers, in fact, reflect “an anomalous massive upward revision of the raw jobs data, due to assumptions about seasonality and (alleged) new business formations.”

    For January, raw data showed large job losses, not gains. Included were “about 300,000 construction jobs, another 600,000″ retail ones, and “400,000 in business professional services as most businesses trim their labor force at the start of the year to keep costs down.”

    In addition, hundreds of thousands more were lost for a 2.7 million total overall.

    Reporting 243,000 new jobs denies reality. In fact, it’s worse. It’s Obama administration propaganda to make unemployed workers think their troubled status doesn’t reflect falsified improving conditions.

    It’s an election year stunt, an official lie, turning reality on its head for votes at a time America’s experiencing a Main Street Depression affecting jobs. It replicates the 1930s. True unemployment is at 22.5%, not the fake 8.3% U-3 number reported.

    • Potemkin numbers for a Potemkin economy.

  • O’Hollern

    Thanks for the shout out.

    I agree with Ten Bears. This just a bunch of election year propaganda. I understand why Obama is doing it. Politics is politics. But it is manipulative and dishonest, and it just lowers people’s morale even more.

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