FacebookTwitterGoogle+RedditEmail

The Job Report Mirage

I just ran for an hour wearing gym shorts in 14 degree weather.  Figured it would cool me off so’s I wouldn’t sit down to my laptop and start cussin’ a blue streak.

The Wall Street-Washington media multinationals can’t stop crowing about Friday’s 7% (U-3) unemployment report.  I love hearing, over and over and over again, how the economy is now so strong we gained 203,000 jobs in November — 27,000 in American manufacturing alone.

Now I ask you: what kind of person would repeat a story like this, much less believe a story like this?  Even more shameful: the very same November unemployment report included the unadjusted figures showing that we lost 3,000 jobs in American manufacturing last month.  (Good grief, we lost 7,800 jobs in food manufacturing.)  The jobs gain was in retail — 471,000 — but these are typically low-wage, part-time, and gone after Christmas.  Retail trade means foreign-made goods, mostly, anyhow.

A few things come to mind:

“The price of freedom is eternal vigilance,” someone once said, and this is very good to remember.  I want to add that freedom, most importantly in the American context, is the exercise of responsibility over one’s existence — but this might leave me trapped having said that freedom and eternal vigilance are the same thing.

Hmmm. . . .

Also — back to the unemployment report, believe it or not — no matter what happens or who’s supposedly at the helm, our Nation’s central bank will do anything not to lose face.

It will be interesting to watch this play out:

Last month, former Federal Reserve official Andrew Huszar challenged the Fed with an insider’s “confession” in The Wall Street Journal (is this suspicious?) but his article was otherwise ignored by the media multinationals save Bloomberg, which treated Huszar with ridiculous sarcasm.

The Fed has tied its QE stimulus — “the greatest backdoor Wall Street bailout of all time,” in Huszar’s words — and “highly accommodative stance” (Fed’s words) to unemployment, with a target U-3 rate of 6.5%.  The Fed claims to be doing all this for the folks on Main Street.

After Huszar’s “confession” came a sharp drop in U-3 unemployment.  With the sharp drop in unemployment came renewed appreciation for the Fed’s wisdom and speculation about the future of QE stimulus now that the American economy can stand on its own feet — so the multinational media mania goes.

I don’t know exactly what will happen when, but I am predicting it won’t be good for our country.

Please:

Don’t let them lull you into a false sense of security — or anything.  Now is not a good time to lower your guard.

Bob Hall can be reached at: dollartothegiant@gmail.com.

More articles by:

December 10, 2018
Jacques R. Pauwels
Foreign Interventions in Revolutionary Russia
Richard Klin
The Disasters of War
Katie Fite
Rebranding Bundy
Gary Olson
A Few Thoughts on Politics and Personal Identity
Patrick Cockburn
Brexit Britain’s Crisis of Self-Confidence Will Only End in Tears and Rising Nationalism
Andrew Moss
Undocumented Citizen
Dean Baker
Trump and China: Going With Patent Holders Against Workers
Lawrence Wittner
Reviving the Nuclear Disarmament Movement: a Practical Proposal
Dan Siegel
Thoughts on the 2018 Elections and Beyond
Thomas Knapp
Election 2020: I Can Smell the Dumpster Fires Already
Weekend Edition
December 07, 2018
Friday - Sunday
Steve Hendricks
What If We Just Buy Off Big Fossil Fuel? A Novel Plan to Mitigate the Climate Calamity
Jeffrey St. Clair
Cancer as Weapon: Poppy Bush’s Radioactive War on Iraq
Paul Street
The McCain and Bush Death Tours: Establishment Rituals in How to be a Proper Ruler
Jason Hirthler
Laws of the Jungle: The Free Market and the Continuity of Change
Ajamu Baraka
The Universal Declaration of Human Rights at 70: Time to De-Colonize Human Rights!
Andrew Levine
Thoughts on Strategy for a Left Opposition
Jennifer Matsui
Dead of Night Redux: A Zombie Rises, A Spook Falls
Rob Urie
Degrowth: Toward a Green Revolution
Binoy Kampmark
The Bomb that Did Not Detonate: Julian Assange, Manafort and The Guardian
Robert Hunziker
The Deathly Insect Dilemma
Robert Fisk
Spare Me the American Tears for the Murder of Jamal Khashoggi
Joseph Natoli
Tribal Justice
Ron Jacobs
Getting Pushed Off the Capitalist Cliff
Macdonald Stainsby
Unist’ot’en Camp is Under Threat in Northern Canada
Senator Tom Harkin
Questions for Vice-President Bush on Posada Carriles
W. T. Whitney
Two Years and Colombia’s Peace Agreement is in Shreds
Ron Jacobs
Getting Pushed Off the Capitalist Cliff
Ramzy Baroud
The Conspiracy Against Refugees
David Rosen
The Swamp Stinks: Trump & Washington’s Rot
Raouf Halaby
Wall-to-Wall Whitewashing
Daniel Falcone
Noam Chomsky Turns 90
Dean Baker
An Inverted Bond Yield Curve: Is a Recession Coming?
Nick Pemberton
The Case For Chuck Mertz (Not Noam Chomsky) as America’s Leading Intellectual
Ralph Nader
New Book about Ethics and Whistleblowing for Engineers Affects Us All!
Dan Kovalik
The Return of the Nicaraguan Contras, and the Rise of the Pro-Contra Left
Jeremy Kuzmarov
Exposing the Crimes of the CIAs Fair-Haired Boy, Paul Kagame, and the Rwandan Patriotic Front
Jasmine Aguilera
Lessons From South of the Border
Manuel García, Jr.
A Formula for U.S. Election Outcomes
Sam Pizzigati
Drug Company Execs Make Millions Misleading Cancer Patients. Here’s One Way to Stop Them
Kollibri terre Sonnenblume
Agriculture as Wrong Turn
James McEnteer
And That’s The Way It Is: Essential Journalism Books of 2018
Chris Gilbert
Biplav’s Communist Party of Nepal on the Move: Dispatch by a Far-Flung Bolivarian
Judith Deutsch
Siloed Thinking, Climate, and Disposable People: COP 24 and Our Discontent
Jill Richardson
Republicans Don’t Want Your Vote to Count
John Feffer
‘Get Me Outta Here’: Trump Turns the G20 into the G19
FacebookTwitterGoogle+RedditEmail